TORONTO and NEW YORK,
Dec. 21, 2018 /CNW/ - TD Bank Group
(TD) today issued a progress report on advancing towards a
transition to a low-carbon economy in North America, a component of its corporate
citizenship platform, The Ready Commitment.
In December 2017, TD set a target
of a total of CAD $100 billion in
low-carbon lending, financing, asset management and internal
corporate programs by 2030. TD recognizes that a transition
towards a low-carbon economy will likely require a few decades to
achieve. Therefore, TD is taking a balanced approach by supporting
conventional energy sources that fuel North America's current economic vitality,
while investing in low-carbon innovation aimed at helping enable a
more inclusive and sustainable tomorrow.
The progress report quantifies the economic and environmental
benefits of the Bank's support of low-carbon initiatives, which are
focused on three drivers measured across a range of market
sectors:
- Low-carbon power generation;
- Energy efficiency and management; and
- Green infrastructure / sustainable land use.
As set out in this report, the Bank's support of low-carbon
initiatives totaled CAD $22 billion
in fiscal 2017, the first year of the program. Based on our
methodology, these initiatives:
- Supported 51,000 jobs across multiple industry sectors;
- Contributed $8.8 billion to GDP;
and
- Reduced greenhouse gas emissions by 611,000 tonnes, offsetting
the annual energy consumption of nearly 70,000 North American
households.
"Financial institutions can play a central role in helping to
achieve a balanced and measured transition towards a low-carbon
economy," said Norie Campbell, Group Head, Customer and Colleague
Experience, TD Bank Group. "We are proud of our role in job
creation, economic growth and environmental progress in
North America."
The TD Low-Carbon Report tracks data across key market sectors,
such as Auto and Transportation, Energy, Real Estate, Recycling,
Sustainable Land Use and Multi Sector. The report's results
indicate that market demand is moving to help drive capital flow to
industries and initiatives supporting a low-carbon economy in
North America and globally through
lending, finance and investing. The full 2017 Report is available
here. Progress towards this target will be reported annually and
the assessment for 2018 is already underway.
The Bank's support of low-carbon initiatives reflects on and
adds to its history of concern for the environment and its ongoing
support of low-carbon financing and lending activities.
- TD became the first carbon-neutral bank in North America in 2010.
- It was among the first banks to recognize climate change as a
global issue that could significantly impact economic, social and
environmental health.
- In 2014, TD became the first Canadian-based bank to issue a
green bond.
- TD has been recognized as a top-performing Canadian bank for
climate disclosure for the past five years by CDP (formerly Carbon
Disclosure Project).
- TD has been listed on the Dow Jones World Sustainability Index
since 2014.
- TD is one of 16 global banks participating in a pilot led by
the UN Environment Programme Finance Initiative to assess
climate-related impacts to business, based on the recommendations
from the Task Force on Climate-related Financial Disclosures; TD is
the only bank to be participating in the lending, investing and
insurance pilots.
TD's 2030 low-carbon target is part of The Ready Commitment, the
Bank's global corporate citizenship platform, which aspires to help
people succeed with confidence in a changing world.
"TD is committed to supporting initiatives that help create a
more vibrant planet," said Andrea
Barrack, VP Global Corporate Citizenship. "Our low-carbon
investments include the planting of 1 million new trees in
North America by 2030, and the
support of initiatives and events that are designed to help grow
and enhance green spaces so people and communities can thrive."
For more information on The Ready Commitment, visit
www.td.com/readycommitment.
Caution Regarding Forward-Looking Statements
From time-to-time, the Bank (as defined in this document) makes
written and/or oral forward-looking statements, including in this
document, in other filings with Canadian regulators or the United States (U.S.) Securities and
Exchange Commission (SEC), and in other communications. In
addition, representatives of the Bank may make forward-looking
statements orally to analysts, investors, the media, and others.
All such statements are made pursuant to the "safe harbour"
provisions of, and are intended to be forward-looking statements
under, applicable Canadian and U.S. securities legislation,
including the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements include, but are not limited
to, statements made in this document, the Management's Discussion
and Analysis ("2018 MD&A") in the Bank's 2018 Annual Report
under the heading "Economic Summary and Outlook", for the Canadian
Retail, U.S. Retail, and Wholesale Banking segments under headings
"Business Outlook and Focus for 2019", and for the Corporate
segment, "Focus for 2019", and in other statements regarding the
Bank's objectives and priorities for 2019 and beyond and strategies
to achieve them, the regulatory environment in which the Bank
operates, and the Bank's anticipated financial performance.
Forward-looking statements are typically identified by words such
as "will", "would", "should", "believe", "expect", "anticipate",
"intend", "estimate", "plan", "goal", "target", "may", and
"could".
By their very nature, these forward-looking statements require
the Bank to make assumptions and are subject to inherent risks and
uncertainties, general and specific. Especially in light of the
uncertainty related to the physical, financial, economic,
political, and regulatory environments, such risks and
uncertainties – many of which are beyond the Bank's control and the
effects of which can be difficult to predict – may cause actual
results to differ materially from the expectations expressed in the
forward-looking statements. Risk factors that could cause,
individually or in the aggregate, such differences include:
credit, market (including equity, commodity, foreign exchange,
interest rate, and credit spreads), liquidity, operational
(including technology and infrastructure), reputational, insurance,
strategic, regulatory, legal, environmental, capital adequacy, and
other risks. Examples of such risk factors include the general
business and economic conditions in the regions in which the Bank
operates; the ability of the Bank to execute on long-term and
shorter-term strategic priorities, including the successful
completion of acquisitions and strategic plans; the ability of the
Bank to attract, develop, and retain key executives; disruptions in
or attacks (including cyber-attacks) on the Bank's information
technology, internet, network access, or other voice or data
communications systems or services; the evolution of various types
of fraud or other criminal behaviour to which the Bank is exposed;
the failure of third parties to comply with their obligations to
the Bank or its affiliates, including relating to the care and
control of information; the impact of new and changes to, or
application of, current laws and regulations, including without
limitation tax laws, capital guidelines and liquidity regulatory
guidance, and the bank recapitalization "bail-in" regime; exposure
related to significant litigation and regulatory matters; increased
competition from incumbents and non-traditional competitors,
including Fintech and big technology competitors; changes to the
Bank's credit ratings; changes in currency and interest rates
(including the possibility of negative interest rates); increased
funding costs and market volatility due to market illiquidity and
competition for funding; critical accounting estimates and changes
to accounting standards, policies, and methods used by the Bank;
existing and potential international debt crises; and the
occurrence of natural and unnatural catastrophic events and claims
resulting from such events. The Bank cautions that the preceding
list is not exhaustive of all possible risk factors and other
factors could also adversely affect the Bank's results. For more
detailed information, please refer to the "Risk Factors and
Management" section of the 2018 MD&A, as may be updated in
subsequently filed quarterly reports to shareholders and news
releases (as applicable) related to any events or transactions or
events discussed under the heading "Significant and Subsequent
Events, and Pending Acquisitions" in the relevant MD&A, which
applicable releases may be found on www.td.com. All such factors
should be considered carefully, as well as other uncertainties and
potential events, and the inherent uncertainty of forward-looking
statements, when making decisions with respect to the Bank and the
Bank cautions readers not to place undue reliance on the Bank's
forward-looking statements.
Material economic assumptions underlying the forward-looking
statements contained in this document are set out in the 2018
MD&A under the headings "Economic Summary and Outlook", for the
Canadian Retail, U.S. Retail, and Wholesale Banking segments,
"Business Outlook and Focus for 2019", and for the Corporate
segment, "Focus for 2019", each as may be updated in subsequently
filed quarterly reports to shareholders.
Any forward-looking statements contained in this document
represent the views of management only as of the date hereof and
are presented for the purpose of assisting the Bank's shareholders
and analysts in understanding the Bank's financial position,
objectives and priorities, and anticipated financial performance as
at and for the periods ended on the dates presented, and may not be
appropriate for other purposes. The Bank does not undertake to
update any forward-looking statements, whether written or oral,
that may be made from time-to-time by or on its behalf, except as
required under applicable securities legislation.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively
known as TD Bank Group ("TD" or the "Bank"). TD is the sixth
largest bank in North America by
branches and serves more than 25 million customers in three key
businesses operating in a number of locations in financial centres
around the globe: Canadian Retail, including TD Canada Trust, TD
Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD
Insurance; U.S. Retail, including TD Bank, America's Most
Convenient Bank®, TD Auto Finance U.S., TD Wealth
(U.S.), and an investment in TD Ameritrade; and Wholesale Banking,
including TD Securities. TD also ranks among the world's
leading online financial services firms, with more than 12 million
active online and mobile customers. TD had CDN$1.3 trillion in assets on October 31, 2018. The Toronto-Dominion Bank
trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE TD Bank Group