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TD's Global Business Operations Are Now Carbon Neutral
TORONTO, Feb. 18 /CNW/ - TD Bank Financial Group (TD), today announced that its operations in Canada, the US, and international locations - its entire footprint - are now carbon neutral.
"This is a significant milestone but we know there is still a lot to do," said Karen Clarke-Whistler, Chief Environment Officer, TD. "Thanks to the terrific effort of our employees as well as the helpful input we've received from environmental and community groups, TD is the first North American-based bank - and one of only a few banks in the world - to reach a carbon neutral goal. We look forward to engaging with key stakeholders as we continue to work on environmental issues."
In April 2008, TD became the first bank in Canada to announce a goal of becoming carbon neutral in its domestic operations in 2010. Since then, TD has expanded its plans to include its international locations and its US Personal and Commercial Banking business - TD Bank, America's Most Convenient Bank - which is made up of more than 1,000 stores and 2,600 ATMs from Maine to Florida.
TD reached its carbon neutral goal with three approaches:
TD has taken significant steps to improve the energy efficiency of its operations. Energy efficiency actions account for approximately 10 per cent of the Bank's carbon emissions reductions, and our goal is to increase this percentage in the future. TD has retrofitted lighting, upgraded data centres, improved heating/cooling systems, and introduced a new fleet policy to improve fuel efficiency. Pilot projects are also underway to assess initiatives that will further reduce TD's energy use, including flexible workspace scenarios, LEED Certification green building design standards, and rooftop renewable energy generation on local branches.
TD is using its corporate purchasing power to facilitate development of new renewable energy sources such as wind and low impact water power. Since 2009, TD has been purchasing renewable energy certificates equivalent to the electricity consumed by TD's operations in British Columbia, Alberta, Saskatchewan, Nova Scotia and Prince Edward Island plus its network of 2,700 Green Machine ABMs. In the US, TD Bank, America's Most Convenient Bank, is purchasing renewable energy certificates equivalent to 100 per cent of its electricity consumption this year. Electricity consumption makes up 75 per cent of TD Bank's overall energy consumption.
TD is neutralizing its remaining emissions by generating local carbon offset credits through investments with social partners like Habitat for Humanity Canada, Greening Canada Fund, and Tree Canada. TD is also purchasing offsets from Zerofootprint and Carbon Zero in Canada, and Blue Source and NextEra Energy Resources in the US. The US credits will also be used to reduce TD's international footprint. By investing in activities and local programs to reduce carbon emissions for others, TD is able to neutralize its remaining emissions while assisting non-profit and other organizations to develop new revenue streams and reduce their operating costs.
"TD is a pioneer. They've essentially built a roadmap for how large organizations can go carbon neutral and have proven there is a business case for going green," added Dr. Ron Dembo, Founder and CEO, Zerofootprint. "We applaud TD's commitment to environmental leadership and the way they're leading the charge on developing standards and protocols to ensure a high quality of carbon credits."
TD continues to be recognized for its environmental activities and was recently named a Climate Disclosure Leader by the Carbon Disclosure Project, and for the second year in a row, one of the Global 100 Most Sustainable Corporations in the World. This year, TD will be celebrating the 20th anniversary of its TD Friends of the Environment Foundation, one of Canada's longest-serving environment and wildlife-dedicated charities. Learn more by visiting www.tdfef.com.
About TD Bank Financial Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Financial Group. TD Bank Financial Group is the sixth largest bank in North America by branches and serves more than 18 million customers in four key businesses operating in a number of locations in key financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Insurance; Wealth Management, including TD Waterhouse and an investment in TD Ameritrade; U.S. Personal and Commercial Banking, including TD Bank, America's Most Convenient Bank; and Wholesale Banking, including TD Securities. TD Bank Financial Group also ranks among the world's leading online financial services firms, with more than 6 million online customers. TD Bank Financial Group had CDN$557 billion in assets on October 31, 2009. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
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