TD Sustainable Future Lab in Waterloo to help cleantech startups commercialize solutions for a green economy
TORONTO, Oct. 11, 2018 /CNW/ - TD Bank Group (TD) today announced, as part of The Ready Commitment, the bank's new corporate citizenship platform, a $1 million contribution towards the development of the TD Sustainable Future Lab in Waterloo, the region's first cleantech accelerator designed to offer support and mentorship to startups that are working to develop sustainable solutions for a low-carbon economy.
The new lab will be located at Waterloo's newest carbon-positive commercial building within the David Johnson Research and Technology Park. The lab programming will be run by The Accelerator Centre, known for helping startups bring their solutions to market.
"We've had a front row seat to Canadian innovation and the passion that so many entrepreneurs have for solutions for a cleaner economy," says Paul Salvini, CEO, The Accelerator Centre. "The launch of the TD Sustainable Future Lab will help give cleantech innovation a home in Waterloo and help to amplify our collective efforts to develop solutions for the new economy."
Expanding Investment in the Waterloo Region
This announcement builds on TD's contribution to the Waterloo region innovation ecosystem that today includes the bank's Technology and Innovation Lab at Communitech, the TD Technology Centre, and TD Auto Insurance Centre – all of which are aligned to the TD philosophy to help create legendary customer and employee experiences.
"Building a low-carbon economy is an opportunity for Canada, and this important contribution builds on our goal of helping to create a sustainable and inclusive tomorrow," says Nicole Vadori, Head of Environment at TD. "The Waterloo region has a rich history of innovation and nurturing the development of global technology companies and leaders. We believe our contribution to homegrown cleantech companies will help them compete in the global market."
The accelerator will have a goal of supporting 40 cleantech startups over the next five years and will officially open its doors in December 2018.
The Ready Commitment
In March 2018, TD launched a new corporate citizenship platform, The Ready Commitment, to help build a more inclusive and sustainable tomorrow. Under this multi-year initiative, TD seeks to connect its business and employees, and its philanthropic contributions, towards helping people feel more confident to participate and succeed in a changing world. The Ready Commitment includes a target of $100 billion in low-carbon lending, financing, asset management and other programs by 2030, which is intended to help accelerate the development of a low-carbon economy, including renewable and clean energy technologies, businesses and processes. TD was among the first in the banking industry to devote significant resources to help fund proactive climate change solutions.
TD Environmental Milestones
- 2009: TD Economics issues its first paper on carbon pricing
- 2010: First major North American-based financial institution to become carbon neutral
- 2013-2017: Recognized as a top performing Canadian bank for climate disclosure by CDP
- 2014-2018: Listed on DJSI World Sustainability Index; only Canadian bank last four years
- 2014: First Canadian bank to issue a green bond
- 2015: Joined RE100; met our 100% renewable electricity commitment
- 2016: Reduced TD's GHG emissions by 24% since 2008
- 2016: Helped protect 60,000 acres of critical forest habitat in the past five years and helped plant 900,000 trees since 1990
- 2016: TD Securities participated in $6.5 billion of green bond underwriting since 2010
- 2017: TD Friends of the Environment Foundation enters its 27th year with the support of more than 180,000 donors, having provided approximately $82 million to over 24,000 environmental projects and programs across Canada
- 2017: TD Bank issued a US$1 billion green bond, the bank's first US dollar green bond issuance
- 2017: One of 16 banks around the world committed to pilot the recommendations of the Task Force on Climate-related Financial Disclosures under the leadership of the United Nations Environment Programme – Finance Initiative
- 2017: TD achieves 249 LEED-certified locations in North America
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 approximately 12 million active online and mobile customers. TD had CDN$1.3 trillion in assets on July 31, 2018. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE TD Bank Group
For further information: Laura Butcher, TD Bank Group, 416-816-5759, firstname.lastname@example.org