TORONTO, Feb. 5 /CNW/ - TD Bank Financial Group today announced that its
Canadian operations will be "carbon neutral" in 2010. This announcement
delivers on a commitment made by TD in its Environmental Management Framework
(published in June 2007) to set a target for reducing its greenhouse gas
emissions in 2008.
"Reducing our own greenhouse gas emissions is a key element of our
ongoing commitment to take climate change and the environment seriously," said
Ed Clark, President and Chief Executive Officer, TD Bank Financial Group. "Our
approach will start with energy savings programs to reduce our emissions. We
will also use green power, and make investments to reduce greenhouse gas
emissions outside TD to offset any emissions we cannot eliminate."
TD's greenhouse gas emissions plan includes the following:
- Reducing existing greenhouse gas emissions. TD has worked with The
Pembina Institute to quantify 2006 emissions for its Canadian bank
operations at 138,548 tonnes. TD will target a reduction of five
percent in these emissions by 2010.
- Following the planned integration of TD Banknorth and Commerce Bank,
TD will set a target in 2009 for reducing greenhouse gas emissions
from its US operations.
- Creating internal incentives for TD businesses to reduce greenhouse
- Purchasing green energy from sources like wind power and low-impact
- Setting up the TD Emissions Reduction Fund. TD is working with
independent experts to develop a long-term plan to ensure the
selection of emission reduction investments that are effective,
permanent and incremental.
"Our primary focus is to find ways to minimize our actual emissions
footprint," said Mike Pedersen, Group Head Corporate Operations, TD Bank
Financial Group. "As we continue to grow, we will constantly look for
opportunities to be as efficient as possible in our energy use. This includes
greener buildings, lower energy consumption, and expanded recycling programs.
However, we recognize that it is unrealistic to expect that we can eliminate
all emissions from TD's operations. Therefore, through the TD Emissions
Reduction Fund, we will invest in projects with strong sustainability and
community benefits, including initiatives to assist non-profit organizations
in reducing their emissions."
As details on the TD Emissions Reduction Fund become available, TD will
publish this information on www.td.com/environment. Beginning with its 2008
Corporate Responsibility Report (published in March 2009), TD will publish its
annual independently verified emissions total in Canada. To download the
report please visit www.td.com/crr.
"In addition to addressing our own emissions footprint, we're tackling a
number of projects including the development of a procurement policy for major
purchase categories with a specific focus on wood and paper sources. We also
continue to work on the enhanced due diligence process for client financing
committed to in our Environmental Management Framework, and will step up our
promotion of the TD Friends of the Environment Foundation, which thanks to
customer and employee donations has funded more than 16,000 grassroots
environment and wildlife projects across Canada since 1990," added Pedersen.
For further information:
For further information: Matt Cram, TD Bank Financial Group, (416)