Partnership will advance work on transition to a low-carbon economy
TORONTO and CHERRY HILL, NJ, Feb. 24, 2021 /CNW/ - TD Bank Group announced today that it is entering into a strategic partnership with RMI's Center for Climate-Aligned Finance (the Center) to support the development of practical and scalable solutions that can help accelerate the transition to a more sustainable energy platform and economy. TD's support of RMI, a nonprofit clean energy organization dedicated to developing market-based solutions for a sustainable low-carbon future, is an important step under the Bank's Climate Action Plan.
The Center, launched by RMI in July 2020, works to enable financial institutions, corporations, and experts overcome practical obstacles to climate alignment. Collaborating closely with its partners, the Center works across industries to shape sectoral climate alignment initiatives for high-emitting industries and contributes to the development of global solutions, practices, and frameworks. TD's commitment will contribute to the growth of the Center's work developing the agreements and tools necessary to align financial decision-making with the decarbonization of the real economy and will advance the work of TD's ESG Centre of Expertise and the Sustainable Finance and Corporate Transitions Group.
"We recognize the critical role that the financial sector plays in helping to enable the path to a low-carbon economy for the benefit of our customers and the communities we serve," said Andrea Barrack, Global Head of Sustainability and Corporate Citizenship at TD Bank Group. "Managing a successful transition toward a climate-aligned financial sector requires working collaboratively and scaling for impact. We are proud to join the Center for Climate-Aligned Finance in this collective effort to improve the environment so people and economies can thrive."
"Decarbonizing the global economy by mid-century will require the financial sector to align its climate goals with those of its clients in carbon-intensive industries," said Paul Bodnar, Chief Strategy Officer at RMI and the Center's Chair. "We are delighted to welcome TD Bank Group as a Strategic Partner in this work and are excited to work alongside TD Bank Group to expand the scope of this work to TD Bank Group's clients in Canada and around the world."
In November 2020, TD launched its global climate action plan, which includes a target to achieve net-zero greenhouse gas (GHG) emissions associated with its operations and financing activities by 2050, aligned to the associated principles of the Paris Agreement. The Bank has also established dedicated teams to advise and support clients as they work to capture the opportunities of the low-carbon economy.
Building on TD's long history of environmental leadership, today's announcement through its global corporate citizenship platform, the TD Ready Commitment, supports a more inclusive and sustainable tomorrow.
To learn more about TD's Climate Action plan, please read TD's news release
To learn more about the TD Ready Commitment, please visit: td.com/tdreadycommitment
To learn more about the RMI, please visit: rmi.org
To learn more about the Center for Climate-Aligned Finance, please visit: climatealignment.org
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 over 26 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 The Charles Schwab Corporation; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with more than 14 million active online and mobile customers. TD had CDN$1.7 trillion in assets on October 31, 2020. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
About the Center for Climate-Aligned Finance
The Center for Climate-Aligned Finance was established by RMI in July 2020 to help shape the financial industry's role in facilitating the transition to a zero-carbon, sustainable economy and society. Building on RMI's nearly 40 years of experience developing market-based solutions to accelerating the energy transition, the Center serves as an "engine room" for the financial sector to partner with corporate clients to identify practical solutions through deep partnerships with industry, civil society and policymakers to facilitate a transition in the global economy to net-zero emissions by mid-century.
RMI is an independent nonprofit founded in 1982 that transforms global energy systems through market-driven solutions to align with a 1.5°C future and secure a clean, prosperous, zero-carbon future for all. We work in the world's most critical geographies and engage businesses, policymakers, communities, and NGOs to identify and scale energy system interventions that will cut greenhouse gas emissions at least 50 percent by 2030. RMI has offices in Basalt and Boulder, Colorado; New York City; Oakland, California; Washington, D.C.; and Beijing.
SOURCE TD Bank Group
For further information: TD Media Contact: Heather Reinsborough, Manager, Corporate Communications, [email protected], 647 405 2660; RMI Media Contact: Alexandra Chin, [email protected], +1 973-262-0002