$10 million
investment in Nature Conservancy of Canada's work will help conserve more than
350,000
acres of Boreal forest and builds on TD's leading role in the
carbon markets
TORONTO, Sept. 21,
2022 /CNW/ - The Toronto-Dominion Bank ("TD") today
announced a $10 million investment
into the Boreal Wildlands Carbon Project located in Hearst, Northern
Ontario. The project is being developed by Nature
Conservancy of Canada ("NCC") in
support of its crucial efforts to protect nearly 1,500 square
kilometers of boreal forest in Northern
Ontario – the largest single private conservation project
ever undertaken in Canada. Known
as the 'lungs' of the planet, Canada's boreal forests hold more than 10 per
cent of the world's land-based carbon reserves, and their
protection remains critical in the fight against biodiversity loss
and climate change.
Through its investment in the project, TD Securities ("TDS")
will help conserve more than 350,000 acres (145,173 hectares) of
mixed hardwood and softwood boreal forest in Northern Ontario. As part of the agreement
with NCC, TDS will receive access to a portion of the carbon
offsets generated from the project. The investment demonstrates
TD's commitment to supporting the growth and development of
voluntary carbon markets by providing innovative financing
solutions.
"We're incredibly proud to be contributing to Nature Conservancy
of Canada's vital conservation
efforts, in alignment with TD's efforts to contribute to a more
sustainable future," said Riaz
Ahmed, President and CEO, TD Securities. "This project
highlights one of the many ways we are helping our clients
transition to a lower carbon economy with unified solutions that
help them navigate and succeed in this rapidly evolving space."
"In the face of rapid biodiversity loss and the impacts of
climate change, nature conservation provides real solutions. NCC is
using the power of the voluntary carbon market to accelerate
urgently needed, large-scale conservation across the country. We
are proud that TDS has put its confidence in NCC and our Boreal
Wildlands Carbon Project as part of their Environment,
Sustainability and Governance strategy. Together, we're
contributing to a nature-positive, carbon-neutral future," said
Catherine Grenier, President and CEO
of Nature Conservancy of Canada.
Carbon Advisory Business
TDS is also pleased to announce the formation of its Carbon
Advisory business. As a core part of the ESG Solutions group
(formerly the Sustainable Finance and Corporate Transitions group),
the Carbon Advisory business will provide innovative, low-carbon
solutions that leverage TDS' capital markets expertise and deep
client relationships. Led by Andrew
Hall, TDS' Carbon Advisory team will offer clients
end-to-end carbon market solutions, including:
- Carbon offset advice for
project acquisition and investment
- Access to carbon markets and strategic insights
- Carbon offset portfolio
structuring
- Risk assessment and valuation related to carbon
assets/liabilities for mergers and acquisitions
- Capital raising for project developers and financial
participants
Beyond carbon, TDS' ESG Solutions
team continues to bolster its capabilities with the
addition of Bridget Realmuto, who will lead ESG
Strategy efforts. Bridget is
a well-regarded leader in ESG research, joining
TD from State Street Associates, where she was
Co-Head of ESG Research.
She has co-authored a number of ESG and climate
finance papers and has appeared in many peer-reviewed
journals, including the Financial Analysts Journal.
"TD is focused on supporting our clients in all facets of their
ESG Journey. The formation of our Carbon Advisory practice and the
buildout of our ESG strategy work highlights our dedication to
bringing innovative, market-leading resources to our clients," says
Amy West, Global Head, ESG
Solutions, TDS.
TD has a 30+ year relationship with Nature Conservancy of
Canada supporting the conservation
of Canada's national forests. TD
was the first North American bank to become carbon neutral in 2010.
In 2020, TD became the first Canadian bank to target net-zero
greenhouse gas emissions associated with its operating and
financing activities by 2050, and this year, set interim financed
emissions targets for two key sectors, Energy and Power
Generation.
TD's sustainable finance leadership includes:
- TD has been listed on the Dow Jones Sustainability World Index
for eight consecutive years and is the top ranked North
American-based bank on the World Index (2014-2021)
- TD joined the United Nations-convened Net-Zero Banking
Alliance, committing to aligning financing activities with net-zero
by 2050
- TD is a top underwriter of global ESG debt, including the
Government of Canada's inaugural
Green Bond and the world's first nuclear green bond for Bruce
Power
- TD is a founding member of the International Capital Market
Association (ICMA) Principles (including its Green, Social,
Sustainability, and Sustainability-Linked Bonds Principles) and an
active member of the ICMA Advisory Council
- TDS is the only Canadian dealer that sits on IHS Markit's
Carbon Meta-Registry advisory board
- TDS is an active member of the International Emissions Trading
Association (IETA)
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 assets and serves more
than 27 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 15 million active online and mobile
customers. TD had CDN$1.8 trillion in assets on July
31, 2022. The Toronto-Dominion Bank trades under the symbol "TD" on
the Toronto and New York Stock Exchanges.
SOURCE TD Securities Inc. - Equity Capital Markets