The sixth-largest bank in North America, the Toronto-Dominion Bank (TD Bank Group), has announced a new target to achieve net zero emissions and financing activities by 2050.
The financial institution, which serves 26 million customers, has also pledged not to provide services for projects and companies whose activities are directly related to the exploration, development of oil and gas within the Arctic Circle.
The bank also intends to establish emissions baselines across its business and financing portfolio and will work with clients as it sets interim greenhouse gas reduction goals on the path towards 2050.
Bharat Masrani, Group President and Chief Executive Officer of TD Bank Group said: “Climate change is a critical environmental and business challenge and will require significant effort over the long term to help economies transition successfully to the low carbon future.”
Sierra Club Senior Campaign Representative Ben Cushing said: “It’s notable that TD has at least taken one step towards the goal of phasing out fossil fuels by pledging not to directly fund destructive drilling in the Arctic. Arctic drilling threatens the future of our climate and the human rights of Indigenous communities in Alaska and Canada.”