TD Bank Group, also known simply as TD, has updated its stakeholders on the progress of the company’s sustainability strategy, as it commits to helping clientele, local communities, and employees.
Janice Farrell Jones, senior vice president of sustainability and corporate citizenship at TD, pointed out the significant challenges faced by people over the past year, including escalating living costs and the impacts of climate change.
She said: “As a financial institution and corporate citizen, TD has a role to play in supporting our customers and communities through these times while contributing to efforts to build a more sustainable and inclusive future. The updates shared in our Sustainability Reporting Suite highlight the ways we’re taking action to help drive sustainable value creation for our customers and our communities.”
According to TD, it has made strides in its climate action plan, which doubles as the bank’s blueprint for transition. TD also reached a significant milestone in its sustainable & decarbonization finance target by facilitating $69.5 billion in eligible business activities last year.
Additionally, the bank surpassed its objective of engaging 50% of its clientele in the energy and power generation sectors, thanks to the initiatives spearheaded by TD Securities, and has set an ambitious target of 75% engagement for 2024.
Further cementing its role in promoting sustainability and corporate responsibility, TD has intensified its efforts to support financial and economic inclusion. As part of its commitment to the TD Pathways to Economic Inclusion initiative, the bank unveiled five new targets spanning US and Canadian small business lending, North American financial education, affordable housing finance in North America, and home lending in the US.
The 2023 TD Ready Challenge also saw the bank awarding $10 million in grants to innovative projects tackling housing affordability.
Noteworthy achievements from the 2023 Sustainability Reporting Suite also include the issuance of a US$500 million green bond led by a diverse syndicate of underwriters. In addition, TD contributed $157 million to various non-profit and community organizations in 2023, progressing towards its goal of $1 billion in philanthropic contributions by 2030.
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