TD’s Global Business Operations Now Carbon Neutral

TD Bank Financial Group (TD) has announced that its operations in Canada, the US, and international locations are now carbon neutral.

“This is a significant milestone but we know there is still a lot to do,” said Karen Clarke-Whistler, chief environment officer, TD. “Thanks to the terrific effort of our employees as well as the helpful input we’ve received from environmental and community groups, TD is the first North American-based bank – and one of only a few banks in the world – to reach a carbon neutral goal. We look forward to engaging with key stakeholders as we continue to work on environmental issues.”

In April 2008, TD became the first bank in Canada to announce a goal of becoming carbon neutral in its domestic operations in 2010. Since then, TD has expanded its plans to include its international locations and its US personal and commercial banking business, which is made up of more than 1,000 stores and 2,600 ATMs from Maine to Florida.

TD reached its carbon neutral goal with three approaches:

Energy efficiency

TD has taken significant steps to improve the energy efficiency of its operations. Energy efficiency actions account for approximately 10% of the bank’s carbon emissions reductions, and our goal is to increase this percentage in the future. TD has retrofitted lighting, upgraded data centres, improved heating/cooling systems, and introduced a new fleet policy to improve fuel efficiency. Pilot projects are also underway to assess initiatives that will further reduce TD’s energy use, including flexible workspace scenarios, LEED certification green building design standards, and rooftop renewable energy generation on local branches.

Renewable energy

TD is using its corporate purchasing power to facilitate development of new renewable energy sources such as wind and low impact water power. Since 2009, TD has been purchasing renewable energy certificates equivalent to the electricity consumed by TD’s operations in British Columbia, Alberta, Saskatchewan, Nova Scotia and Prince Edward Island plus its network of 2,700 Green Machine ABMs. In the US, TD Bank is purchasing renewable energy certificates equivalent to 100% of its electricity consumption this year. Electricity consumption makes up 75% of TD Bank’s overall energy consumption.

Carbon credits

TD is neutralising its remaining emissions by generating local carbon offset credits through investments with social partners like Habitat for Humanity Canada, Greening Canada Fund, and Tree Canada. TD is also purchasing offsets from Zerofootprint and Carbon Zero in Canada, and Blue Source and NextEra Energy Resources in the US. The US credits will also be used to reduce TD’s international footprint. By investing in activities and local programmes to reduce carbon emissions for others, TD is able to neutralise its remaining emissions while assisting non-profit and other organisations to develop new revenue streams and reduce their operating costs.


Related reading

New consumer banking head for Citi Asia Pacific