TD funded an innovative new forest – the first in southwestern Ontario, Canada – 77,000 “hybrid” trees have been planted on First Nations land near London with the specific objective of sequestering greenhouse gases.
The unique trees are a fast-growing hybrid poplar developed by researchers at the University of Guelph. Created specifically for their enhanced ability to capture carbon, the fast growth rate of the trees means they rapidly absorb CO2 from the atmosphere.
Creation of the forest is a partnership between TD, the Munsee-Delaware First Nation and Tree Canada, a not-for-profit corporation. Munsee-Delaware First Nations provided the land and the people to plant trees. Tree Canada developed a carbon protocol that allows TD to use the captured carbon as an offset, and supervised the planting and verification process.
Green benefit #1: the trees are expected to remove 20,000 tonnes of carbon dioxide from the air.
Green benefit #2: at maturity (31 years), the trees will be harvested to produce biofuel, for use in heating homes and fueling cars. This will further reduce emissions of CO2 by replacing conventional fuel.
The project is helping TD maintain its commitment of having carbon-neutral business operations. Explains Karen Clarke-Whistler, TD’s Chief Environment Officer: “TD is committed to supporting the development of local jobs in the green economy. The carbon forest will support development of a new business and produce high quality carbon credits.”
“Forty-two youth are already employed planting the trees. Our workforce will be our young people,” said Chief Patrick Waddilove.