Environmental Performance

Environmental Performance

Performance Indicators

DMA    

Our Approach
We believe that by incorporating environmental considerations into our business strategy we can make TD stronger, while also improving environmental quality and positively contributing to the economy. We strive to make the environment an integral part of "how we do things at TD" by focusing on the following key areas:

  • Understanding the transition toward a low-carbon economy;
  • Eco-efficiency in our business operations;
  • Supporting and enabling responsible financing and investing;
  • Providing customers with green product options;
  • Valuing natural capital; and
  • Creating opportunities for our customers, employees and stakeholders to take action.

TD is committed to managing the impact of our operations on the environment and embedding environmental management and continuous improvement into all areas of our business. This commitment is the foundation of our environmental management system (EMS) which is based on International Standard ISO 14001:04 and is supported by TD’s:

  • Environmental Policy (PDF)
  • Operational policies and procedures
  • Environmental standards and positions
  • Goals and targets
  • Environmental performance records

The Chief Environment Officer reports into the senior executive team. The Chief Environment Officer is responsible for developing and implementing environmental strategy, setting environmental performance standards and targets, and reporting to the Risk Committee of the Board of Directors on the on performance of the environmental management system (EMS) which is based on ISO 140001:04 and includes corrective action for continual improvement. Our key environmental impacts of greenhouse gas emissions and paper are independently assured by Ernst & Young, LLP. An internal audit of the EMS is conducted as part of TD’s rotational audit plan.

EN 1 Materials used by weight or volume. NA
EN 2 Percentage of materials used that are recycled input materials. NA
EN 3 Direct energy consumption by primary energy source. F
Total Energy Use (North America)
Energy Use1 2013 2012 2011 2010 2009
Electricity (kWh) 606,113,198 601,017,360 594,663,113 545,260,552 582,242,941
Heating and cooling (GJ) 914,803 803,311 867,137 729,934 863,612
Electricity intensity (per square foot) kWh 24.4 24.4 24.7 25.0 28.3
Electricity intensity (per employee) kWh 7,125 6,994 7,047 6,778 7,882

1 F or further details on GHG emissions see accompanying notes.

More information:

EN 4 Indirect energy consumption by primary source. F
Detailed Energy Consumption (GJ)2 2013 2012 2011 2010 2009
North American Totals          
Electricity (GJ) 2,182,007 2,163,663 2,140,787 1,962,938 2,096,075
Natural Gas (GJ) 678,914 578,491 676,577 571,146 632,063
Steam (GJ) 94,936 85,464 89,548 54,978 107,574
Heating Oil (GJ) 36,829 30,136 39,039 36,417 37,100
Propane (GJ) 14,644 12,776 15,312 17,212 16,332
Wood (GJ) 178 151 541 453 643
Diesel (GJ) 3,618 1,518 2,048 - -
Chilled water (GJ) 85,683 94,776 44,074 41,732 50,937

1 Click here for TD's 2013 carbon-neutral schedule.
2 For further details see accompanying notes.

More information:

EN 5 Energy saved due to conservation and efficiency improvements. F

Green IT

  • 115 million kWh saved in two years through our Green IT Strategy

Cumulative Electricity Savings From Green Information Technology (IT) Solutions (2011 to 2013):

Cumulative Savings Electricity Savings (kWh)
Data centre 88,000,000
PC power management 27,000,000
Thin client 542,000
Printer reduction 165,000
Total to date: 115,070,000

Green Building Design and Operations

  • TD pioneered the net-zero-energy retail branch in both Canada and the U.S.
  • Our Sustainable Energy Efficient Design (SEED) is the basis for our new Canadian retail building standard.
  • From 94 of our retail locations, we have 1.6 megawatts of generation capacity of solar energy, avoiding nearly 620 tonnes of CO2e. This includes more than 235 kWh generated from our LEED Platinum data centre.
  • TD manages over three million square feet in Canada through Green Leases. Green Lease provisions include a focus on water and energy reductions, responsible construction waste management, environmentally friendly cleaning programs, building recycling programs, and energy data reporting.

116 LEED projects completed (48 added in 2013) = Over one million square feet = 4% of our building portfolio
87% of LEED projects achieved LEED Gold or Platinum certification
100% of new stores in the U.S. built to LEED standards

Examples of energy-efficiency initiatives in 2013:

  • Retail branch and corporate optimization initiatives;
  • Increased development of FlexWorkPlace options;
  • Energy retrofits of interior lighting and exterior signage;
  • Building performance management using Energy Star portfolio manager to track and assess energy consumption; and
  • Piloting LEED Commercial Interiors rating system for some of our Canadian corporate space.

More information:

EN 6 Initiatives to provide energy-efficient or renewable energy based products and services, and reductions in energy requirements as a result of these initiatives. F

Green Product Options

Our current strategy is to embed environmental attributes into TD’s existing products and services. We also provide a range of products related to energy efficiency and carbon reduction. In 2013, TD provided $3.3 billion in financing to companies with low-carbon operations.

Lending for Small-Scale Renewables and Energy Efficiency Projects

  • In 2010 TD launched an innovative financing program for the development of small-scale renewables projects focused on ground-mounted and rooftop solar energy. This initiative was largely linked to the Ontario Green Energy Act, which includes a feed-in tariff program.
  • In 2013 we also began reporting on the value of home improvement loans for energy efficiency.

Insurance for Hybrid and Electric Vehicles

  • TD has offered financing and insurance of hybrid vehicles in Canada since 2008. In 2011 the program was extended to electric vehicles.
  • With a 15% growth in 2013 alone, our business reflects a steady increase in consumer purchases of these fuel-efficient vehicles.

Green Product Option Performance
Lending for Small-Scale Renewable Projects1 2013 2012 2011
Number of loans from our residential renewable program2 281 469 638
Dollar value of loans ($ millions)2 $7.8 $15.5 $20.2
Electricity generated from the program (kWh) 1,134,100 2,246,517 2,937,134
Estimated GHG reduction (CO2e)3 178 384  
Lending for Small-Scale Energy Efficiency Projects      
Number of loans 1,457 1,779 1,980
Dollar value of loans ($ millions) $10.6 $14.3 $13.48
Insurance for Hybrid and Electric Vehicles      
Number of active hybrid and electric vehicle discounts 12,700 11,053 9,213
Estimated reduction in GHG emissions by TD Auto Insurance customers through the use of hybrid and electric vehicles (tonnes CO2e)4 6,456 5,850 -

1 2011 and 2012 data has been restated due to system process changes that more accurately reflect the lending for small-scale renewable projects.
2 Decrease in loans in 2013 was due to a decrease in new clients due to dealer administration and a hold on issuing of new feed-in tariff contracts from the Ontario Power Authority.
3 TD began measuring and reporting its estimated GHG emission reduction from lending for small-scale renewable projects in 2012.
4 TD began measuring and reporting its estimated reduction in GHG emissions by TD Auto Insurance customers through the use of hybrid and electric vehicles in 2012.

Advice to Our Small Business Customers
We see a great opportunity to share what we have learned about the environment with our customers. We took our first step this year by supporting the Network for Business Sustainability in their development of an online guide, How to Make Money by Going Green. Using the recommended actions, a business can cut costs, enhance their reputation and sales, motivate employees – all while helping the environment. The guide provides information on the payback period for various sustainability actions, recommended actions and examples from other businesses.

EN 7 Initiatives to reduce indirect energy consumption and reductions achieved. F

See response to EN5

TD green nation is a web-based employee engagement tool that allows employees to pledge and accomplish green acts in the workplace, at home or through volunteering in the community. In 2013 membership in TD green nation grew to over 17,500 members representing 20% of our employee base. TD employees recorded a total of 450,000 "acts of green" at work, at home and in the community. Our collective actions since 2012 resulted in a reduction in carbon emissions of over 38,000 tonnes of CO2e, equivalent to taking over 10,000 cars off the road.

Activity Through TD green nation 2013 2012 2011
Number of TD green nation users 17,859 7,021 2,043
Carbon savings from acts pledged (tonnes CO2e)1 37,686 9,660 -

1 TD began measuring the carbon savings from acts pledged in 2012.

More information

  • Eco-Efficiency (CR Report page 57)
  • Taking Action (CR Report page 74)

EN 8 Total water withdrawal by source. P

In 2013, we worked with our landlords to obtain water data. Our 2013 performance represents 64% of our real estate portfolio. In 2014, we will continue to obtain water data and provide a more complete picture of TD's water consumption.

Water Consumption1 2013 2012 2011
Total - (m3) 1,319,534 1,497,466 1,469,070
Total – U.S. gallons 348,584,090 395,588,538 388,087,105

1 Represents approximately 64% of our facilities for 2013 and 56% of our facilities for 2012 and 2011 in North America.

EN 9 Water sources significantly affected by withdrawal of water. NM
EN 10 Percentage and total volume of water recycled and reused. NM
EN 11 Location and size of land owned, leased, managed in, or adjacent to, protected areas and areas of high biodiversity value outside protected areas. F

TD does not own or lease facilities in environmentally sensitive habitats.

EN 12 Description of significant impacts of activities, products, and services on biodiversity in protected areas and areas of high biodiversity value outside protected areas. F

We developed TD Forests, which was launched in 2012, in response to customer feedback that the amount of paper used by the bank was the largest detractor from our environmental performance. We saw an opportunity to increase awareness of the value of natural capital by linking TD’s paper reduction initiatives to forest conservation.

The TD Forests program has three goals:

  1. Reduce the amount of paper that we use and ensure that the paper we purchase comes from sustainably managed forests;
  2. Grow the area of protected natural forest ecosystems across North America; and
  3. Enhance and grow urban forests and green space across North America.

Through the TD Forests program, TD has protected 25,400 acres of critical forest habitat since 2012.

More Information:

EN 13 Habitats protected or restored. F

TD Forests - See response to EN12.
Case Study – Ontario Biodiversity Afforestation Project – CR Report page 56

EN 14 Strategies, current actions, and future plans for managing impacts on biodiversity. NR
EN 15 Number of IUCN Red List species and national conservation list species with habitats in areas affected by operations, by level of extinction risk. NM
EN 16 Total direct and indirect greenhouse gas emissions by weight. F

Detailed Environmental Performance (PDF)
Notes (PDF)

EN 17 Other relevant indirect greenhouse gas emissions by weight. F

Detailed Environmental Performance (PDF)

EN 18 Initiatives to reduce greenhouse gas emissions and reductions achieved. F
  1. Energy and GHG reduction from green buildings (CR Report pages 58-9)
  2. Energy and GHG reduction through green IT (CR Report page 60-7)
  3. GHG reduction through, insurance discounts and solar loans (CR Report pages 69-70)
  4. GHG reduction through TD green nation (CR Report page 75)
EN 19 Emissions of ozone-depleting substances by weight. NM
EN 20 NOx, SOx, and other significant air emissions by type and weight. NM
EN 21 Total water discharge by quality and destination. NM
EN 22 Total weight of waste by type and disposal method. P
Waste – North America 2013 2012 2011
Waste Recycled      
Percentage of combined paper and non-paper waste recycled 1 62% 56% -
Paper Waste      
Paper waste diverted from landfills - - Boise® Closed Loop System™ (metric tonnes) 9,876 13,093 7,978
Electronic Waste      
Total e-waste diverted from landfill (metric tonnes) 374 515 214
% e-waste diverted from landfill 100 100 100
% refurbished – Canada 88 95 90
% broken down for recycling – Canada 12 5 10
% refurbished – US 51 68 47
% broken down for recycling – US 49 32 53

1 TD began measuring its paper and non-paper waste recycled in 2012. Represents approximately 88% of our facilities for 2013 and 87% of our facilities for 2012.

EN 23 Total number and volume of significant spills. NR
EN 24 Weight of transported, imported, exported, or treated waste deemed hazardous under the terms of the Basel Convention Annex I, II, III, and VIII, and percentage of transported waste shipped internationally. NA
EN 25 Identity, size, protected status, and biodiversity value of water bodies and related habitats significantly affected by the reporting organization's discharges of water and runoff. NM
EN 26 Initiatives to mitigate environmental impacts of products and services, and extent of impact mitigation. F

Paper Usage and Standards

  • In 2010 we joined the Boise Closed Loop SystemTM for paper recycling which guarantees at least 1,500 tonnes of paper from TD's operations in Canada and the U.S. is diverted from landfills and used in the production of recycled office paper. TD then purchases the recycled paper for use in its operations – hence the closed loop system. Since 2010 we have diverted over 40,000 metric tonnes of paper waste to the closed loop system.
  • TD gives preference to paper and wood products derived from sustainably managed forests. We purchase products certified through the Forest Stewardship Council (FSC), the Canadian Standards Association Sustainable Forest Management (CSA SFM), the Sustainable Forestry Initiative (SFI) and the Programme for the Endorsement of Forest Certification (PEFC).
    Paper Performance 2013 2012 1,2 2011 1,2
    Total paper (metric tonnes) 12,920 checkmark 14,605 checkmark 14,674 checkmark
    Total % post-consumer recycled content 21 % checkmark 19 % checkmark  
    Total % certified (FSC/SFI) 80 % 76 %  

    1 The 2010, 2011 and 2012 total paper data has been restated due to the acquisition of the MBNA credit card business in Canada in 2012. The restatement resulted in a 6% increase in the total paper values for 2010, 2011 and 2012 (16% increase in commercial printing for 2010, 2011 and 2012) and a 5% decrease in the total percentage of post-consumer recycled content for 2012 (14% decrease in statements and envelopes and 12% decrease in commercial printing).
    2 2011 and 2010 data excludes TD Auto Finance which was acquired by TDBG in April 2011 as the data is not available and cannot be reasonably estimated.

  • We adopted a total cost of ownership approach to paper management. (see report for more details)

TD Forests

TD Forests has three goals:

  1. Reduce the amount of paper that we use and ensure that the paper we purchase comes from sustainably managed forests;
  2. Grow the area of protected natural forest ecosystems across North America; and
  3. Enhance and grow urban forests and green space across North America.

We developed TD Forests, which was launched in 2012, in response to customer feedback that the amount of paper used by the bank was the largest detractor from our environmental performance. We saw an opportunity to increase awareness of the value of natural capital by linking TD’s paper reduction initiatives to forest conservation. TD has protected 25,400 acres of critical forest habitat since 2012.

Green Product Options

Our current strategy is to embed environmental attributes into TD’s existing products and services.

  • We focus on the elimination of paper by encouraging customers to make the switch to online and mobile banking.
  • We also provide a range of products related to energy efficiency and carbon reduction.

Paperless Banking: In 2013 we continued to develop our e-banking and mobile product options, to meet growing market demand. We stopped printing over 67 million paper statements saving almost 1,000 metric tonnes of paper and 23,000 trees.

Lending for Small-Scale Renewables and Energy Efficiency Projects: In 2010 TD launched an innovative financing program for the development of small-scale renewables projects focused on ground-mounted and rooftop solar energy. This initiative was largely linked to the Ontario Green Energy Act, which includes a feed-in tariff program.

In 2013 we also began reporting on the value of home improvement loans for energy efficiency.

Insurance for Hybrid and Electric Vehicles: TD has offered financing and insurance of hybrid vehicles in Canada since 2008. In 2011 the program was extended to electric vehicles. With a 15% growth in 2013 alone, our business reflects a steady increase in consumer purchases of these fuel-efficient vehicles.

Responsible Finance

TD’s Environmental and Social Risk (ESR) Policy for Non-Retail Credit Business Lines applies to all general corporate purpose, project finance and fixed-asset financing. Our risk review process is a progressive five-step process that includes a review of the borrowers’ policy, process and performance:

  1. A high level screen to assess for bank financing policy exclusions;
  2. An environmental and social risk assessment;
  3. Sector-specific due diligence for transactions undertaken in the following sectors: forestry, mining, oil sands, thermal power generation, and oil and gas pipelines;
  4. Equator Principles evaluation; and
  5. Final credit scoring.

+ TD’s Environmental and Social Credit Risk Process

TD does not finance transactions relating to the following:

  • Activities within World Heritage sites;
  • Activities that would result in the degradation of protected critical natural habitats as designated according to World Conservation Union classification and International Financial Corporation standards;
  • Activities that would involve the purchase of timber from illegal logging operations;
  • Mountaintop-removal coal mining;
  • Production or trade in any product or activity deemed illegal under host country laws or regulations including:
  • those ratified under international conventions and agreements;
  • production or trade in wildlife or products regulated under the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES);
  • deals that directly relate to the trade in or manufacturing of material for nuclear, chemical or biological weapons or for land mines or cluster bombs; or
  • lending deals that are directly related to the mining of “conflict” minerals.

2013 Performance

  • All credit risk managers were trained on environmental and social risk
  • 286 corporate lending transactions were reviewed under the ESR process.
  • Of these transactions, 88% were subject to sector-specific due diligence involving a review of environmental policies, processes and performance.
  • As a result of TD’s proactive approach to managing E&S risk, transactions that are not expected to meet TD's stringent risk requirements are not advanced. For this reason, we have not declined a deal under the Environmental and Social Credit Risk Management Process during the last three years.

Sustainable Investing
TD believes that integrating relevant ESG factors into investment decision-making provides an enhanced analysis of investment risk. As a signatory to the UNPRI, TD Asset Management (TDAM) is the only investment business of a major Canadian financial institution to make this commitment. In 2013, ESG considerations were applied to 100% of TDAM’s investment research process.

More information:

  • Paper Usage and Standards (CR Report page 61)
  • TD Forests (CR Report pages 76-77)
  • Green Product Options (CR Report page 69)
  • Responsible Financing (CR Report page 63)
  • Equator Principles (CR Report page 65)
  • Sustainable Investing (CR Report page 67)
  • Paper, Waste and Water (CR Report page 62)
  • TD green nation (CR Report page 75)

EN 27 Percentage of products sold and their packaging materials that are reclaimed by category. NM
EN 28 Monetary value of significant fines and total number of non-monetary sanctions for non-compliance with environmental laws and regulations. F

There have been no incidents of environmental fines or non-compliance since TD began reporting to the GRI standard in 2007.

EN 29 Significant environmental impacts of transporting products and other goods and materials used for the organization's operations, and transporting members of the workforce. NR
EN 30 Total environmental protection expenditures and investments by type. F

Assessment of Carbon and Water Risk
As a carbon-neutral bank, we understand and manage our impacts and activities relating to climate change. We track the exposure of our financing activities by assessing the carbon and water sensitivity of our lending portfolio and undertaking management planning to protect the continuity of our business operations from climate-related crises.

Environmental Sensitivity Risk by Sector
  Carbon-related risk Water-related risk
Low Risk Residential & personal, residential real estate, financial, government & public sector, professional services, health & social services, media, entertainment, retail, telecommunications
Moderate Risk Non-residential real estate, agriculture, automotive, food & beverage, industrial construction, manufacturing, transportation Non-residential real estate, automotive, chemical, industrial construction, manufacturing
High Risk Chemical, forestry, mining, oil & gas, pipelines, power & utilities Agriculture, food & beverage, forestry, metals & mining, pipelines, oil & gas, power & utilities

Carbon-Related Risk
We define carbon risk as risk driven by changes in carbon-related regulation, resource constraints and the changing climate within our financing activities to carbon-intensive industries.

Carbon-Related Risk

Water-Related Risk
We define water-related risk based on the potential economic and environmental impacts of changing patterns of precipitation and of exposure to flooding, drought or extreme storm events caused by climate change. We track our exposure to sectors that are water-sensitive.

Chart for Water-Related Risk