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TD Bank Normalized Emissions Increase 7.5%

TD Bank increased its normalized carbon emissions 7.5 percent year-on-year, according to the company’s latest sustainability report.

In 2010, the bank produced 2.92 metric tons of carbon dioxide equivalent per employee. In 2011, the latest year that the report covers for this metric, this figure jumped to 3.14 mtCO2e per employee.

In 2011, TD announced a goal to reduce its greenhouse gas emissions by one metric ton per employee by 2015, relative to 2008 levels. This represents a 28 percent reduction in carbon per person. To date the bank has achieved a 12 percent reduction relative to 2008.

Most of the reduction will come from embedding energy efficiency into the design, construction and operation of its facilities, TD says. Additional savings will be developed through greening IT systems, reducing business travel and promoting energy-saving behaviour among employees, TD says.

The company’s absolute emissions rose just shy of 13 percent year-on-year, from 234,742 mtCO2e in 2010 to 265,192 mtCO2 in 2011. The 2011 emissions figure is marginally higher than the bank’s figure from 2008.

In 2010, TD Bank became the first North-American-based bank to become carbon neutral. TD’s carbon-neutral commitment applies to all of its wholly-owned North American and international operations. The company’s greenhouse gas emission inventory is measured in accordance with the Greenhouse Gas Protocol, and its emissions are independently assured by Ernst & Young LLP.

TD purchases renewable energy certificates and carbon offsets to neutralize its greenhouse gas emissions. It also says it contributes to the development of the low-carbon economy in North America. Since 2009, the bank has invested more than $5 million into projects that create RECs and carbon offsets. TD’s support of these programs has resulted in a cumulative reduction of over 525,000 metric tons of greenhouse gas emissions, the report says.

In 2011, a total of 45 percent of TD’s carbon emissions were neutralized through RECs, and 55 percent of its emissions were neutralized through carbon offsets. That year it bought 314 million kWh of renewable energy credits, which represents 53 percent of the bank’s electricity consumption.

The company’s overall electricity use increased year-on-year but the report does not give exact figures for this consumption.

Since 2009, TD has invested more than $34 million in green building design and technology. During the process, the company says that it has learned a great deal about energy efficiency and renewables, all of which the bank has incorporated into its Green Building Standards, which it began implementing across its entire building portfolio in 2012.

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2 thoughts on “TD Bank Normalized Emissions Increase 7.5%

  1. Let me provide a little more context around TD’s GHG emissions. Our absolute emissions have not increased since 2008, while our real estate square footage has grown by 24%. The 7.5% year-over-year increase in our normalized GHG emissions is the result of a significant increase in our square footage space located in areas with high carbon emissions factors from electricity supply. We expect GHG emissions to reduce as we integrate these facilities into TD’s Enterprise Green Building Program.

  2. If Ms Karen Clarke-Whistler, TD Bank’s Chief Environment Officer is so concerned about reducing TD Bank’s Carbon Footprint, why not simply divest TD Bank’s significant shares in TransCanada which produces 40 million tons of CO2 per year, the mining and converting of tar sands into oil supplies the largest contribution to climate change in Canada. Thousands of acres of forests, standing on the tar sands are cleared in the process. These forests represent more than 25% of the remaining primeval forests on our planet. The destruction of these forests is fatal for the climate. They retain more than 47 billion tonnes of CO2.
    Stop supporting Tar Sands with TD Investment’s. Or stop Green washing your image and say what you really are: Tar Dollars for Total Destruction

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