Toronto-Dominion Bank (TD) received several recognitions this month for its leadership in addressing climate change. On November 4, the CDP released its Climate Disclosure Leadership Index where TD was the highest-ranking Canadian financial institution. The Bank of Montreal (BMO) and Scotiabank were also included in the 2015 CDP Climate Disclosure Leadership Index, with both banks making notable improvements from 2014 in their level and quality of disclosure.
TD was also recognized in a recent report released by Boston Common Management where it ranked third globally among 20 top performers for its management of climate-related risks. The report’s regional profile of Canada notes that performance among Canada’s banks varies widely, identifying TD as leading in terms of its management of climate change risks while the Royal Bank and CIBC were identified as lagging in terms of their level of disclosure.
Research conducted by SHARE for its recently released paper, Banking on 2°, found that TD is the only Canadian bank to provide monetary incentives to its corporate executive team for meeting targets related to energy reduction and carbon reduction. Also noteworthy is that TD is the only Canadian bank that has disclosed its internal price on carbon.
SHARE is encouraged by the tangible steps that leaders like TD are making and will continue its engagement efforts with Canada’s banks to push for further improvements.