I recently learned that TD is one of the top funders of fossil fuel expansion and therefore a direct threat to future generations. I found it very concerning that your bank received an D- on fossil fuel expansion policies in the 2019 Banking on Climate Change report released by Banktrack and 3 out of 200 possible points on their 2020 report. The recent Corporate Knights report finds that you have issued more than $6 billion in loans to the O&G industry. That money is being used to pump CO2 into our atmosphere, putting millions of lives at risk and driving the 6th mass extinction. I also noted with surprise that your bank refused to sign the U.N. Declaration on Responsible Banking which has been signed by more than 100 major banks around the world.
I am aware of your environmental policies and programs — and it does seem like you care more than the other major Canadian banks — but they cannot undo the harm caused by the financing that you continue to provide to the fossil fuel industry. On the other hand, I am also aware that given the broader shift in market sentiment over the past year many banks are reconsidering their policies in this area. For this reason, I have decided to wait until April 22, 2021 to transfer my money to a more responsible institution. As of today, that will likely be a local credit union, however I am open to the possibility of staying with TD or transferring to another major Canadian bank which sets ambitious targets for phasing out new loans to fossil fuel companies.
In particular, I hope your bank will be able to commit to the following:
- publicly clarify your position on the relation between climate change and the extraction and burning of fossil fuels
- publicly commit to immediately end your support for all new fossil fuel projects, including exploration, extraction, transportation and power
- publish a robust plan for phasing out your support for all existing fossil fuel projects and companies on a timetable consistent with what is necessary to meet the Paris targets.