March 09, 2020
Over 41 thousand people and five independent shareholders are calling for quantitative, time-bound GHG reduction targets
TORONTO, CANADA — TD has advised against voting on a shareholder proposal, put forth by global consumer organization SumOfUs on behalf of five independent shareholders. The proposal asks for the bank to adopt quantitative and time-bound reductions in GHG gas emissions from its lending and underwriting portfolios and produce an annual report to shareholders on its progress.
“In a moment where our survival is at stake, TD has chosen to actively attack a common sense proposal that does the bare minimum to protect the planet. Their ridiculous move puts people and profits at risk and ignores the call of over 41 thousand SumOfUs members and the majority of Canadians who support urgent climate action.” said Amelia Meister, Senior Campaigner at SumOfUs.
In 2020, the Bank of Canada highlighted climate change as one of the top five financial risks to the banking sector. By not agreeing to this shareholder proposal TD puts its shareholders at risk, while refusing to take the climate crisis seriously.
While other banks have recently announced plans to reduce GHG emissions in their lending portfolios, TD lags behind.
VIEW THE SHAREHOLDER PROPOSAL HERE:
The IPCC report of October 2018 stated that the world has less than a decade to drastically reduce carbon emissions or face catastrophic climate change. As TD is the 8th largest funder of fossil fuels in the and the second largest in Canada, it has a critical role in shifting its lending patterns to prevent catastrophe.
SumOfUs is a global movement of consumers, investors, and workers all around the world, united together to hold corporations accountable for their actions and forge a new, sustainable and just path for our global economy.