TD Securities Invests in Canada's Biggest Private Conservation Project

Published on: 22 September 2022
by KnowESG
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The Toronto-Dominion Bank (TD) has committed $10 million to the Boreal Wildlands Carbon Project in Hearst, Northern Ontario.

The Nature Conservancy of Canada (NCC) is developing the initiative to assist its critical efforts to protect over 1,500 square kilometres of boreal forest in Northern Ontario - the largest single private conservation project ever undertaken in Canada. Canada's boreal forests, known as the "lungs" of the planet, contain more than 10% of the world's land-based carbon reserves, and their protection is vital in the fight against biodiversity loss and climate change.

TD Securities (TDS) will contribute to the conservation of more than 350,000 acres (145,173 hectares) of mixed hardwood and softwood boreal forest in Northern Ontario by investing in the project. TDS will receive a portion of the carbon offsets created by the project as part of the deal with NCC. The investment underscores TD's commitment to facilitating the establishment and development of voluntary carbon markets through innovative financing solutions.

Riaz Ahmed, President and CEO, TD Securities, said: 

"We're incredibly proud to be contributing to Nature Conservancy of Canada's vital conservation efforts, in alignment with TD's efforts to contribute to a more sustainable future. This project highlights one of the many ways we are helping our clients transition to a lower carbon economy with unified solutions that help them navigate and succeed in this rapidly evolving space."

Catherine Grenier, President and CEO of Nature Conservancy of Canada, said: 

"In the face of rapid biodiversity loss and the impacts of climate change, nature conservation provides real solutions. NCC is using the power of the voluntary carbon market to accelerate urgently needed, large-scale conservation across the country. We are proud that TDS has put its confidence in NCC and our Boreal Wildlands Carbon Project as part of their Environment, Sustainability and Governance strategy. Together, we're contributing to a nature-positive, carbon-neutral future."

TDS has also announced the establishment of its Carbon Advisory business. The Carbon Advisory business, as a major part of the ESG Solutions group (previously the Sustainable Finance and Corporate Transitions group), will provide innovative, low-carbon solutions that use TDS' capital markets expertise and deep client relationships. TDS' Carbon Advisory team, led by Andrew Hall, will provide clients with end-to-end carbon market solutions, including:

  • Carbon offset advice for project acquisition and investment

  • Access to carbon markets and strategic insights

  • Carbon offset portfolio structuring

  • Risk assessment and valuation related to carbon assets/liabilities for mergers and acquisitions

  • Capital raising for project developers and financial participants

Beyond carbon, TDS' ESG Solutions team has expanded with the addition of Bridget Realmuto, who will drive ESG Strategy activities. Bridget is a well-known ESG research professional who joined TD from State Street Associates, where she was Co-Head of ESG Research. She has co-authored several ESG and climate finance studies that have been published in a variety of peer-reviewed journals, including the Financial Analysts Journal.

Amy West, Global Head, ESG Solutions, TDS, said: 

"TD is focused on supporting our clients in all facets of their ESG Journey. The formation of our Carbon Advisory practice and the buildout of our ESG strategy work highlights our dedication to bringing innovative, market-leading resources to our clients."

TD has a long history of supporting the conservation of Canada's national forests through its partnership with the Nature Conservancy of Canada. In 2010, TD became the first North American bank to achieve carbon neutrality. TD also became the first Canadian bank to set interim financed emissions objectives for two critical sectors, Energy and Power Generation, in 2020 and became the first to target net-zero greenhouse gas emissions linked with its operational and financing activities by 2050.

Source: TD Securities

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