TD Announces New Interim Financed Emissions Targets and TD Pathways to Economic Inclusion as Part of Its Continued Efforts to Advance a Sustainable and Inclusive Future

Today TD Bank Group (TD or the Bank) reaffirmed its focus on helping drive progress towards an inclusive and sustainable future by releasing additional interim 2030 Scope 3 financed emission targets and sharing its newly established social framework, TD Pathways to Economic Inclusion. These new initiatives are included in the Bank’s 2022 ESG Report, which was published today alongside its 2022 Climate Action Plan Report and 2022 TD Ready Commitment Report. As part of its ongoing efforts to support sustainable growth for its customers and clients, the communities it serves, and the economies it supports, TD also announced a new $500 billion CAD Sustainable and Decarbonization Finance Target by 2030.

Through the Bank’s Climate Action Plan, its Scope 3 interim financed emissions footprint reporting has been expanded to include seven carbon-intensive sectors and four Partnership for Carbon Accounting Financials (PCAF) asset classes, including its business loans, on-balance sheet investments (i.e., listed equity and corporate bonds), mortgages and motor vehicle loans portfolios. Also detailed in the Plan are the Bank’s continued efforts toward its net-zero goals with the inclusion of a second set of interim 2030 Scope 3 financed emissions targets for two additional sectors, Automotive Manufacturing and Aviation, and an update on its progress towards its previously announced Energy and Power Generation targets. TD has prioritized these sectors with the goal of maximizing the impact of its efforts to support decarbonization and additional details regarding these new targets can be found in the TD Climate Action Plan.

TD considers sustainable and decarbonization finance to be an important lever to support its ESG Strategy and Climate Action Plan, which has a goal of achieving net-zero GHG emissions from its operations and financing activities by 2050. TD intends to report annually, on a cumulative basis, on its progress toward the Sustainable & Decarbonization Finance Target.

“We have a critical role to play across the economy and society as a financial institution, business, corporate citizen and employer,” said Janice Farrell Jones, SVP of Sustainability and Corporate Citizenship. “Our 2022 ESG Reporting Suite sets out how TD is helping to address the challenges associated with the transition to a low-carbon economy and how we are working to contribute to a more inclusive society for the communities in which we operate. The additional interim financed emissions targets and new Sustainable & Decarbonization Finance Target announced today are two more examples of how we are embedding ESG into our business and supporting our customers and clients.”

At TD, financial and economic inclusion have long been core to its sustainability priorities. Building on this foundation, the Bank is taking another step forward through TD Pathways to Economic Inclusion, which focuses its efforts on three areas where it believes it has the knowledge and resources to make a meaningful impact: employment access, financial access, and housing access. TD Pathways to Economic Inclusion will focus the Bank’s efforts to further embed social factors into its business, build on an area that has long been a priority for the Bank – diversity and inclusion – and strengthen its commitment to help open doors for all members of its communities. The 2022 ESG Report outlines its efforts over the past year and provides an overview of the areas of focus for 2023 and beyond. TD will share its progress on these efforts in its 2023 ESG Report, which will be published in the spring of 2024.

Key highlights of the 2022 ESG Reporting Suite also include:

• Delivering on its commitment to double the representation of Black executives within the Bank by the end of 2022 and remaining on track to increase Black, Indigenous Peoples and minority representation at VP+ levels by 2025.
• Engaging more than 339,000 people through TD-supported financial literacy initiatives over the past year in Canada and the U.S.
• Launching a new certification program for businesses owned by refugees with the Canadian Aboriginal and Minority Supplier Council and the Tent Partnership for Refugees.
• Contributing $147 million to support non-profit organizations in 2022 across the Bank’s global footprint, towards its target of $1 billion in philanthropy by 2030.
• Raising more than $24 million through employee giving campaigns across North America in support of charitable organizations across Canada and the U.S.
• More than 4,300 colleagues globally in the TD Ready Commitment Network volunteering over 90,000 hours of their time to help better their communities.

The 2022 ESG Reporting Suite includes the ESG Report, the Climate Action Plan Report, the Sustainable & Decarbonization Finance Target Methodology and the TD Ready Commitment Report. To review all of the Reporting Suite documents, please visit: https://www.td.com/ca/en/about-td/for-investors/economic-social-governance-reporting