bankrupting the future - big oil. big coal

8/9/2019 Bankrupting the future - Big Oil. Big Coal

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Bankrupting thefutureC O R P O R A T E I R R E S P O N S I B I L I T Y R E P O R T 2 0 0 6

The truth behind the greenwash


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Do you believe that TD Financial Group should continue funding the destruction of

Endangered Forests in Canada? Accelerating the onset of climate change? Contributing to

endangered species declines? Stepping on the rights of indigenous peoples?

There is a growing disconnect between Toronto Dominions cultivation of a green image

and the reality of negative on-the-ground social and environmental impacts from its lending

and investments. This public relations phenomenon is commonly known as greenwash.

TDs commercial and investment banking units currently finance companies with deplorable

environmental and human rights records in extractive sectors such as forestry, oil and gas, and

mining. TD is lagging far behind its peers in adopting comprehensive, well-managed safe-

guard policies that address biodiversity issues, climate change, and indigenous rights across

all bank portfolios. TD Bank can do better.

This report takes a look behind TDs green facade. If TD wishes to protect its reputation

among its customers and Canadians it must stop the greenwash and demonstrate a true

commitment to communities and the environment. It is time for TD to move its environmen-

tal aspirations beyond public relations and adopt new safeguard policies that ensure TD Bank

financing protects endangered forests, respects the rights of indigenous peoples and slows theonset of climate change.

If you are concerned by the use of your investments to fund projects and companies that are

wreaking havoc on communities and the environment in Canada and around the world, act

now. Tell TD Bank what you think. Visit www.dirtymoney.org, and sign a letter to TD CEO,

Edmund Clark, asking him to immediately adopt safeguard policies that protect the future of

our planet.

Michael Brune, Executive Director, Rainforest Action Network

Todd Paglia, Executive Director, ForestEthics

Dear investor

greenwash1. The dissemination of misleading information byan organization to conceal its abuse of the environmentin order to present a positive public image.2. The information so disseminated.[GREEN + (WHITE)WASH.] 1

TD Greenwash


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the environmentBankrupting

Cooking the climate

Environmental DestructionCommunity Opposition

DirtyMoney.org

Clearcut in Northern Ontario. 2004 Garth Lenz

position to Gabriel Resources Rosia Montana mine is spreading across Europe.

2005 The Pembina Institute. Photo: Chris Evans


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Bridging the Gap BetweenEconomy and Ecology

The window of opportunity to secure the long-term

ecological integrity of Canadas remaining natural

habitats is running out. Large tracts of wilderness,

including the vast Boreal Forest system, and the

species and services they sustain are in peril asindustrial resource extraction intensifies, accelerates

and spreads, fueled by funding from the finance

sector.

Toronto Dominion is the third largest bank in

Canada and a leader in the Canadian economy with

the power to determine which industries receive bil-

lions of dollars in funding and which languish for

lack of capital. For too long, banks have played by

rules that mandate a disconnect between profit-mak-

ing and the health and well-being of the planet. But

this is starting to change. After years of publiccampaigning, leading banks including Citigroup, JP

Morgan Chase and Goldman Sachs have adopted

new biodiversity and climate safeguard policies. By

applying these policies to equity transactions, letters

of credit, corporate and performance bonds, invest-

ments and project finance, these banks have taken

significant first steps to reconcile economic needs

with ecological needs and to bring environmental

ethics into alignment with their business practices.

Toronto Dominion, on the other hand, has fallenbehind in the development and evolution of its envi-

ronmental safeguard policies. Despite its large

financial footprint in the Canadian Boreal, British

Columbias Inland Temperate Rainforest, and other

globally significant ecosystems, TD Bank has yet to

make the fundamental policy commitments neces-

sary to ensure that its financing does not contribute

to ecosystem destruction or loss. TD Bank contin-

ues to finance and invest in companies that impose

destructive resource extraction activities on local

communities and indigenous peoples, while ignor-

ing active opposition. TD Bank has neither set tar-

gets to reduce greenhouse gas emissions associated

with its financing nor set investment goals that

move toward a low-carbon energy future.

Canadas BorealA Global Treasure

About two-thirds of the North American Boreal

landscape is undisturbed by roads or industry, mak-

ing it one of the planets three largest remaining

intact forest systems. An intact forest system is, a

contiguous mosaic of naturally occurring ecosys-

tems in a forest ecozone, essentially undisturbed by

significant human influence.2 Globally, 80% of the

Earths original intact forests have been badly

degraded or completely cleared, making those that

remain increasingly rare and globally significantlegacies. The most significant threats to these

forests are from logging, energy development and

mining.3 Canadas Boreal Forest system contains

25% of the worlds remaining intact forests.

Intact forest landscapes include forests and an abun-

dant variety of natural ecosystems, such as wet-

lands, mountain and tundra, all of which exist

simultaneously throughout the Canadian Boreal

region. Unique to an intact landscape, which is typ-

ically 50,000 hectares or larger, is the absence of

large-scale human disturbances, such that the struc-

ture and composition of the landscape are deter-

mined by naturally occurring ecological processes.4

In the Boreal system, intact landscapes provide an

uninterrupted habitat for animals which are sensi-

tive to human impacts, such as caribou, bears, and

wolverine, to thrive. The Boreal system also con-

tains critical breeding grounds for millions of water-

fowl and billions of migratory songbirds.

TD Greenwash

TD Corporate Profile

Total Assets $365 billionMarket Cap $39.6 billion2005 Profits $2.2 billionOutstanding loansto extraction sector $2.9 billionCEO W. Edmund ClarkEmployees 52,000Customers 14 Million

Boreal Forest, Northern Ontario. 2004 Garth Lenz


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Endangered ForestsPriorities for Protection

Some remaining forests are so valuable for their

biological diversity, species habitat and wilderness

values that we must protect them from industrial

development. These native forests are defined as

Endangered. Endangered Forests are lands that

need to be added to the protected area network tomaintain ecological integrity and complete repre-

sentation of regional natural diversity. They repre-

sent the best of whats left of the worlds increas-

ingly degraded forests. The ecological criteria to

identify Endangered Forests incorporate large intact

areas, forests with high species richness and other

significant biological diversity values. Criteria also

Rocky Mountain FoothillsLogging Caribou Habitat in Albertas Endangered Forests

Location: Rocky Mountain Foothills in Alberta,

Canada

Problem: Clearcut logging in Endangered Forest

and critical wildlife habitat

Affected Species: Caribou, grizzly bear, bull trout,

wolverine, cougar, marten

Age of Trees: 70 180+ years old

Company logging forest: West Fraser Timber

Banking relationship: TD Securities

The Alberta Foothills is a rare and rich boreal eco-region

that occurs on the eastern slopes of the Rockies where the

northern plains sweep up to meet the Rocky Mountains. It

boasts one of the largest concentrations of large mam-

mals in North America, indeed the full array of wildlife

that roamed there before European settlement.These pub-

lic lands also have many unique geological features andother superior ecological, cultural and recreational values.

And yet only 1.2% of the region is legally protected in

parks and protected areas.10

This heavily fragmented area still contains important pock-

ets of intact old-growth habitat for sensitive wildlife,

including the Little Smoky woodland caribou herd, grizzly

bears and bull trout. The Little Smoky woodland caribou

herds population has declined by more than 20% over

the last 20 years, and the other species populations are

also in decline in the region. Survival of the herd, as well

as grizzly and bull trout, is contingent upon maintaining

sufficient habitat, which supports their needs. Caribou, for

example, depend on intact and old forests.11 West Fraser,

their subsidiaries and their joint venture partners control

half of the Foothills region. They are clearcutting areas

that should be protected and bringing caribou and other

species toward local extinction.

West Fraser Timber, whom Toronto Dominion Bank has

been financing, plans to continue logging in Endangered

Forest in the Foothills, to degrade critical habitat, and to

turn most of the remaining old growth forest into lumber,

newsprint and pulp, primarily destined for the UnitedStates.12 TD should immediately cancel all further trans-

actions with West Fraser Timber until they put an immedi-

ate moratorium on logging and road-building in caribou

habitat and other controversy areas, commit to protecting

endangered forests and to adopting Forest Stewardship

Council (FSC) certification for their operations and prod-

ucts.

DirtyMoney.org

Caribou. Photo:Wayne Sawchuck


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includes core habitat for threatened or endangered

species, and remnant and restoration core forests in

highly-altered or degraded forest landscapes.5

In British Columbia, the worlds only inland tem-

perate rainforest supports the worlds only mountain

caribou. The old-growth forests these animals

depend on are considered Endangered Forests due

to their global rarity and their role as vital habitat

for this critically endangered species. Similarly, in

the Rocky Mountain Foothills of Alberta, the

preservation of the Little Smoky, Kakwa and Big

Horn Endangered Forests is essential for the sur-

vival of two of Albertas most critically threatened

caribou herds and other threatened species. While

much of the area is fragmented by roads, clearcuts

and other industrial features, these Endangered

Forests contain a cluster of outstanding ecological

values, including a wonderful diversity of pine,

spruce and mixed-wood forest of all ages, plus old

growth. This vital habitat is in need of protection.6

Protected AreasToo Little, But Not Too Late

Despite its global importance, less than ten percent

of Canadas Boreal region is legally protected from

development. Canadians believe that not enough is

being done to protect Canadas natural heritage and

they support extending protections to maintain the

integrity of Canadas Boreal Forest system.7 First

Nations are increasingly claiming their Aboriginaland treaty rights and exerting their desires for the

protection of their traditional territories from

destructive industrial development.8 Canadas

Senate Sub-Committee on Boreal Forests has

warned that the integrity of the Boreal system is

threatened unless action is taken to control the

spread of clearcuts, mining, and oil and gas explo-

ration into critical natural habitats.9

Banking and Biodiversity

First Do No Harm

Land-use planning and an adequate network of pro-

tected areas are critical to ensure the survival of

Canadas remaining wilderness and old-growth for-

est areas. State-of-the-art sustainable development

practices in areas outside of these protected net-

works are an additional and necessary complement.

Responsible banking means that Toronto Dominion

and the rest of the finance sector should recognize

Endangered Forests and critical natural habitat as

No Go Zones, where financing for activities that

would destroy the ecological integrity of these areas

is prohibited. By conditioning capital flow via

Endangered Forest screens, Canadian banks would

have the power to prevent habitat fragmentation and

the destruction of Endangered Forests.

Climate ChangeMinding the Boreal Carbon Store

Climate change represents a global threat and poses

one of the most serious challenges to the health of

our planet. Leading climate scientists warn that we

have only ten years, at best, to level off global

greenhouse gas emissions and fifty years to reach

deep cuts of 60-80% from present levels if we are

to avoid the worst catastrophic impacts of climate

change.

The Boreal Forest system provides the Earths

largest storehouse of terrestrial carbon and thus is

an extremely important buffer against the climate

effects of industrial development, providing the for-

est remains intact. The value of net carbon seques-

tration services provided by trees in Canadas boreal

is estimated at $1.85 billion a year.13 Even a two-degree increase in global temperatures, which is

anticipated to occur within the next fifty years, will

cause dramatic disasters in Canadas northern

forests. As temperatures increase, they can provoke

increased frequency, intensity and scale of natural

disturbances such as wildfires and insect outbreaks

that would turn the Boreal Forest system from a

large carbon storehouse into a major additional

source of greenhouse gases.

Carbon Bank

TD Greenwash

Total carbon stored in the Canadian BorealForest system67 billion tonnes (equivalent to 300 years of Canadas2000 emissions)

Value of Canadas Boreal carbon bank$3.7 trillion

Value of all non-market services from theBoreal Forest system:$93.2 billion/year. (2.5 times greater than net value ofBoreal natural resources extraction.)37


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TD Bank Energy InvestmentsFossil Fools

Banking decisions will determine if societies get the

targeted investments needed to quickly change

course to a low-carbon economy and reduce green-

house gas emissions. Alarmingly, Toronto

Dominion seems to prefer an investment strategy

that results in more greenhouse gas emissions, notless.

TDs financing of tar sands expansion is contribut-

ing to a massive increase in Canadas greenhouse

gas emissions. Albertas tar sands deposits cover an

area the size of the state of Florida. Impacts of tar

sands extraction include large strip-mines visible

from the moon, large toxic tailing ponds, air pollu-

tion, consumption of large quantities of fresh water

and natural gas, and related new pipelines and other

infrastructure.14 Tar sands mining and in-situ extrac-

tion is now the single largest contributor to the

growth of greenhouse gas emissions in Canada.

This threatens to derail the achievement of Canadas

international Kyoto climate commitments.

DirtyMoney.org

McClelland Lake Wetland ComplexTar Sands To Tear up Unique Wetland Area

Location: McClelland Fen Wetland Complex and

the Athabasca River Corridor in Alberta, Canada

Problem: Tar sand strip-mining threatens irre-

placeable wetland habitat

Affected Species: World-class wetland with 205

bird species, endangered whooping cranes, 114

species of mosses and liverworts, 60 species of

flowering plants, 5 species of insectivorous

plants, plant species that are rare in the Boreal

Forest and species that have not yet been identi-

fied in any other site in the provinceTar Sands Companies: UTS, Teck Cominco, Petro-

Canada

Banking Relationship: TD Securities

Three energy giants Teck-Cominco, UTS and Petro-

Canada - are pushing ahead with a destructive tar sands

project in the Fort Hills region of Alberta, Canada. A mega

strip-mine operation to extract the tar sands threatens the

Athabasca River Corridor and the McClelland Fen Wetland

Complex, two particularly sensitive and priceless parts of

Canadas natural heritage. Albertan environmental organ-

izations have identified both areas as protection priorities.

The complex incorporates McClelland Lake, twelve sink-

holes, and two intricate, ancient patterned fens, which

provide groundwater recharging and habitat for a diverse

community of plant and animal species.15

As the rush for tar sand extraction proceeds, conservation-

ists are calling for a movement to save the fen. Presently,

a mere four square kilometers (0.1%) of the 3,450 km2

tar sands surface mineable area north of Fort McMurray is

protected, and this with only a limited scope of

protection.16 Petro-Canada is arguing against a broader

federal environmental assessment of the area. The

Canadian Parks and Wilderness Society (CPAWS) is calling

for the protection of the McClelland Fen Complex and the

Athabasca River Corridor from all industrial develop-

ment.17

Sadly, it appears that Toronto Dominion Bank does not

share this view. TD Securities has financial relationships

with each of the three companies conducting the Fort Hills

tar sands project. In 2004, TD served as an underwriter

for $100 million for UTS for this project.18 TD Securities

was also co-manager of a September 2005 $1 bill ion debt

offering to Teck-Cominco. Teck-Cominco states that the

proceeds from this transaction will be used for the Fort

Hills Oil Sands project.19 Furthermore, TD Securities has an

active investment banking relationship with Petro-

Canada.20

As Pembina Institute puts it, While there is no shortage

of extractable oil sands in northern Alberta, the availability

of sensitive ecosystems such as the McClelland Fen is lim-

ited."21


8/128TD Greenwash

Rosia MontanaGold Mine Proposal Provokes International Opposition

Location: 2,500 year old village in Transylvania

region of Romania

Problem: Proposed project to build largest open

pit gold mine in Europe

Affected community: 2000 residents in Rosia

Montana and Corna Valleys

Mining Company: Gabriel Resources (Canadian)

Banking Relationship: TD Securities

Strong local opposition to the Gabriel Resources Rosia

Montana gold mining project emerged almost immediate-

ly, in 2000, when Canadian mining company Gabriel

Resources announced its intentions to build the largest

open-cast gold mine in Europe, which would destroy the

historic village of Rosia Montana. Resistance to the proj-

ect has since spread across Romania and throughout

Europe. Gabriel Resources was founded for the sole pur-

pose of developing this mining project. At full production,

the mine would evacuate 500,000 tons of rock per week

and use 15.6 million kilograms of cyanide per year.

In 2002 the International Finance Corporation, part of the

World Bank Group, turned down Gabriel Resources appli-

cation for financing, explaining that "there were signifi-cant environmental and social issues connected with the

project." In 2003 Romanias highest scientific body, the

Romanian Academy, stated its opposition to the project, a

position it re-affirmed in February 2006 after finding that

the mine would not bring sustainable development, nor

solve the areas social and economic problems, and would

have negative effects on the environment.

The Orthodox Church, Romanias largest, owns cemeteries,

forest, arable land and historic monuments at RosiaMontana and refuses to sell its properties. On March 23,

2006, the CEO of Gabriel Resources, Alan Hill, confirmed

in an interview that his company intends to expropriate

anyone refusing to leave peacefully. There is forced

unemployment or forced expropriation. Which one do you

want? he asked inhabitants.28 A poll conducted by

Romania's 'Ziua' daily newspaper on April 4, 2004 showed

that 92% of its readers oppose the Gabriel Resources proj-

ect. The widespread public opinion is that this develop-

ment embodies the worst corruption of the political

class.29

The mine poses wider regional environmental threats in

the event of any spills. A representative of the Hungarian

government declared during an official visit to Bucharest

in October 2005, "It is of the highest priority for the

Hungarian Government that the Rosia Montana gold mine

investment is never realized.The Rosia Montana project

given its sheer size could not only affect the immediate

area, but, in the event of a spill, would also affect the Tisa

Basin." Hungarian government concerns have been

heightened due to a January 2000 cyanide spill at a differ-

ent gold operation in northern Romania that released

some 100,000 tons of contaminated wastewater into the

Tisza River, and eventually into the Danube destroying

1,240 tons of fish and polluting the drinking water sup-

plies of 2.5 million people.30

"The destruction of the Rosia Montana

community - with a history of well over2,000 years - by resettling the popula-

tion, demolishing houses (including his-

torical monuments) and churches, as well

as resettling cemeteries, is unacceptable

and is reminiscent of a period everybody

thinks is over. Romanian Academy ofSciences, February 2006. 31

TD finance helps keep this widely-opposed project alive. In

2005 TD Securities was an underwriter of $25 million in

new capital for the environmentally and socially bankrupt

Gabriel Resources Rosia Montana gold mine project.


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Canadas First Nations

Fifteen years of Supreme Court decisions have yet

to be reflected in provincial and federal policies.

Our treaty partners continue to disregard direction

from the Supreme Court in dealing with our peo-

ple. John Cutfeet, Kitchenuhmaykoosib

Inninuwug First Nation, February, 2006 22

As the first inhabitants of the Boreal Forest,

Canadas Aboriginal people have long been effec-

tive stewards of the land that sustains them, even as

their rights over their traditional territories have

been too typically ignored or suppressed. The First

Nations of Canada are among the poorest in

Canadian society. Nearly eighty percent of

Aboriginal communities in Canada are located in

forested areas.

Strengthening Territorial RightsA series of key legal decisions in Canada are

strengthening the ability of First Nations to defend

their basic Aboriginal and treaty rights to take deci-

sions regarding outside development in their territo-

ries. In a 1997 decision, Delgamuukw v. British

Columbia, the Supreme Court of Canada ruled that

government approvals of land uses that degrade sus-

tainable ecosystems are a limitation on aboriginal

title.

In a 2004 decision, Haida Nation v. BritishColumbia and Weyerhaeuser, the Supreme Court

affirmed that the Crown has a duty to consult and

meaningfully accommodate First Nations even prior

to a final claims resolution. This duty to consult and

accommodate was further expanded to treatied

lands in a November 2005 Mikisew Supreme Court

decision.

These Supreme Court decisions are significant for

their recognition of First Nations rights. They also

entail an increased risk of First Nation legal actionagainst companies that seek to clearcut, route

pipelines or otherwise impose destructive activities

in First Nation traditional territories with the

impunity enjoyed in the past.23 First Nations in

Northern Ontario argue that developers and provin-

cial government continue to disregard the Supreme

Court decisions. They have called for a moratorium

on all forestry and mining in their ancestral lands,

stating that the health of our ecosystems, waters

and natural resources of our communities are

endangered by mining explorations and other forms

of resource development.24 The call for a moratori-

um is supported by eight Ontario First Nations, a

coalition of eleven conservation groups and con-

cerned citizens all across the province.

Toronto Dominion can demonstrate a stronger poli-

cy commitment to indigenous rights by supporting

the principles of Free, Prior Informed Consent

(FPIC) through respecting First Nation calls for

moratoria on new industrial resource extraction

activities in their traditional territories, and avoiding

the financing of industrial resource extraction in

areas where Free, Prior Informed Consent proce-

dures have not been followed.

The UN Draft Declaration on the Rights of

Indigenous Peoples references FPIC as the right of

indigenous peoples to determine and develop priori-

ties for the use of their lands, territories and otherresources.(25) The World Banks Extractive

Industries Review concluded that recognition and

implementation of the rights of affected people to

prior and informed consent is a necessary condition

for extractive projects if they are going to contribute

to sustainable development and poverty allevia-

tion.26 Projects that have failed to secure FPIC fre-

quently result in delays, lawsuits, financial losses

and reputational damages to the companies

involved.

Community Impacts Abroad

TD financing also ignores community interests out-

side of Canada; a situation that is particularly appar-

ent in the mining sector. In Guatemala, TD Bank is

financing a nickel mine project that has provoked

large protests and opposition among the affected

Quiche communities. The affected communities

have filed a complaint under the International Labor

Organization, claiming that the mine is moving for-

ward in violation of their indigenous rights recog-

nized under ILO Convention 169 ConcerningIndigenous and Tribal Persons.27

TD has also financed Gabriel Resources, a

Canadian mining company that is going forward

with a plan to build the massive Rosia Montana

Gold Mine in Romania, over the objections of com-

munity members and a growing range of civil socie-

ty and politicians in Europe.

DirtyMoney.org


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Destructive Dividends

Toronto Dominion contributes to indigenous rights

abuses and environmental degradation through vari-

ous loan and investment activities. Under the TD

Securities brand, the bank provides a full range of

capital markets and investment banking services

that include underwriting and distributing loan, debt

and equity products, and executing financial trans-actions. TD acts as an agent or underwriter for

companies in the process of issuing securities, and

its investment banking activities also include pro-

viding capital for and advising companies on mat-

ters related to the issue and placement of stock. 32

Without appropriate environmental screening, this

business becomes a dangerous game of blind

roulette with serious consequences for biodiversity

and the worlds climate. TD Securities has invest-

ment banking relationships with a long roster of

companies in the energy, forestry and mining sec-

tors, a number of which have problematic environ-

mental and human rights records.

TD Bank provides wealth management services to a

global client base, including investments in prob-

lematic forestry, oil and gas, and mining sector

companies. In their 2005 Annual Report, TD

reports $314 billion in assets under wealth manage-

ment administration, and $130 billion under wealth

management.33 It goes on to report that a key factor

in a 13% and 12% asset growth rate in these respec-

tive areas was the strength of the oil sector, whichboth encouraged Canadian market growth and

increased trading activity in 2005.34

TDs loan portfolio, broken down by sector, shows

that outstanding loans and acceptances with

resource extraction industries (forestry, metals and

mining, and oil and gas) total $2.86 billion world-

wide. In Canada alone TD lends hundreds of mil-

lions of dollars to the forestry and mining sectors,

while oil and gas lending surpassed one billion dol-

lars.36 These loans are provided without adequate

biodiversity, climate or indigenous rights protectivesafeguard standards to ensure that TD financing

does not contribute to activities that threaten the

integrity of Endangered Forests or the rights of

Indigenous Peoples. Toronto Dominion also lacks

greenhouse gas reduction targets for its energy sec-

tor financing portfolio, crucial given the billowing

number of high-emission tar sands companies seek-

ing financing for projects in Western Canada

The Way ForwardRestructing TDs Environmental Debt

In order to gain leadership in the finance sector, TD

Bank must signal a clear and firm intent to update

and strengthen its biodiversity, climate, and indige-

nous peoples safeguard policies to meet or beat

best practices policies and guidelines for thefinancial sector in North America. Moving towards

sustainable finance includes:

Establishing clear finance safeguard standards

that protect endangered ecosystems and critical

natural habitats here in Canada and around the

world;

Taking a stand on climate change and quickly

transitioning TD Bank financing away from cli-

mate polluting energy sources. Reducing the

greenhouse gas emissions associated with TDs

loan portfolio and investments;

Supporting the right of First Nations to Free,

Prior and Informed Consent;

Increasing investment in the clean renewable

energy revolution, Forest Stewardship Council

(FSC) certified forestry and the other world

class sustainable technologies that Canadians

want and the future deserves; and,

Allocating executive personnel and adequate

resources to adopt and implement a comprehen-

sive environmental policy that covers bank

activities across all finance portfolios.

In response to a shareholder resolution on biodiver-

sity and indigenous rights submitted by Ethical

Funds, TD Bank agreed to look at the issue, talk to

key stakeholders and consider what if any actions

are appropriate.(36) TD will report on their

progress on this issue in 2007. This is obviously a

necessary preliminary step; however, without a top

level commitment to develop best practice policies

TD Greenwash

Extraction Loans

Sector 2005 2004 2003

Forestry 711 511 799

Metals and Mining 754 492 662

Oil and Gas 1,397 1,016 1,670(in Millions of Canadian dollars)35


11/1211

on these critical issues, shareholders and stakehold-

ers have no assurance that this agreement is not just

more greenwash to continue banking as usual.

The world cannot afford more talk and no action.

By understanding the long term impacts of destruc-

tive investments, Canadians and the international

community can begin to expect TD Bank to chart a

new course to clarify their role in ensuring Canadas

wondrous natural legacies and cultural heritage will

be around for the next 150 years. Canadians expect

it, stakeholders want it, and Canada deserves no

less.

Endnotes

1. http://www.answers.com/topic/greenwash

2. Global Forest Watch Canada, Canadas Large intact

Forest Landscapes, Report, 2003.

3. Bryant et al, The Last Frontier Forests: Ecosystems and

Economies on the Edge, World Resources Institute,

Washington DC, 1997. http://globalforestwatch.org/eng-lish/index.htm

4. http://www.globalforestwatch.ca/news.htm

5. Endangered Forests: Priority High Conservation Value

Forests for Protection. Guidance for Corporate

Commitments. www.forestethics.org/pdf/EF.pdf

6

http://www.forestethics.org/downloads/rep_boreal_rocky_

mtn.pdf

7 http://www.borealcanada.ca/news_e.cfm?p_id=207

8

http://www.theglobeandmail.com/servlet/story/RTGAM.20

060222.wxbigtrout22/BNStory/Science/home

9 http://www.borealcanada.ca/news_e.cfm?p_id=22410

http://www.forestethics.org/downloads/rep_boreal_rocky_

mtn.pdf

11

http://www.caribounation.org/article.php?list=type&type=

7

12 http://forestethics.org/article.php?id=991

13 Whats Boreal Forest Got To Do With Climate

Change? Everything., Canadian Boreal Initiative, 2006.

http://www.borealcanada.ca/index_e.cfm

14 http://oilsandswatch.org/

15 Alberta Wilderness Association, McClelland Lake

Wetland Complex Jewel in the Boreal,http://issues.albertawilderness.ca/ML/ML.htm .

16

http://news.albertawilderness.ca/NR2005/NR050303a/NR0

50303a.htm

17 A Response to Mineable Oil Sands Strategy,

http://www.cpaws.org/files/report-response-to-oilsands.pdf

18 http://www.fhr.com/upload/070904UTS.pdf

19 http://www.teckcominco.com/news/05-archive/05-20-

tc.htm

20 www.td.com

21 http://www.pembina.org/newsitem.asp?newsid=5&sec-

tion=

22 Nishnawbe Aski Nation, NAN Supports Protection of

K.I. Lands, press release: February 22, 2006.

23 See, for example, the Ethical Funds shareholder resolu-

tions submitted to Enbridge concerning its proposed

Gateway pipeline.

http://www.ethicalfunds.com/Do_the_right_thing/sri/share-

holder_action/shareholder_resolutions.asp

24 CPAWS, Kitchenuhmayhoosib Inninuwug and Sierra

Legal Defense Fund, Pressure growing for moratorium

on development in northern Ontario, press release: March

20, 2006.

25 UN Draft Declaration on the Rights of Indigenous

Peoples (UNDD) Sub-Commission resolution 1994/95,

Articles 1, 12, 20, 27 and 30.

26 United Nations Department of Economic and Social

Affairs, An Overview of the Principle of Free, Prior and

Informed Consent and Indigenous Peoples in International

and Domestic Law and Practices, New York: January

2005.

27 http://www.miningwatch.ca/index.php?/Skye

28 www.daily-news.ro/article_detail.php?idarticle=24246

29 http://www.rosiamontana.org/

30

http://www.miningwatch.ca/index.php?/Gabriel_Resources

/AMjan06

31 http://www.daily-news.ro/article_detail.php?idarti-

cle=23297

32 www.investorwords.com, 2006.

33 TD Bank Financial Group, 150th Annual Report 2005,

p. 19.

34 TD Bank Financial Group, 150th Annual Report 2005,

p. 38.

35 Ibid, p. 45

36 http://www.td.com/investor/2006/proxy.pdf

37

www.borealcanada.ca/pdf/Boreal_Wealth_Report_Nov_20

05.pdf

Researched and written by Jodie Van Hornand William Barclay, March 2006

Cover photography 2004 Garth Lenz

DirtyMoney.org

2004 Garth Lens


12/12

The worlds BorealForest, of whichCanada is a major

trustee, is under siege.Canadian Senate Sub-Committee on the Boreal Forest

Rainforest Action Network221 Pine StreetSuite 500San Francisco, CA 94101RAN.org

ForestEthics850 Hastings StreetSuite 604

Vancouver, BC V6C 1E1ForestEthics.org

This report is available on-line at

DirtyMoney.org/Banks_in_the_Boreal/

bankrupting the future - big oil. big coal

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