7/25/2019 TD Bank Financial Group

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TD Bank Financial Group: From worst to frst Once viewed as a laggard on environmental risk assessment, TD Bank now occupies a lead position,tied with Royal Bank of Canada. With the une !""# release of its Environmental Management Framework , TD is helping to set the $ar in Canadaon what $anks can and should $edoing to mitigate climate risk.

 The Environmental Framework now includes a statement on climate risk, and addresses car$onintensive industries including oil and gas,coal, electricity generation, and metals production. %igni&cantly, TD has called for governments toimplement a car$on ta' to provideincentives for greenhouse gas emissions reductions. To $egin the process of climate risk mitigation, TD is committed to a car$on audit and an assessmentof climate risks faced $y their clients. TheEnvironmental Framework indicates that their climate change policy will e'tend $eyond lending tounderwriting and e(uities research. TD)s framework also addresses risks associated with loss of $iodiversity, which e'tends to &nancing,underwriting, and advisory services. TD isengaging clients to increase the Bank)s understanding of the risks involved in conducting operations inhigh conservation value forests. *orclients involved in logging operations, TD is asking for third party sustaina$le forest managementcerti&cation. TD categorically states it willnot &nance operations that signi&cantly degrade critical natural ha$itats.

High conservation value orests The protection of high conservation value forests is particularly important. +igh value forestscan come in a variety of forms- forests that contain signi&cant concentrations of $iodiversity- large scale forest landscapes where via$le populations of most if not all naturally occurringspecies e'ist in a natural patternof distri$ution and a$undance- forests that contain rare, threatened, or endangered ecosystems- forests that provide $asic ecological services /e.g. watershed protection, erosion control0- forests that are fundamental to meeting the $asic needs of local communities or arecritical to cultural identity.Canada)s $oreal forest &ts this de&nition and represents a crucial opportunity for protection.

 To guide implementation of the Environmental Framework , the risk committee of TD)s $oardof directors oversees all environmental policies,including climate. TD also has a high level 1nvironmental %teering committee made up of$usiness directors from across the $ank. To $uildcapacity, TD has assigned sta2 to implement and further evolve its climate3related policies.

 TD is committed to supporting organi4ationsworking on technical issues to $etter ena$le conservation assessment and planning.