TD Bank Group entered into a strategic partnership with nonprofit clean energy organization RMI‘s Center for Climate-Aligned Finance to support the transition to a more sustainable energy platform and economy.

TD’s support of RMI, which develops market-based solutions for a sustainable low-carbon future, is a step under the bank’s climate action plan.

The Center for Climate-Aligned Finance, launched by RMI in July 2020, works to help financial institutions, corporations and experts overcome practical obstacles to climate alignment. The center works across industries to shape sectoral climate alignment initiatives for high-emitting industries and contributes to the development of global solutions, practices and frameworks. TD Bank will contribute to the growth of the center’s work developing the agreements and tools necessary to align financial decision-making with the decarbonization of the real economy and will advance the work of TD’s ESG Centre of Expertise and the sustainable finance and corporate transitions group.

“We recognize the critical role that the financial sector plays in helping to enable the path to a low-carbon economy for the benefit of our customers and the communities we serve,” Andrea Barrack, global head of sustainability and corporate citizenship at TD Bank Group, said. “Managing a successful transition toward a climate-aligned financial sector requires working collaboratively and scaling for impact. We are proud to join the Center for Climate-Aligned Finance in this collective effort to improve the environment so people and economies can thrive.”

“Decarbonizing the global economy by mid-century will require the financial sector to align its climate goals with those of its clients in carbon-intensive industries,” Paul Bodnar, chief strategy officer at RMI and chair of the Center for Climate-Aligned Finance, said. “We are delighted to welcome TD Bank Group as a Strategic Partner in this work and are excited to work alongside TD Bank Group to expand the scope of this work to TD Bank Group’s clients in Canada and around the world.”

In November 2020, TD launched its global climate action plan, which includes a target to achieve net-zero greenhouse gas emissions associated with its operations and financing activities by 2050, which is aligned with the associated principles of the Paris Agreement. The bank also established dedicated teams to advise and support clients as they work to capture the opportunities of the low-carbon economy.