Update November 9 2020: Breaking news! TD just announced a bold climate plan to go net-zero by 2050, including in its financing. This win wouldn't have come about so quickly without you!
TD -- Canada's "green" bank is expanding its business into America. But can a bank call itself "green" when it is one of the biggest funders of fossil fuels in the world -- contributing to climate chaos?
The effects of climate chaos will be far worse than previously predicted. To keep global warming to a maximum of 1.5 degrees, by the year 2030, just over a decade away, governments and corporations will need to make drastic changes to reduce carbon emissions to 45% of 2010 levels. Despite the immense scope and magnitude of the climate crisis, TD continues to pour billions of dollars into fossil fuels -- even after the Paris Accord was signed.
But it doesn’t have to be this way -- TD has already committed to funding 100 billion by 2030 in low carbon energy projects and it could shift its funding completely away from fossil fuels and be a leader in the fight against climate catastrophe. With TD expanding into America, now is the perfect time to show that pressure is coming from all areas to finally stop funding climate chaos.
Tell TD to stop funding any fossil fuel expansion projects and phase out existing funding on a timeline that works with limiting climate change to 1.5 degrees.
Storms, droughts, wildfires, loss of species, climate-related poverty, widespread displacement, spreading of diseases. These are only some of the devastating, imminent effects of climate change predicted, as a harrowing 2018 United Nations report revealed.
And according to a recent report published by some of the world’s leading environmental action groups, including Rainforest Action Network, Sierra Club, Oil Change International, and Indigenous Environmental Network, the world’s largest, most powerful banks are speeding up the climate chaos. Almost two thousand companies with investments in fossil fuel extraction, infrastructure, and power, received a shocking $1.912 trillion from 33 global banks since the Paris Accord was adopted.
Although overall financing from the 33 banks has fallen slightly in the coal mining and power sectors, the 2019 Fossil Fuel Report Card revealed that global private banks have a long way to go to become “consistent with a pathway toward low greenhouse gas emissions” -- one of the Paris Accord’s directives.
It is environmentally and financially risky and unsound for Canadian banking giant TD to continue to fund extreme fossil fuel projects and companies, which include the Alberta tar sands, Arctic and ultra-deepwater oil. If these banks do not start defunding these climate change businesses and comply with global requirements to limit global temperatures from rising more than 1.5 degrees, we will all pay the price.
Will you call on TD to stop funding any fossil fuel expansion projects and phase out existing funding on a timeline that works with limiting climate change to 1.5 degrees?
Climate disruption is the biggest challenge and threat of our times. But SumOfUs has been rising to challenge it. When we found out that Costco was cutting down boreal forests, critical for mitigating the effects of climate chaos, over 50,000 members like you signed a petition calling on the company to change its policies.
Climate chaos can feel scary and overwhelming. But when we all work together we can shift away from fossil fuels and towards a greener cleaner future.