TD Green Bond Proceeds Fund 19 Sustainable Projects in Canada to Support Transition to Low-Carbon Economy
In 2014, TD Bank Group issued a $500 million green bond, the first in Canada by a commercial bank. The three-year bond was oversubscribed, attracting several socially responsible investment (SRI) funds and new investors to the bank.
In total, TD's Green Bond funded 19 projects in Canada with over $4.5 million in natural capital generated, providing both direct and indirect economic, environmental and social benefits. The projects developed contribute to a low-carbon economy in various sectors—green infrastructure and sustainable land use, energy-efficient buildings and management, as well as renewable and low-carbon energy development and related infrastructure.
The following are examples of three TD Green Bond-funded projects and the estimated impact:
Mnidoo Mnising Power Wind Farm
Amount Allocated: $20.1 million
Project Description: Financing was provided to support a United Chiefs and Councils of Mnidoo Mnising project in the development of a 60 MW wind farm, spanning 2,000 hectares on Manitoulin Island, Ontario.
Environmental Benefits: This project is estimated to generate in excess of 160,000 MWh annually, creating enough electrical output equal to approximately the energy use of 14,000 for 1 year, and saving GHG emissions equaling nearly 270,000 miles driven in an average vehicle.
Crosslinx Transit Solutions LRT Line
Amount Allocated: $130 million
Project Description: The largest transit expansion in Toronto’s history, the Eglinton Crosstown is expected to be completed by 2021. This light rail transit (LRT) line will be 19.7 kilometres long with up to 25 stations, linking 54 bus routes, three subway stations and various GO Transit lines.
Environmental Benefits: Rapid transit encourages auto users to take transit, thereby decreasing GHG emissions. The total annual reduction in GHG emissions is estimated to be 500,000 tonnes of CO2e, of which TD’s funding share is responsible for approximately 12,300 tonnes CO2e. Once the project is fully operational, every year the rapid transit will save GHG emissions equal to roughly 105,617 vehicles driven for one year.
Bay Adelaide Centre East Energy-Efficient Office Tower
Amount Allocated: $52.7 million
Project Description: Financing was provided to the construction of the Bay Adelaide Centre East, a 44-story, 1,026,000 square foot office tower located in downtown Toronto. The building is designed to achieve LEED Platinum Certification (the highest level attainable). The building will feature best in class operational, environmental and life-safety systems.
Environmental Benefits: The building is estimated to generate water savings of 40%, energy savings of 52%, and will feature electric vehicle (EV) parking, and bike facilities.
Driving the growth of the green bond market is crucial to help finance the transition to the low-carbon economy, and ensure sustainable and prosperous growth. Since 2010, TD has participated in $6.5 billion in green bond underwriting and invested $384 million in green bonds since 2014. TD is committed to supporting these initiatives and will continue to explore green investment opportunities as we transition to a low-carbon economy.
To learn more about the TD Green Bond and Assurance, visit TD Bank Group's 2016 Corporate Responsibility Report.