Update 2020: TD announced a bold climate plan to go net-zero by 2050, including in its financing -- but we need to keep the pressure on and push TD to stop financing climate chaos now.
TD -- Canada's "green" bank -- is the second biggest funder of fossil fuel projects in Canada. All while fires ravage critical forests, needed to mitigate climate chaos, in the Amazon, the Congo and Siberia.
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. You've been holding TD's feet to the fire for months, and with the global climate strikes just a few weeks away, now is a perfect time to up the pressure and push TD to 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 heard that Canada was working to change the NEB guidelines, thousands of SumOfUs members like you sent in letters calling for climate change risks and greenhouse gas emissions from end use to be considered. And your pressure worked -- Bill C-69, the law that would make stricter guidelines for the NEB, passed earlier this year.
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.