The TD bank logo is seen on top of the Toronto Dominion Canada Trust Tower in Toronto, March 16, 2017. TD Bank says it won’t finance oil and gas-related activities in the Arctic. TORONTO (Reuters) ― Toronto-Dominion Bank on Monday said it will not provide project-specific financial services for oil and gas-related activities in the Arctic Circle as part of its plan to get to net-zero emissions by 2050, joining a host of global lenders in taking similar action. The Arctic Circle “is warming significantly faster than the rest of our planet, which poses the risk of increased green-house gas releases and further warming,” Canada’s second-largest bank said in a statement. The bank’s move signals the start of a shift for Canadian lenders that have largely continued to support the fossil fuel industry even as global counterparts have distanced themselves from parts of the sector. Watch: An $11 trillion hydrogen energy boom is coming. Story continues below. Last month, biggest lender Royal Bank of Canada became the first Canadian bank to say it will not directly finance exploration or development in the Arctic National Wildlife Refuge (ANWR). RBC also said it will limit financing for clients with significant coal-mining […]

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.