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$10 million investment in Nature Conservancy of Canada's work will help conserve more than 350,000
acres of Boreal forest and builds on TD's leading role in the carbon markets
TORONTO, Sept. 21, 2022 /CNW/ - The Toronto-Dominion Bank ("TD") today announced a $10 million investment into the Boreal Wildlands Carbon Project located in Hearst, Northern Ontario. The project is being developed by Nature Conservancy of Canada ("NCC") in support of its crucial efforts to protect nearly 1,500 square kilometers of boreal forest in Northern Ontario – the largest single private conservation project ever undertaken in Canada. Known as the 'lungs' of the planet, Canada's boreal forests hold more than 10 per cent of the world's land-based carbon reserves, and their protection remains critical in the fight against biodiversity loss and climate change.
Through its investment in the project, TD Securities ("TDS") will help conserve more than 350,000 acres (145,173 hectares) of mixed hardwood and softwood boreal forest in Northern Ontario. As part of the agreement with NCC, TDS will receive access to a portion of the carbon offsets generated from the project. The investment demonstrates TD's commitment to supporting the growth and development of voluntary carbon markets by providing innovative financing solutions.
"We're incredibly proud to be contributing to Nature Conservancy of Canada's vital conservation efforts, in alignment with TD's efforts to contribute to a more sustainable future," said Riaz Ahmed, President and CEO, TD Securities. "This project highlights one of the many ways we are helping our clients transition to a lower carbon economy with unified solutions that help them navigate and succeed in this rapidly evolving space."
"In the face of rapid biodiversity loss and the impacts of climate change, nature conservation provides real solutions. NCC is using the power of the voluntary carbon market to accelerate urgently needed, large-scale conservation across the country. We are proud that TDS has put its confidence in NCC and our Boreal Wildlands Carbon Project as part of their Environment, Sustainability and Governance strategy. Together, we're contributing to a nature-positive, carbon-neutral future," said Catherine Grenier, President and CEO of Nature Conservancy of Canada.
Posted In: TD
