TD Securities invests in carbon offset project – Canada's largest ever private conservation project
Torys acted as counsel to TD and TD Securities with a team that included Tyson Dyck and Emily Stewart (carbon trading), Blair Keefe and Eli Monas (financial services regulatory) and Glen Johnson (securities).
On September. 21, 2022, The Toronto-Dominion Bank ("TD") announced a C$10 million investment into the Boreal Wildlands Carbon Project. The Nature Conservancy of Canada ("NCC") will develop the project under the Verra Verified Carbon Standard, and TD Securities will receive access to a portion of the carbon offsets it generates.
The project, located in Hearst, Ontario, is the largest single private conservation project ever undertaken in Canada and supports crucial efforts to protect nearly 1,500 km2 of boreal forest in northern Ontario. Known as the 'lungs' of the planet, Canada's boreal forests hold more than 10% 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, TD Securities will help conserve more than 350,000 acres (145,173 hectares) of mixed hardwood and softwood boreal forest and support the growth and development of voluntary carbon markets by providing innovative financing solutions.
Further information can be found on Canada Newswire’s website.
TD and its subsidiaries are collectively known as TD Bank Group. TD Bank Group is the sixth largest bank in North America by assets and serves more than 27 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, U.S. Retail and Wholesale Banking. It had C$1.8 trillion in assets on July 31, 2022.