Customers
Workplace
Environment
Communities
How We Operate
71 EC2 Material Topic Adapting
to a Changing Climate
Context
• Rising temperatures in North America are resulting in regional impacts including flooding of rivers and coastal areas, more frequent and intense storms, increased drought conditions, reduced ice cover and melting permafrost in northern regions.
• These changes can directly affect buildings and infrastructure, managed forests and agricultural lands. They also affect natural ecosystems, leading to changing distributions of plant and animal species.
Materiality and Strategy
As a carbon neutral bank, we seek to understand and manage our impacts and activities relating to climate change. We track the exposure of our financing activities by assessing the carbon and water sensitivity of our lending portfolio and undertaking management planning to protect the continuity of our business operations from climate-related crises.
Business Continuity
TD’s Business Continuity Management (BCM) Group manages operational risk at TD and routinely undertakes scenario testing and simulations to assess the potential impact of a range of natural events such as hurricanes, earthquakes, tornadoes, flooding and severe weather. We assess the impact on TD assets, clients, employees and our overall ability to continue conducting business. In 2013, our BCM Group began broadening and deepening its understanding of natural events directly affected by climate change and their potential impact on our business.
Understanding the Impacts of a Changing Climate
Weather-related impacts vary in nature and potential significance across North America by region. TD Insurance is involved in a number of industry initiatives aimed at helping us understand the potential impacts on our customers and on our own facilities. Examples of specific activities include:
• Membership and participation in the Insurance Bureau of Canada Adaptation to Climate Change Committee;
• Membership and participation in the Advisory Committee of the Institute for Catastrophic Loss Reduction;
+ TD Special Report – Natural Catastrophes: A Canadian Economic Perspective
TD 2013 Corporate Responsibility Report
• Sponsorship of and membership on the board of the Alberta Severe Weather Management Society (Alberta hail seeding); and
• Our sponsorship of the Atmospheric and Environmental Research (AER) Emerging Risk research program.
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