Toronto-Dominion Bank

HQ: CA

NZBA withdrawn 2025

Fossil-fuel financing committed in 2024

$29.0B

NZBA pledge vs reality

Pledge signed
2021
NZBA withdrawal
Withdrawn in 2025
Fossil-fuel share of energy financing (2024)
8%

Founding NZBA member April 2021. Withdrew Q1 2025 with Canadian peers. Fossil financing rose from $22.4B (2021) to $29.0B (2024) — a +29.5% increase over the pledge period and a +45.80% jump from 2023 to 2024 alone, third largest single-year acceleration in the top 10. Heavy tar sands exposure.

View loan breakdown (6 items)

Loan breakdown

  • Oil and gas company financing (2024)

    Oil & gas
    $17.4B
    Medium — ~60% of $29.0B per BOCC 2024 TD mix.

  • Tar sands financing (2024)

    Other
    $4.4B
    Medium — ~15% of 2024 book — TD is consistently in BOCC's top 5 tar sands financiers.

  • LNG terminal and infrastructure financing (2024)

    LNG
    $4.1B
    Medium — ~14% of 2024 book.

  • Pipelines and midstream (2024)

    Pipeline
    $2.2B
    Medium

  • Coal mining and coal power (2024)

    Coal
    $0.3B
    Medium

  • Fracking and other unconventional (2024)

    Other
    $0.6B
    Medium

Fossil Fool

Foolishness score: 8

Show derivation
  1. +29.5% fossil financing increase since NZBA pledge signingValue: 0.295Weight: 0.3[1]
  2. +45.80% one-year financing jump 2023 to 2024 (3rd largest in top 10)Value: 0.46Weight: 0.25[1]
  3. Withdrew from NZBA Q1 2025Value: 0.85Weight: 0.25[3]
  4. Significant tar sands exposureValue: 0.85Weight: 0.2[1]

Formula: TD scores on the third-steepest one-year acceleration, +30% pledge-period growth, NZBA withdrawal, and tar sands leadership.

Weights version: v1.0

Deep dive: revision history & methodology

Revision history

  1. 1FossilFoolish editorial

    Initial publication. Source: BOCC 2025 league table; Reuters and Globe & Mail NZBA exit coverage Jan 2025.

Edited by: FossilFoolish editorial

Last reviewed:

Source: Banking on Climate Chaos 2025 (BOCC Coalition).

Sources

  1. Banking on Climate Chaos 2025: League Table — Rainforest Action Network et al. (accessed 03 May 2026)
  2. Banking on Climate Chaos 2025: Methodology Overview (p.56-57) — Rainforest Action Network et al. (accessed 03 May 2026)
  3. Canadian Banks Follow U.S. Peers Out of Net Zero Banking Alliance — ESG Today (accessed 05 May 2026)
  4. JPMorgan Leaves Net Zero Banking Group, Completing Departure of Major U.S. Banks — ESG Today (accessed 05 May 2026)
  5. TD 2024 Sustainability Report — TD Bank Group (accessed 05 May 2026)
  6. TD Bank Group Annual Report 2024 — TD Bank Group (accessed 05 May 2026)