On the eve of World Environment Day, TD Bank Financial Group today announced it has updated its environmental strategy and published an Environmental Management Framework available on its corporate Web site.

The framework outlines how TD will manage and minimize the impact of environmental risks and issues arising from its business operations and is organized around Forest Biodiversity, Climate Change, Aboriginal Peoples and TD’s Operational Footprint.

The framework builds on the bank’s 2005 environmental policy and its support for community-based environmental activities through the TD Friends of the Environment Foundation, which since 1990 has provided more than $40 million in funding to grassroots environmental and wildlife projects.

“As responsible corporate citizens, we recognize that environmental and social sustainability are important to all of us,” says Fred Tomczyk, vice chairman, corporate operations, TD Bank Financial Group. “The publishing of our framework helps us to reflect the values of our stakeholders, in addition to being fundamental to risk management and our long-term economic growth.”

During the course of developing the framework, TD consulted with a variety of non-governmental organizations (NGOs), shareholders, research centres and customers. TD also worked with Sustainable Finance Ltd., advisors to the financial sector on sustainability opportunities. “We’d like to thank each of the organizations with whom we consulted for their constructive input and we look forward to continuing to have an active dialogue with them,” said Tomczyk.

“Managing our business in a way that takes account of environmental risks and opportunities is simply good business,” says Tomczyk. “We know it’s going to take hard work, resources, and a willingness to act, yet we believe issues such as biodiversity, climate change and the health of forest ecosystems are important and we’re confident that by doing our part, we can make a difference.”

Beginning in February 2008, TD’s Corporate Responsibility Report will outline the progress it has made in the implementation of its Environmental Management Framework.

Two environmental groups that helped shape TD’s new environmental policy — Rainforest Action Network (RAN) and ForestEthics — praised the bank today for being the first in Canada to adopt a comprehensive policy to guide financing and operations.

“This policy is a real leap forward for TD Bank and a first in the Canadian banking industry,” said Rebecca Tarbotton, RAN’s Global Finance campaign director.