July 02, 2021
TD Bank Head Office Toronto-Dominion Centre 77 King Street West, Toronto, Ontario, M5K 1G8
Attention: Bharat Masrani, CEO
Re: Account Closing because of TD Banks Support for Fossil Fuel Extraction
Dear Mr. Masrani,
I have had a relationship with TD Bank for over forty years. I am choosing to end this relationship this month. The reason I am moving is because of your bank’s ongoing financing of fossil fuel extraction. The climate catastrophe risks Canada’s economic stability, social stability, environmental stability, and many other aspects of our life that we are so privileged to have in this country.
Over the last year, I have worked to move my corporate accounts, my personal accounts, my business accounts, my secured lines of credit, my credit cards, my wife’s accounts, my children’s accounts and my children’s RESP’s away from TD. We are moving our business to VanCity, as they are the only large financial institution in Canada that has specifically rejected financing fossil fuel extraction.
Myself and my family simply cannot stomach the idea of a single dime of our money supporting the continued despoiling of our planet. We cannot continue with this incredibly dangerous experiment of pumping excess carbon into the air. Nor can we expect continued stable economic progress or social progress in the absence of a stable climate. Corporate leaders such as yourself and TD Bank as a whole must step up to not just make statements about future carbon neutrality, but to act fast by immediately ceasing ALL lending to fossil fuel extraction and ceasing any role in supporting such lending.
As an architect who is professionally and personally committed to the public good I am also part of a team taking this campaign to my profession. We have launched the Architects Divest (www.architectsdivest.com) initiative in order to encourage movement of not only stock ownership, but all accounts away from TD and other banks that support fossil fuel extraction. The Covid pandemic slowed our efforts, but we are now rebooting our work.
I want to note that I have been very well served by TD staff in the past. And I want to acknowledge and thank your team for that service.
Our goal is to offer our children a life they will have the economic and environmental stability than I had growing up. All of us must act fast if we want them to have that stability. There can be no stable economy without a stable climate.
J. Bruce Haden, Principal
Human Studio Architecture and Urban Design