Aug 13 2010
TD Bank, America's Most Convenient Bank®, and its parent company TD Bank Financial Group (TD) today announced its participation in paper manufacturer Boise Inc.'s Closed Loop System™, a paper recycling program that guarantees at least 1,500 metric tonnes of paper from TD's operations in Canada and the U.S. is diverted from landfills and used in the production of recycled office paper.
TD then purchases the recycled paper for use in its operations – hence the closed loop system. TD is the first Canadian company to participate in a closed loop recycling system and the first to have one that is North American-wide.
"There is a reason why 'green' is our color of choice. TD is taking significant steps to green our operations. We keep looking for ways to reduce our environmental footprint and elimination of waste is key to this," says Gerry Guidice, head, U.S. Real Estate, TD Bank. "This program means we will generate less waste - diverting it from landfills - and recycle more, which is great for the environment and business."
Each year, TD purchases approximately 3,500 metric tonnes of Forest Stewardship Council certified office paper for its North American operations. Approximately 1,050 metric tonnes of recycled material is required to manufacture the 3,500 metric tonnes of paper used by TD – the bank delivers to its partners 1,500 metric tonnes to ensure adequate supply.
"TD's participation in the closed loop system is both a win for their business and for the environment," says Marty L. Parker, Customer Focus/Governmental Affairs Manager, Boise Inc. "The system has a direct and quantifiable impact on the environment by interrupting the solid waste stream and diverting waste from landfills."
How TD's closed loop recycling system works
Participants in the program include TD, Iron Mountain, Recycle America/Waste Management and Boise. Each organization represents one stage of the closed loop system, which is based on volume credits to minimize environmental impact.
- Using the paper: As the consumer, TD purchases and uses paper.
- Protecting the information: The used paper goes through a confidential shred by Iron Mountain.
- Transport: The shredded paper is transported by a waste broker (Recycle America/Waste Management) to a manufacturer of recycled content pulp, like Boise.
- A second life: The pulp is used in the manufacturing process and turned back into paper by Boise, a paper manufacturer.
TD's closed loop recycling system will save nearly 43,000 trees each year(1) – the equivalent of 300 million sheets of paper.
The closed loop recycling program is part of TD's goal to manage and perform its daily operations in a manner that reduces its environmental impact. Earlier this year, TD became the first North American-based bank to ensure its global operations are carbon neutral. TD Bank, America's Most Convenient Bank®, also announced earlier this year that it is the largest U.S.-based bank to achieve carbon neutrality, an accomplishment that was recently touted by the U.S. Environmental Protection Agency as the bank was named the nation's 15th greenest organization.
From facilities management to purchasing renewable energy, to waste diversion and recycling to green procurement, TD is constantly striving to manage its resources in a way that promotes the long-term sustainability of the environment.