TD Bank and its parent company TD Bank Financial Group (TD) announced last month its participation in a paper recycling program administered by Boise, Inc., a paper manufacturer based in Boise, ID. Boise’s Closed Loop System(TM) program guarantees that at least 1,500 metric tonnes (approx. 3.3 million pounds) of paper from TD’s operations in Canada and the United States will be diverted from landfills and used in the production of recycled office paper. TD is then purchasing 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 executed throughout North America.
Each year, TD purchases approximately 3,500 metric tonnes (7.7 million pounds) of Forest Stewardship Council (FSC) certified office paper for its North American operations. Approximately 1,050 metric tonnes (3.3 million pounds) of recycled material is required to manufacture the 3,500 metric tonnes of paper (7.7 million pounds) used by TD – the bank delivers to its partners 1,500 metric tonnes (approx. 3.3 million pounds) to ensure adequate supply.
How It 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.
According to environmental impact estimates made using the Environmental Defense Fund Paper Calculator, TD’s closed loop recycling system will save nearly 43,000 trees each year, 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. The bank also announced earlier this year that it is the largest U.S.-based bank to achieve carbon neutrality, an accomplishment touted by the U.S. Environmental Protection Agency as the bank was named the nation’s 15th greenest organization. To read more about TD’s environmental actions, click here.