ABS guest reporter Erin McKay - You can sit back and ignore it, but climate change and stresses on the environment have caused considerable changes in the way individuals and corporations treat the world around them. Karen Clarke-Whistler, Chief Environment Officer of the TD Bank Group, addressed these concerns at the 4th annual Atlantic Business Summit in her session “The Economics of Carbon Neutral.”

In her discussion, Clarke-Whistler highlighted how one of Canada’s largest banks is leading the movement in corporate environmental practices, and how their tactics are setting environmental standards around the world.

TD Bank’s main contribution to corporate environmental practices has been its drive to become carbon neutral through a reduction in consumption. “We are looking to reduce our reliance on fossil fuels.” said Clarke-Whistler.

Clarke-Whistler explained key parameters of this arrangement, and the internal challenges in advancing this agenda. What she stresses is that organizations need to understand that going carbon-neutral does require a substantial upfront investment. They should also create a central fund to be used for new initiatives with emphasis on the importance of understanding the risks associated with the renewable energy market. As well, regular and ongoing education must be implemented in undergoing such initiatives to ensure program maintenance.

There is a long road ahead for businesses that are willing to take a stance on environmental matters and the road can sometimes be a bumpy one. Clarke-Whistler concluded the session by saying that, organizations must overcome obstacles such as energy policies, financing guidelines, and the recovering economy so that they become successfully transparent and effective in becoming green.