Continued progress reflected in UTAM’s Carbon Footprint Report and TCFD Report

2024 Carbon Footprint Report

We’re pleased to share the release of our 2024 Carbon Footprint Report. This year’s report reflects continued, steady progress towards our long-term goal of net zero carbon emissions associated with the Endowment’s Sub-Portfolio – comprised of equity, equity-like and corporate bond securities – by 2050.

At December 31 2024, the Sub-Portfolio’s carbon footprint was 18.4 tonnes of CO₂ equivalent per million dollars invested (tCO₂e/$M), down from 32.4 tCO₂e/$M at the end of 2023. Absolute emissions also declined, from 96,760.1 tCO₂e at the end of 2023 to 62,558.1 tCO₂e and the end of 2024.

Our carbon reduction goals align with the targets and methodologies recommended by the Net-Zero Asset Owner Alliance, which we joined, on behalf of the University of Toronto, in 2021. In participating in the Alliance, we also commit to setting interim targets on the path toward the 2050 net zero goal. Our 2030 interim target to reduce the Sub-Portfolio’s carbon footprint by 50% from our 2019 baseline was achieved as at December 31, 2024.

Limited assurance review

To enhance our reporting and accountability, UTAM again engaged PricewaterhouseCoopers LLP (PwC) to undertake a limited assurance review of our carbon footprint results for the Sub-Portfolio. This assurance review examined our carbon footprint calculations and reported outcomes; PwC’s report, as it has every year since 2021 when such review was first undertaken, found that the calculations are prepared, in all material respects, in accordance with applicable criteria, and accompanies the 2024 Carbon Footprint Report.

Ongoing carbon offset participation

For the second consecutive year, UTAM voluntarily opted to participate in the University of Toronto’s Air Travel Emissions Mitigation Initiative, an institutional carbon offset program for air travel. Under the program, a fee is applied to air travel, and the proceeds support carbon-reduction initiatives across the university’s campuses. The university’s initiative brings us closer to the sustainability projects such offsets intend to support. Our participation in 2024 offset 145.3 tonnes of CO₂ emissions.

2024 TCFD Report

We are also publishing our 2024 TCFD Report. The recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) provide guidelines for climate-related financial disclosure recommendations, intended to promote transparency and lead to better management of risk related to climate change. UTAM has followed these guidelines since 2020, as part of our broader approach to transparent reporting on responsible investing. Our 2024 TCFD Report details UTAM’s management of climate-related financial risks in four areas: governance, strategy, risk management, and metrics and targets.

The TCFD disbanded in October 2023, having met its objectives. In 2024, the IFRS Foundation assumed oversight of TCFD recommendations and incorporated them into IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and S2 Climate-related Disclosures. UTAM continues to follow these recommendations and reports on their application.

The 2024 Carbon Footprint Report and TCFD Report reflect our ongoing commitment to responsible investing and the integration of environmental, social and governance (ESG) factors into our investment decision-making, manager selection, stewardship, reporting and disclosure practices.

Read and download the Carbon Footprint Report and TCFD Report.