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

We’re pleased to announce the release of our 2025 Carbon Footprint Report. We remained on track against our current targets while continuing to progress towards our 2050 goal of net zero carbon emissions associated with the Endowment’s Sub-Portfolio (consisting of the Endowment’s equity, equity-like and corporate bond securities).

At December 31 2025, the Sub-Portfolio’s carbon footprint was 18.1 tonnes of CO₂ equivalent per million dollars invested (tCO₂e/$M), a marginal reduction from 18.4 tCO₂e/$M at the end of 2024. Absolute emissions increased slightly, from 62,558.1 tCO₂e at the end of 2024 to 67,978.3 tCO₂e and the end of 2025. We do not expect emissions to decrease every year: short-term factors beyond UTAM’s control – such as economic conditions, market movements, manager holdings, and changes in equity index composition – may cause year-to-year fluctuations.

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. We continued to meet our 2030 interim target – a 50% reduction in the Sub-Portfolio’s carbon footprint from our 2019 baseline – at December 31, 2025.

UTAM participates in U of T’s carbon offset initiative

In 2025, for the third consecutive year, UTAM voluntarily participated in U of T’s Air Travel Emissions Mitigation Initiative (ATEMI). The goal of this institutional carbon offset program is to mitigate the impact of essential air travel by investing, through the university’s Carbon Reduction Fund, in projects that reduce U of T’s overall carbon footprint. UTAM’s participation in 2025 provided funding to offset 100 tonnes of CO₂ emissions.

2025 TCFD Report

Alongside our Carbon Footprint Report, we are also publishing our 2025 TCFD Report, detailing our management of climate-related financial risks in four areas: governance, strategy, risk management, and metrics and targets. Since 2020, UTAM has followed Task Force on Climate-related Financial Disclosures (TCFD) recommendations in our approach to transparent reporting on responsible investing. These recommendations, now administered by the IFRS Foundation, have been incorporated into IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and S2 Climate-related Disclosures. They are intended to promote transparency and lead to better management of risk related to climate change.

Together, our Carbon Footprint Report and TCFD Report reflect our broader commitment to responsible investing and to embedding environmental, social and governance (ESG) factors in our investment decision-making, manager selection, stewardship, reporting and disclosure practices.

Read and download the Carbon Footprint Report and TCFD Report.