We’re pleased to announce the release of our 2019 Carbon Footprint Report, titled “Towards a Greener Future.” For the second consecutive year, we’ve calculated the carbon footprint of the Pension and Endowment portfolios, which we manage on behalf of the University of Toronto.
In September 2017, UTAM became a signatory to the Montréal Carbon Pledge and committed to reporting annually on the carbon footprint of the Pension (officially called the University of Toronto Master Trust) and Endowment (Long-Term Capital Appreciation Pool) portfolios. In July 2018, UTAM published its first carbon footprint report, which showed various carbon metrics for the public equity holdings (as of September 30, 2017) within the portfolios.
In our 2019 report, we have expanded the scope of our analysis to include not only public equities, but also private equity, private real estate and private infrastructure investments (as of September 30, 2018). The results give a more accurate and complete picture of the carbon footprint of the assets in these portfolios.
New carbon reduction target
In addition, UTAM has committed to an ambitious goal: reducing the carbon footprint of the Pension and Endowment investment portfolios by 40% or more compared to 2017 levels by the end of 2030. This aligns with U of T’s Low-Carbon Action Plan, which aims to cut greenhouse gas emissions by 37% from 1990 levels by 2030 and put it on a path to becoming a “net-zero” institution. These goals exceed the national reduction target of 30% set by the Government of Canada.
Endorsement of TCFD recommendations
We are also pleased to announce, for the first time, our endorsement of the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). The endorsement makes U of T (through UTAM) the first Canadian university to endorse the TCFD recommendations on behalf of its Pension and Endowment funds, joining the ranks of over 930 public and private sector organizations in supporting the initiative. Beginning in 2020, UTAM will provide reporting following the TCFD framework.
“We all have a role to play in addressing climate change,” says Daren Smith, UTAM’s President and Chief Investment Officer. “As the University of Toronto’s asset manager, we are pleased to do our part. Adopting the ambitious 40% reduction target and endorsing the TCFD recommendations are key pillars in our comprehensive approach to tackling this issue.”
UTAM Releases its First Carbon Footprint Report
July 12, 2018
As we continue evolving and enhancing our approach to responsible investing, UTAM has committed to disclose the carbon footprints of the investments we manage on behalf of the University of Toronto.…