UTAM joins more than 600 investors worldwide, representing almost USD $42 trillion in assets under management, in signing the 2022 Global Investor Statement to Governments on the Climate Crisis. To date, this is the most ambitious global climate statement from investors to governments. With our fellow signatories, UTAM is calling on governments globally to raise their climate ambition – ahead of and beyond COP27 – and to implement specific priority policy actions that respond to the climate crisis.

The urgent need to act has been reinforced by the IPCC’s 6th Assessment Report, which anticipates that global warming could exceed 1.5°C by as early as 2040 – unless global greenhouse gas emissions are significantly reduced.

Building on the successful achievement of its initial 40% target reduction in the carbon footprint of the University of Toronto’s Endowment portfolio, UTAM recently announced a new carbon footprint reduction target of a further 50% for the Endowment by 2030 (measured against a 2019 baseline). This target supports the University’s commitment to net zero emissions in the portfolio by 2050. To read more about UTAM’s carbon footprint targets, see our 2021 Responsible Investing Report.

“Ensuring that UTAM achieves carbon footprint reduction targets is one way we support the University’s clear vision of sustainability,” says UTAM President and Chief Investment Officer Chuck O’Reilly. “As we have already done by signing the Global Investor Statement in each year since 2017, we continue to add our voice to the 2022 statement – another way we advocate more broadly for a sustainable future in the face of the climate crisis.”

The Global Investor Statement calls on governments to:

    • Ensure that 2030 targets in Nationally Determined Contributions align with the goal of limiting global temperature rise to 1.5°C.
    • Implement domestic policies and actions to ensure that greenhouse gas emissions are also aligned with the 1.5°C goal. This goal will require:
      • Rapidly scaling up the deployment of low-carbon energy systems, electrification, flexibility, and storage, including the development of enabling infrastructure.
      • Implementing robust carbon pricing mechanisms, rising over time, with appropriate coverage and adequate social considerations.
      • Setting a deadline to phase out thermal coal power and fossil fuel subsidies and establishing plans and targets to peak and then phase out the use of other fossil fuels.
      • Developing transparent just transition plans for affected individuals, workers, and communities.
      • Establishing commitments to end deforestation globally.
    • Contribute to the reduction in non-carbon dioxide greenhouse gas emissions and support the effective implementation of the Global Methane Pledge.
    • Scale up the provision of climate finance from public and private sectors for mitigation, adaptation and resilience, with a particular focus on the needs of developing countries.
    • Strengthen climate disclosures across the financial system by: requiring TCFD-aligned reporting for large companies and financial institutions; requiring public disclosure of climate transition plans for large companies, asset managers and regulated asset owners; and driving globally consistent financial regulation for climate risk disclosure and prudential risk supervision.

Read and download the full text of the 2022 Global Investor Statement to Governments on the Climate Crisis, including the list of signatories.