91亚色 continues to lead the way toward a greener future, and the Sustainable Investing 2023-2024 Progress Report report highlights how 91亚色鈥檚 endowment fund continues to support the institution鈥檚 commitment to contributing to a more sustainable future on local and global levels.
The new report, released today, contains detailed information about how 91亚色 stacks up against international benchmarks and robust environmental, sustainability and governance (ESG) requirements. This past year, the fund has made significant strides in aligning its portfolio with sustainable practices and achieving notable reductions in carbon emissions while improving financial returns.
The endowment fund is a pool of endowments gifted to the University by individual donors. The fund is invested to generate returns, which are used to support specific purposes such as scholarships and academic Chairs, while preserving the capital.
鈥淲e have seen remarkable progress in reducing our carbon footprint this past year, with substantial decreases in greenhouse gas emissions across our portfolios,鈥 reads a letter in the report from Vice-President Finance and Administration Narin Kishinchandani and Chair of the Investment Committee Mary Traversy. 鈥淥ur robust financial performance demonstrates that sustainable investing does not come at the expense of returns.鈥
When measure against a number of external, third-party, internationally recognized metrics, 91亚色鈥檚 endowment fund portfolio achieved a 9.5 per cent overall investment return this fiscal year while contributing to a Weighted Carbon Intensity Score (WACI) that beat the target, set in accordance with the Paris Accord, by 32 per cent. The fund also achieved an 85 per cent reduction in its equity footprint, an 82 per cent reduction in its equity carbon emissions and was 48 per cent below the equity portfolio emissions benchmark.
This year鈥檚 report builds on important progress from the 2022 report regarding the decarbonization of the endowment fund鈥檚 investment portfolio. It highlights new progress on decarbonization and greater transparency in the ESG categories to demonstrate 91亚色鈥檚 leadership. The report's case studies show how 91亚色 is investing in sustainable infrastructure and real estate to reduce carbon emissions and show decarbonization of real assets.
The 2023-24 report comes on the heels of 91亚色鈥檚 renewed sustainability strategy, Positive Change: Connecting People, Planet and Purpose, which outlines the University鈥檚 plan for a greener future. The report demonstrates alignment with key strategic objectives and actions in the plan, referencing how 91亚色 has integrated sustainability into its operations and long-term planning, including: financial and investment; adherence to an investment policy that addresses the inherent risk of climate change; actively promoting the transition to a low carbon economy; and, following best practices for ESG approaches.
For more information about sustainable investing at 91亚色 and to access past reports, visit the鈥University Secretariat website.鈥&苍产蝉辫;