The University of Toronto will sell off all fossil fuel investments from its CA$4 billion (US$3.2 billion) endowment fund and aim to create a “climate-positive” campus by 2050, the university said on Oct. 27.
The endowment fund, beginning immediately, will divest from all direct investments in fossil fuel firms within the next 12 months. It will divest from indirect investments by 2030.
“The growing severity of the climate crisis now demands bold actions that have both substantive and symbolic impact,” University of Toronto President Meric Gertler said in a statement.
“When a large institution like the University of Toronto decides to take such steps, it is our belief that this will both accelerate the transition to a low-carbon economy and inspire other investors to do the same.”
Investments in fossil fuel companies represented 1.62% of its long-term investments as of June 30, the university said.
Companies from which the fund will divest are primarily owners of coal, oil and gas reserves, a university spokesperson said, without naming the companies.
The endowment fund will also allocate 10 percent of its portfolio towards sustainable and low-carbon investments by 2025, with an initial commitment of $400 million.
The university is aiming for net-zero carbon emissions associated with the endowment by no later than 2050, it said.
The university also said it would make its St. George campus climate-positive by 2050, meaning it will curb more emissions than it emits.
It will achieve this target through steps including expanding renewable energy generation and transforming its energy and utility infrastructure, the university said. (US$1 = 1.2358 Canadian dollars)
Recommended Reading
Equitrans Midstream Announces Quarterly Dividends
2024-04-23 - Equitrans' dividends will be paid on May 15 to all applicable ETRN shareholders of record at the close of business on May 7.
PrairieSky Adds $6.4MM in Mannville Royalty Interests, Reduces Debt
2024-04-23 - PrairieSky Royalty said the acquisition was funded with excess earnings from the CA$83 million (US$60.75 million) generated from operations.
Baker Hughes Awarded Saudi Pipeline Technology Contract
2024-04-23 - Baker Hughes will supply centrifugal compressors for Saudi Arabia’s new pipeline system, which aims to increase gas distribution across the kingdom and reduce carbon emissions
EQT Declares Quarterly Dividend
2024-04-18 - EQT Corp.’s dividend is payable June 1 to shareholders of record by May 8.
Matador Resources Announces Quarterly Cash Dividend
2024-04-18 - Matador Resources’ dividend is payable on June 7 to shareholders of record by May 17.