Toronto Atmospheric Fund
The Toronto Atmospheric Fund (TAF) is a City agency that finances and supports initiatives that reduce greenhouse gas emissions and improve air quality in Toronto and across the Greater Toronto and Hamilton area. TAF funds its work through investment of a 1992 City endowment of $23 million and a 2016 Provincial endowment of $17 million.
TAF’s key activities include:
- Providing support and funding for projects related to energy efficiency, global climate stabilization and air quality improvement in co-operation with non-government organizations, governments, industries, corporations, official committees, neighbourhood organizations, universities and public and private schools.
- Working with the City and other stakeholders to design and implement innovative programs and projects, such as TowerWise Retrofits and TransformTO that increase energy efficiency, reduce air pollution and carbon emissions; or, participating in the exploration of low-carbon solutions in the building and transportation sectors.
Read TAF’s 2019 Budget for detailed budget information on TAF’s service activities.
The Toronto Atmospheric Fund was established in 1991 and is governed by the Toronto Atmospheric Fund Act, 2005 (TAF Act). For certain limited purposes, TAF is defined as a local board of the City under O. Reg. 589/06 under the City of Toronto Act, 2006.
A Council-approved Relationship Framework augments the TAF Act to define the relationship between the City and TAF. The Relationship Framework sets out TAF’s operating principles and objectives, policies and procedures, financial reporting and the responsibilities and requirements for TAF’s Board of Directors. The management of the 2016 Provincial endowment is directed by a Transfer Payment Agreement between the City, TAF and the Ontario government.
TAF’s Board of Directors is responsible for overseeing the City and Provincial endowments by making sure that both endowments are managed in accordance with the prudent investor standard and Council-approved investment guidelines, establishing committees, approving loans and grants, and ensuring that TAF operates in compliance with relevant legislation and City policies applicable to TAF.
The TAF Board consists of 10 members appointed by City Council. It comprises seven public members appointed through the City’s Public Appointments Process and three City Council members, one of whom is the Mayor or Council member-designate. City Council appoints the Board Chair and the Board elects the Vice-Chair from among its members.
Key Council Decisions
- City Council adopted CC1.1: Recalibrating City Council’s Governance System for 26 Members (December 2018)
- City Council adopted EX 17.6: Transfer Payment Agreement for the Toronto Atmospheric Fund for a Provincial Endowment (October 2016)
Search for other City Council decisions about the Toronto Atmospheric Fund.