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 the investment of a 1992 City endowment of $23 million, a 2016 Provincial endowment of $17 million and a 2020 Federal contribution of $40 million (a $38 million endowment and $2 million operating grant.)
TAF’s key activities include:
View the City’s Budget for TAF for detailed budget information on 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. A Tripartite Agreement between the City, TAF and the Federation of Canadian Municipalities directs the management of the 2020 Federal endowment. TAF is also governed by a Council-approved Statement of Investment Objectives and Principles and a Board-approved By-law.
TAF’s Board of Directors is responsible for overseeing the City, Provincial and Federal endowments by making sure that the funds 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 11 members appointed by City Council. It comprises eight 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. Less than a majority of Public Members of the Board shall be non-Toronto residents that live in the Greater Toronto and Hamilton Area. The Board elects the Board Chair and Vice-Chair from among its members.
Search for other City Council decisions about the Toronto Atmospheric Fund.