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:
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 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. One public member of the Board can be a non-Toronto resident that lives in the Greater Toronto and Hamilton area. City Council appoints the Board Chair and the Board elects the Vice-Chair from among its members.
Search for other City Council decisions about the Toronto Atmospheric Fund.