Toronto Atmospheric Fund
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Toronto Atmospheric Fund (TAF) was established in 1991 to assist the City of Toronto in meeting its goal of reducing greenhouse gas (GHG) emissions. In 2000, TAF’s mandate was expanded to include promotion of better air quality.
TAF advances innovative local solutions that reduce greenhouse gas emissions and air pollution. A key priority is energy conservation and efficiency since over half Toronto’s GHG emissions come from buildings. TAF is also mandated to raise public understanding of global warming and its implications for the urban environment.
TAF invests the $23 million capital endowment from the City in keeping with the Trustee Act; TAF does not receive any operating funds from the City’s budget. The earnings are used to provide grants to projects of non-profit organizations and the City that advance low-carbon solutions. TAF also designs and implements innovative programs that are later delivered to other agencies for scaling-up; funds from outside agencies are raised to assist with these programs.
TAF’s mission is to help slow global climate change and improve local air quality by using TAF’s assets and revenue to advance local initiatives that reduce Toronto’s greenhouse gas emissions.
Follow this link for information on the Board governance structure for the TAF Board of Directors.
2014 Service Overview
TAF cultivates proposals, and reviews and selects projects via a volunteer committee, distributes funds, and undertakes follow-up with grantees.
TAF’s key focus is improving the energy efficiency of buildings. TAF’s TowerWise program undertakes activities that demonstrate and de-risk retrofit technologies, advance policies that facilitate or require conservation, and leverage best practices and leadership through knowledge-sharing. GHG reduction is the Key Performance Indicator for this work.
Most of TAF’s assets are invested in a manner aligned with the mandate and delivers a risk-adjusted financial return. In addition to holding bonds and equities, TAF makes direct investments (loans and other financing) in projects that both reduce GHGs and help demonstrate the opportunity for low-carbon investments to a wider audience.
Investment functions include: cultivation of transactions, negotiation of potential investments including direct investments and hiring of managers, execution of transactions, monitoring of performance and compliance with contract terms. An Investment Committee reviews and recommends all investments to TAF’s Board.
A staff of eight (8) provide outreach and communication, general administrative support, human resources and payroll services, financial management and accountability, and support for Board functions. TAF also supports, CAIT Ventures Inc., its wholly-owned subsidiary.
2014 Operating Budget
TAF’s approved operating budget for 2014 is $2,425,000 gross and $0 net.