Toronto Atmospheric Fund
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The Toronto Atmospheric Fund (TAF) assists in slowing global climate change and improving air quality by advancing local solutions that reduce greenhouse gas (GHG) emissions and related air pollution.
TAF collaborates with non-government organizations, governments, corporations, official committees, neighbourhood organizations, universities, public and private schools, investors to advance social, financial, policy and technological innovations that reduce air pollution and greenhouse gas emissions while also contributing to a vibrant green economy.
View the Toronto Atmospheric Fund Program Map in greater detail.
Toronto Atmospheric Fund (TAF) assists in slowing global climate change and improving air quality.
TAF collaborates with non-government organizations, governments, corporations, official committees, neighbourhood organizations, universities, public and private schools, investors and other stakeholders to demonstrate, de-risk, and help advance social, financial, policy and technological innovations that reduce air pollution and greenhouse gas emissions. TAF’s ultimate goal is reducing carbon emissions by 80 per cent by 2050 in the Greater Toronto and Hamilton Area – informs all actions. This target isn’t simply another milestone. It’s a vision for a climate-smart urban region that functions within its environmental means and is a leader among climate-friendly urban centres around the world.
The total cost to deliver these services to Toronto residents is $4.400 million gross and $0 million net. In 2018, Toronto Atmospheric Fund (TAF), a self-funding organization, increased its operating budget by $0.690 million primarily due to incremental program delivery costs. This increase will be offset by earnings from their investment portfolio and external fundraising.
- Over the past 26 years, TAF has provided over $60 million in grants and financing support to the City of Toronto and its residents and businesses to reduce air pollution and GHG emissions.
- TAF co-managed the development of, TransformTO, a plan approved by City Council for how the City achievement of its GHG reduction targets of 30% by 2020 and 80% by 2050.
- TAF received a $17 million endowment fund from the Province of Ontario in 2016, which expands TAF’s urban climate solutions mandate to the Greater Toronto and Hamilton Area (GTHA).
- Toronto Atmospheric Fund has been rebranded under the operating name The Atmospheric Fund as approved by Council as part of approval of the Transfer Payment Agreement with the Province in October 2016.
- TAF’s marketable investments portfolio has an average return of 14% over 2013 – 2016. The annual revenue projection is based on a 5.5% return to be conservative.
- TAF continues to attract external revenues for specific projects from various external sources.
- Over the long-term, TAF’s Stabilization Fund mitigates exposure to the variability of investment earnings from year to year. The Council-approved policy guides TAF’s investments, including marketable securities and direct investment in mandate-aligned projects.
Key Service Deliverables for 2018
Toronto Atmospheric Fund facilitates global climate stabilization by the reduction of local greenhouse gas (GHG) emissions by advancing policy changes, mobilizing financial and social capital to incubate and commercialize low carbon, and transferring knowledge and insights to achieve the objectives.
The 2018 Operating Budget will enable TAF to:
- Expand TAF’s capacity to operate throughout the Greater Toronto and Hamilton Area (GTHA) to address regional opportunities for GHF reduction.
- Design, develop and implement the Business Plan, including TowerWise, advancing TransformTO, impact investing and financial innovation.
- Provide 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.
- Administer/manage a diversified investment portfolio with oversight by TAF’s Board and Investment Committee.
- Continue to generate substantive ideas, stimulate collaborations, and engage more stakeholders to envision and implement low-carbon solutions in Toronto.
- Support TAF’s Board and Committees who provide good governance and accountability to the City of Toronto, Province of Ontario, and other supporters.
Our Key Issues & Priority Actions
- Organizational development to deliver Service Objectives:
- Enhance capacity to implement programs, including the GTHA, by adding 2 core positions in 2019 and utilizing contract employees
- Improve working environment through renovation of premises and IT services
- Leverage success and City of Toronto leadership role:
- Increase profile and recognition, leveraging TAF’s accomplishments and expansion
- Share TAF’s model, insights and expertise
- Attract additional resources to enhance impact
2018 Operating Budget Highlights
- The 2018 Preliminary Operating Budget of $4.40 million in gross expenditures provides funding for projects related to energy efficiency, electrification of transportation and advancing the multiple benefits associated with transitioning to a low carbon economy.
- TAF’s Operating Budget is funded by investment income earned from its endowment funds, Stabilization Fund and external fundraising. TAF is not funded from the City’s tax base.
- TAF received a new provincial endowment of $17 million in November 2016 to expand its program mandate to operate throughout the Greater Toronto and Hamilton Area (GTHA).
- TAF has allocated an additional $0.690 million in their 2018 Operating Budget for Program Delivery Expenses resulting from its expanded mandate.