The new report, released today (Dec. 18), contains detailed information about how York stacks up against international benchmarks and robust environmental, sustainability and governance (ESG) requirements. This past year, the fund has made significant strides in aligning its portfolio with sustainable practices and achieving notable reductions in carbon emissions while improving financial returns.
"We have seen remarkable progress in reducing our carbon footprint this past year, with substantial decreases in greenhouse gas emissions across our portfolios," reads a letter in the report from Vice-President Finance and Administration Narin Kishinchandani and Chair of the Investment Committee Mary Traversy. "Our robust financial performance demonstrates that sustainable investing does not come at the expense of returns."
York's endowment fund portfolio achieved a 9.5 per cent overall investment return this fiscal year while contributing to a Weighted Carbon Intensity Score (WACI) that beat the target, set in accordance with the Paris Accord, by 32 per cent. The fund also achieved an 85 per cent reduction in its equity footprint, an 82 per cent reduction in its equity carbon emissions and was 48 per cent below the equity portfolio emissions benchmark.
This year's report builds on important progress from the 2022 report regarding the decarbonization of the endowment fund's investment portfolio. It highlights new progress on decarbonization and greater transparency in the ESG categories to demonstrate York's leadership. Case studies included in the report also show decarbonization of real assets, where York has committed capital to real-world sustainable infrastructure and real estate solutions.
The 2023-24 report comes on the heels of York's renewed sustainability strategy, Positive Change: Connecting People, Planet and Purpose, which outlines the University's plan for a greener future. The report demonstrates alignment with key strategic objectives and actions in the plan, referencing how York has integrated sustainability into its operations and long-term planning, including: financial and investment; adherence to an investment policy that addresses the inherent risk of climate change; actively promoting the transition to a low carbon economy; and, following best practices for ESG approaches.
For more information about sustainable investing at York and to access past reports, visit the University Secretariat website.
This story was originally featured in YFile, York University's community newsletter.
