York University continues to lead the way toward a greener future, and the Sustainable Investing 2023-2024 Progress Report report highlights how York’s endowment fund continues to support the institution’s commitment to contributing to a more sustainable future on local and global levels.
The new report, released today, 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.
The endowment fund is a pool of endowments gifted to the University by individual donors. The fund is invested to generate returns, which are used to support specific purposes such as scholarships and academic Chairs, while preserving the capital.
“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.”
When measure against a number of external, third-party, internationally recognized metrics, 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. The report's case studies show how York is investing in sustainable infrastructure and real estate to reduce carbon emissions and show decarbonization of real assets.
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.