June 27, 2019
Climate action received a large helping hand today, as the Government of Canada announced a $40 million contribution to The Atmospheric Fund (TAF) to support low-carbon solutions in the Greater Toronto and Hamilton Area (GTHA). The investment is part of the $350 million Low Carbon Cities Canada initiative announced in the March federal budget.
This doubles TAF’s endowment contributions, matching the original $23 million from the City of Toronto in 1991 and $17 million from the Province of Ontario in 2016.
“With this significant and strategic investment from the Government of Canada, TAF can do much more to accelerate urban climate solutions in a way that also builds resilience, creates jobs, and improves public health,” says Julia Langer, TAF’s CEO. “We can’t achieve carbon-reduction targets without significantly more action in cities. This support enables us to leverage our track-record and partnerships to deliver strong results.”
The federal investment will benefit millions of local people for generations to come because it leverages TAF’s sustainable endowment model. TAF has revolved its original endowment three times in supporting carbon-reduction initiatives without depleting the asset or drawing on the tax base.
TAF expects federal funding will accelerate and commercialize carbon reduction in three key areas:
- Energy efficiency: Creating the business case and policy drivers for high-performance buildings through retrofits, stronger building codes and equipment standards, and sustainable financing, building on TAF’s TowerWise track record.
- Energy systems: Supporting the scale-up of district energy and distributed renewables, such as geothermal systems in existing neighbourhoods and natural gas-free new neighbourhoods. For example, TAF recently funded the City of Markham in collaboration with Mattamy Homes and Enwave Power Systems to design a low-carbon geothermal energy neighbourhoud of about 300 homes.
- Transportation solutions: Driving down fossil fuel use through electrification of transportation and improved traffic management. For example, TAF recently funded the Region of Peel to work with businesses to determine if off-peak deliveries can reduce congestion and improve business operations, public health and quality of life.
NOTES TO EDITORS
About Low Carbon Cities Canada
Low Carbon Cities Canada (LC3) is a partnership between seven local centres and the Federation of Canadian Municipalities to accelerate urban carbon solutions. The LC3 centres are located in seven of Canada’s largest urban areas: Vancouver and the Lower Mainland, Edmonton, Calgary, the GTHA, Ottawa, the Montreal area, and the Halifax region. As the national partner, the Federation of Canadian Municipalities will support LC3 and connect with other cities across Canada. TAF is the LC3 centre for the GTHA.
About The Atmospheric Fund
The Atmospheric Fund (TAF) is a regional climate agency that invests in low-carbon solutions in the Greater Toronto and Hamilton Area and helps scale them up for broad implementation. We are experienced leaders and collaborate with stakeholders in the private, public and non-profit sectors who have ideas and opportunities for reducing carbon emissions. Supported by endowment funds, we advance the most promising concepts by investing, providing grants, influencing policies and running programs. We’re particularly interested in ideas that also offer co-benefits such as improving people’s health, creating local jobs, boosting urban resiliency, and contributing to a fair society. TAF’s work has helped the City of Toronto reduce its carbon emissions 33 per cent from 1990 levels, despite growth in population.
For more information
Estelle Taylor, Communications Manager: 416-393-8362, etaylor@taf.ca
