The University of Victoria Foundation has invested $25 million into a fund aiming to help facilitate the transition to a carbon-neutral economy.
Specifically, those millions have gone to the Brookfield Global Transition Fund, which targets market opportunities relating to reducing greenhouse gas emissions and energy consumption. It also invests in solutions that increase low-carbon energy capacity and support sustainability.
Foundation chair Mary Garden said board members continue to look for investment opportunities that not only drive decarbonization, but also provide strong risk-adjusted financial performance.
“The (Brookfield) strategy is well aligned with our goals and we look forward to working on this impact investment strategy as part of our long-term commitment to support the University of Victoria’s priorities, including research, academic programs, student scholarships, awards and bursaries, ” Garden said in a release.
The $25-million investment also aligns with the foundation’s goal of cutting the carbon intensity of its investments by 45 per cent by 2030. It follows the announcement that as of Sept. 30, 2021 its portfolio no longer had holdings of companies involved in the extraction or processing of coal, oil or natural gas. Last November, the UVic Foundation also announced it had adopted a responsible investment policy, recognizing the importance of reaching net-zero greenhouse gas emissions by 2050.
The foundation is responsible for managing assets that totalled more than $560 million as of Dec. 31. Its endowment funds disburse more than $17 million annually for scholarships, bursaries and other university purposes.
While the University of Victoria itself has adopted an investment policy that aims to lower carbon emissions, the UVic Foundation is a separate legal entity.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
