The University of Victoria Foundation has made a large investment into a fund targeting market opportunities relating to the transition to net-zero emissions. (Photo courtesy of the UVic Foundation/Puhimec/Envato)

The University of Victoria Foundation has made a large investment into a fund targeting market opportunities relating to the transition to net-zero emissions. (Photo courtesy of the UVic Foundation/Puhimec/Envato)

$25M investment in net-zero transition fund latest green move for UVic Foundation

Asset manager continues environmentally responsible investment direction

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.

READ: University of Victoria divests $80 million from fossil fuel investments

READ: Climate change report a grim warning for Canada


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