Item - 2022.EX29.11

The Executive Committee:

1. Received the report (January 12, 2022) from the Chief Financial Officer and Treasurer for information.

The City of Toronto proactively leads with a sense of purpose and makes positive impacts across key Environment, Social, and Governance priorities through commitment, innovation, and transparency.  The City has demonstrated its commitment and accountability through proper performance disclosure and consideration of Environmental, Social, and Governance risks and opportunities. It was the first government in Canada to issue an annual Environmental, Social, and Governance performance report in early 2021.  As part of the commitment contained in the inaugural issue, Attachment 1 provides the second annual Environmental, Social, and Governance performance report.

The objective of this report is to communicate the City's environmental, social, and governance commitments; define targeted outcomes; and report on the City's progress towards sustainability and positive socioeconomic outcomes.  

Climate action and Environmental, Social, and Governance factors have continued to gain importance domestically and internationally in both private and public sectors. The disclosure and consideration of Environmental, Social, and Governance risks and opportunities in the Environmental, Social, and Governance performance report not only demonstrates the City's commitment and accountability, but also offers a chance to reflect and improve on the City's plans, actions, and outcomes. A majority of international and domestic private corporations are now increasingly being rated on their Environmental, Social, and Governance impact and performance with public entities just starting to follow this practice. Going forward, both private and public organizations will be defined by how well they handle Environmental, Social, and Governance-related risks and opportunities.

This report provides several key highlights and achievements from the annual ESG performance report from an environmental, social, and governance perspective. Toronto will continue to build and implement an integrated Environmental, Social, and Governance approach, with responsible practices embedded across the organization to build a sustainable, transparent and resilient foundation. This approach will ensure progress is demonstrated on the commitments made to achieve the City's Environmental, Social, and Governance priorities.