Item - 2026.TA13.2

The Board of Directors of the Toronto Atmospheric Fund:

1. Received the report (January 30, 2026) from the Vice President, Strategy and Partnerships, Toronto Atmospheric Fund for information.

The Vice President, Strategy and Partnerships; the Lead, Communications and Campaigns; the Senior Manager, Impact Reporting and Investor Relations; the Analyst, Climate Policy; the Senior Manager, Grants; the Analyst, Research and Innovation; and the Senior Manager, Climate Policy, Toronto Atmospheric Fund gave a presentation on the Atmospheric Fund 2025 Year-in-Review.

The attached report presents the outcomes achieved during 2025. Progress against the Annual Plan is monitored throughout the year, every four months, to identify challenges or contextual changes and adapt activities as needed. Based on a top-level analysis nearly 80 percent of activities were completed as expected; 15 percent required pivots or were delayed; 2 percent were not initiated; and 3 percent were stalled or abandoned. In-depth retrospectives generated results and lessons learned which were used as an input to the 2026 Annual Plan.