Minutes Confirmed on November 24, 2025

This meeting of the Board of Directors of the Toronto Atmospheric Fund was conducted with members participating in person and remotely.

The Board of Directors of the Toronto Atmospheric Fund received the item for information.

The Chief Executive Officer, Toronto Atmospheric Fund gave an overview of the Chief Executive Officer's report.

This report provides an update on the Toronto Atmospheric Fund initiatives with regard to Governance Matters, Staff and Operational Matters, and Strategic Programs.

The Board of Directors of the Toronto Atmospheric Fund:

1. Received the report (July 6, 2025) from the Vice President, Strategy and Partnerships, Toronto Atmospheric Fund for information.

Toronto Atmospheric Fund uses several indicators to evaluate and inform our work. The 2024 Impact Report, Working Toward Net-Zero Emissions, provides an accessible summary of results achieved, leveraging the data collected and analytical approaches Toronto Atmospheric Fund uses and continues to refine. This Impact Report complements the 2024 Annual Report which summarizes the activities and accomplishments against the approved Annual Plan and the 2024 Audited Financial Statements which presents Toronto Atmospheric Fund’s financial results.

The Board of Directors of the Toronto Atmospheric Fund received the item for information.

Draft Minutes of the Investment Committee Meeting Held June 3, 2025

The Board of Directors of the Toronto Atmospheric Fund received the item for information.

Draft Minutes of the Direct Investment Committee meeting held June 24, 2025

The Board of Directors of the Toronto Atmospheric Fund:

1.  Approved an investment of $3,500,000, structured as an unfunded guarantee of the repayment by the Company of a term loan made to it by Third-Party Credit Lender of no greater than 4 years length, subject to the following conditions:

a. Third-Party Credit Lender shall have agreed to lend to the Company not less than $3,500,000 as a working capital loan facility upon the terms described in the Confidential Attachment 1 – Direct Investment Request 2025.C (“Memo") to the report (July 4, 2025) from the Vice President, Impact Investing, Toronto Atmospheric Fund and upon such additional terms as may be consistent therewith as are approved by Vice President, Impact Investing; and

b. the terms of the Guarantee shall provide for a total return to TAF of no less than 3 percent per annum of the amount of the Guarantee through a combination of fees and warrant consideration, the aggregate value of which is to be determined by the Vice President, Impact Investing as meeting that requirement by using the methods set out in the Memo.

2.  Directed the Vice President, Impact Investing to implement the investment subject to the satisfaction of Toronto Atmospheric Fund’s solicitor.

3.  Directed that the confidential information contained in Confidential Attachment 1 to the report (July 4, 2025) from the Vice President, Impact Investing, Toronto Atmospheric Fund remain confidential in its entirety, as it contains commercial and financial information, supplied in confidence to the Toronto Atmospheric Fund, which, if disclosed, could reasonably be expected to significantly prejudice the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.

The Direct Investment Committee recommends an unfunded loan guarantee of $3,500,000 on the term loan portion of a $5,000,000 debt facility in a mass timber prefabrication housing construction company (Company). This investment is strongly aligned with Toronto Atmospheric Fund’s mandate to mobilize capital for low-carbon solutions and accelerate net-zero new construction. The proposed allocation complies with Toronto Atmospheric Fund’s investment policy and target portfolio.  

The Board of Directors of the Toronto Atmospheric Fund received the item for information.

Draft Minutes of the Grants and Programs Committee meeting held June 26, 2025.

The Board of Directors of the Toronto Atmospheric Fund:

1.  Approved reallocation of $100,000 previously allocated to Toronto Atmospheric Fund’s 2025 program budget to the 2025 grants budget.

2.  Approved the following grants to be funded from the proceeds of the endowments indicated:

a. $50,000 over 18 months (from the Toronto and Canada endowments) to TREC SolarShare Co-operative (No.1) Inc. (“SolarShare”) to engage stakeholders (e.g., co-op members, partner renewable energy cooperatives, government, and electricity experts) to complete market research and development of community virtual net metering business models, and to advocate for regulatory changes that enable community virtual net metering.  

b. $150,000 over 16 months (from the Toronto and Canada endowments) to Business Renewables Centre – Canada to conduct a regulatory review of Ontario’s renewable energy policies and regulations in consultation with Ontario's major renewable energy developers, followed by advocacy by working groups of developers and corporate energy buyers to address barriers to corporate purchase and adoption of renewable energy. The Funding recommendation is subject to the following condition;

i. explore social contracting, workforce development and community benefits as part of stakeholder engagement and recommended strategies.

c. $66,650 over 6 months to Alectra Utilities (from the Toronto and Canada endowments) to conduct a study exploring how utilities can modify the distribution component of their rate structures to create an attractive environment for Electric Vehicle charging investments, encouraging both public fast charging stations and commercial fleet conversions.

3.  Declined three grant requests with a total value of $427,820. This is summarized in Confidential Attachment 1 to the report (July 4, 2025) from the Senior Grants Manager, Toronto Atmospheric Fund.

4.  Directed that the confidential information contained in Confidential Attachment 1 to the report (July 4, 2025) from the Senior Grants Manager, Toronto Atmospheric Fund remain confidential in its entirety, as it contains financial information, supplied in confidence to The Atmospheric Fund, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.

The Board of Directors of the Toronto Atmospheric Fund recessed its public meeting to meet in closed session to consider the item as it pertains to financial information supplied in confidence to the Toronto Atmospheric Fund which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.

This report recommends approval of three grants with a combined value of $266,650.

The Board of Directors of the Toronto Atmospheric Fund received the item for information.

The unaudited financial results for three months ended March 31, 2025 (the first quarter) are presented for information.

The Board of Directors of the Toronto Atmospheric Fund:  

1.  Adopted the Confidential Instructions to staff in Confidential Attachment 1 to the report (July 4, 2025) from the Chair, Human Resources Committee, from the Human Resources Committee with respect to Chief Executive Officer Compensation.

2.  Directed that the confidential information contained in Confidential Attachment 1 to the report (July 4, 2025) from the Chair, Human Resources Committee remain confidential in its entirety, as it contains personal matters about an identifiable person.

The Board of Directors of the Toronto Atmospheric Fund recessed its public meeting to meet in closed session to consider the item as it pertains to personal matters about an identifiable person.

This report summarizes the performance review of the Toronto Atmospheric Fund’s Chief Executive Officer and provides a compensation recommendation.

The Board of Directors of the Toronto Atmospheric Fund received the item for information.

City Council on April 23 and 24, 2025, adopted Item GG20.14 as amended and, in so doing, has:

1. Directed the General Manager, Economic Development and Culture and the Chief Technology Officer to establish the annual Mayor’s Data and Artificial Intelligence Innovation Challenge to recognize, celebrate, and inspire non-City individuals and organizations as well as City divisions, agencies and corporations that leverage data and AI to showcase research, projects, or solutions that address opportunities to foster civic engagement and public service delivery in Toronto.

2. Requested the boards of City Agencies and Corporations to participate in the Mayor’s Data and Artificial Intelligence Innovation Challenge.

The Board of Directors of the Toronto Atmospheric Fund received the item for information.

City Council on March 26 and 27, 2025, adopted Item EX21.2 as amended and, in so doing, has:

1. Adopted the Mayor’s Economic Action Plan in Response to US Tariffs, as outlined in Revised Attachment 1 to the revised report (March 18, 2025) from the City Manager and the General Manager, Economic Development and Culture, as amended by part 2 of City Council’s decision to include actions under "Mobility of People and Goods" to support the improvement of the mobility of goods and services connected with the economy.

2. Requested the City’s agencies and corporations to adopt similar policies where possible.

Announcements

The Chair acknowledged that the Board of Directors of the Toronto Atmospheric Fund was meeting on the traditional territory of many nations including the Mississaugas of the Credit, the Anishnabeg, the Chippewa, the Haudenosaunee and the Wendat peoples and is now home to many diverse First Nations, Inuit and Métis peoples. The Chair also acknowledged that Toronto is covered by Treaty 13 with the Mississaugas of the Credit.

The Chief Executive Officer acknowledged and thanked departing Board member Kimberly Marshall, for her services and contributions to the Board and Committees during the past 8 years, and wished her the best. 

Where the Members of the Board of Directors of the Toronto Atmospheric Fund listed in the attendance for this meeting participated remotely, they were counted for quorum, as permitted by Section 189(4.2) of the City of Toronto Act, 2006 and the Board's Procedures.

Also Present - Non-Members:

Julia Langer, Chief Executive Officer, Toronto Atmospheric Fund

Jamie Klein, Senior Manager, People and Operations, Toronto Atmospheric Fund

Kristian Knibutat, Vice President, Impact Investing, Toronto Atmospheric Fund

Uzoma Erondu, Senior Manager, Impact Investing, Toronto Atmospheric Fund

Rob Wotten, Director, Finance, Toronto Atmospheric Fund

David Manzo, Analyst, Impact Investing, Toronto Atmospheric Fund

Fatima Crerar, VP, Strategy and Partnerships, Toronto Atmospheric Fund

Bryan Purcell, VP, Strategy and Partnerships, Toronto Atmospheric Fund

Clifford Goldfarb, Lawyer, Toronto Atmospheric Fund

Snit Abrha, Communications Specialist, Toronto Atmospheric Fund

Diviya Leonard, Junior Analyst, Policy, Toronto Atmospheric Fund

Maryam Shekarrizfard, Manager, Research and Innovation, Toronto Atmospheric Fund

Sadia Khan, Senior Manager, Grants, Toronto Atmospheric Fund

Taric Somani, Junior Analyst, Clean Electrification, Toronto Atmospheric Fund

Tracy Haynes, Manager, Investor Partnerships, Toronto Atmospheric Fund

Farrah Chan, Junior Analyst, Impact Investing, Toronto Atmospheric Fund

Ekaterina Tzekova, Director, Research and Innovation, Toronto Atmospheric Fund

Alexa Bates, Junior Analyst, Research and Innovation, Toronto Atmospheric Fund

Karen Liu, Senior Financial Planning Analyst, City of Toronto