TORONTO (September 24, 2024) - The Investment Management Corporation of Ontario (IMCO) today released its 2023 Sustainability Report for the year ended December 31, 2023. The report provides an update on IMCO's sustainability initiatives, policies and progress throughout 2023. It also identifies near- and long-term priorities for implementing an updated sustainability strategy.

2023 Sustainability Highlights:

• Grew proportion of investments in climate solutions to 11.5% of portfolio, toward its 2030 target of deploying 20% of portfolio in climate solutions.
• Approved over $1.6 billion in clean energy transition assets, bringing the running total to $2.1 billion, marking progress toward its goal of deploying $5 billion in clean energy transition investments by 2027.
• Achieved an estimated 44% reduction in its portfolio’s financed scope 1 and 2 greenhouse gas emission intensity from 2019 baseline, toward a target of 50% reduction in financed emission intensity by 2030.
• Participated in 10 long-term collaborative engagements with investee companies, coalitions and external managers on climate action, human capital and governance topics.
• Voted on more than 25,000 items at 2,000-plus public company meetings.
• Supported 72% of environment-related shareholder proposals and 79% of social-related shareholder proposals at public company meetings.
• Named a Greater Toronto Top Employer for 2024 by Canada’s Top 100 Employers.

"We updated IMCO's sustainable investing strategy in 2023 to reflect our evolving expertise and focus the teams' efforts on areas that will add the most value for clients," said Bert Clark, President & CEO, IMCO. "We are pleased to present this report to introduce our new ambitions, explain how we put theory into practice and highlight the progress we've made towards our sustainability goals."

"We are in the business of generating long-term returns, so material sustainability considerations are part of our investment processes across all asset classes," said Rossitsa Stoyanova, Chief Investment Officer, IMCO. "With our refined strategy, we will continue to leverage IMCO's competitive advantages to deliver risk-adjusted returns to clients and solidify our industry expertise."

IMCO's report reflects the fundamental role sustainability plays in managing long-term investment returns and risks. It also includes IMCO's climate disclosures, in line with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.

For more information, the full report is available here.

IMCO's website has also been updated with the new strategy, insightful case studies and highlights of its sustainability commitments.