City of Toronto releases first-ever Environmental, Social and Governance Report

Today, the City of Toronto released its first-ever Environmental, Social and Governance (ESG) Report at Executive Committee. This annual report outlines how the City is focused on ESG-related opportunities and risks across strategic priorities, sustainable finance and socioeconomic outcomes.

Toronto is the first government in Canada to issue an annual ESG report to reflect its commitment and performance in each of three areas: environment, social well-being and governance. The City strives to be a leader in making positive impacts across key ESG priorities through commitment, innovation and transparency.

The City takes an integrated ESG approach, with responsible practices embedded across the organization to build a sustainable and resilient foundation for the delivery of quality services and value over the long term. Working in coordination, multiple strategies are in place to achieve these outcomes such as the TransformTO climate action strategy, the HousingTO 2020-2030 Action Plan and innovative financing programs for projects that enhance ESG-related outcomes.

Toronto strives to be a caring and friendly city that invests in quality of life for all, an objective that includes social and economic well-being and inclusion. Strategic priorities include maintaining and creating housing that’s affordable, investing in people and neighbourhoods and keeping Toronto moving through affordable and accessible transportation.

The City is also committed to leadership in corporate governance and creating long-term value. Priorities for establishing a balanced model of responsive governance include risk management, financial sustainability, digital innovation, responsible sourcing and clear performance metrics, aligned with the United Nations Sustainable Development Goals.

Through the introduction of the ESG report, the City is enhancing disclosure and demonstrating how it continues to deliver services ways that protect our environment, consider social equity and prioritize strong governance. With the continued support from partners and investors, the City will embrace innovation and lead transformation to ensure a prosperous, inclusive and liveable city, with a high quality of life for residents now and in the future.

The City of Toronto Environmental, Social and Governance Report is available at https://www.toronto.ca/legdocs/mmis/2021/ex/bgrd/backgroundfile-159902.pdf.

Quotes:

“I want to thank staff for their leadership in developing this report. Global cities like Toronto must be accountable for our work on climate action, enhancing social outcomes for all and leading with strong governance practices. The development of an annual report enhances the City’s commitment to transparent disclosure and consideration of ESG risks and opportunities across the organization.”

- Mayor John Tory

“The integration of ESG principles into business decisions and performance reporting are growing on a global scale due to the demand for information and accountability by the public. While the City has proactively announced its commitments and progress on ESG priorities, it is taking another pioneering step forward by introducing the first consolidated ESG report from the Canadian public sector.”

- Councillor Gary Crawford (Scarborough-Southwest), Budget Committee Chair

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