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This report by the International Institute for Sustainable Development (IISD) analyzes the endowment management practices of 191 Canadian community foundations (CCFs), focusing on the integration of climate action and environmental, social, and governance (ESG) criteria. The author finds that while CCFs are active in grantmaking, they have been "laggards" in using their combined estimated CAD 7 billion in endowments to address climate change, often treating ESG as a risk mitigation tool rather than an opportunity for climate-positive investment. The report provides recommendations to increase transparency, diversify investment committees, and adopt positive screening strategies to align financial assets with climate goals.

This case study details the World Resources Institute's (WRI) transition from a traditional financial-return-focused investment strategy to a sustainable investing approach for its $40 million endowment. Starting in 2014, WRI integrated environmental, social, and governance (ESG) criteria into its portfolio management, moving from a model of internal board oversight to a partnership with an Outsourced Chief Investment Officer (OCIO). The document outlines the challenges of ESG data interpretation, the decision to prioritize holistic ESG integration over simple fossil fuel divestment, and the financial results of this shift.