Endowment Fossil Fuel Exposure

University of Waterloo Endowment Fund Equity Investment Exposure to Fossil Fuels

Active Equity Exposure to Fossil Fuels

Market Value of Fossil Fuel Companies1
(in 000's)

Fossil Fuel Companies as a % of Active Equity

Market Value Exposure to Fossil Fuels2
(in 000's)

Fossil Fuel Exposure as a % of Active Equity

Total Active Equity Exposure to Fossil Fuels on December 31, 2025

$           18,890

5.7%

$             8,351

2.5%

Active Equity Portfolio Exposure on December 31, 2024

$             22,552

7.4%

$               9,523

3.1%

Active Equity Portfolio Exposure on December 31, 2023

$             16,838

6.6%

$               7,958

3.1%

Active Equity Portfolio Exposure on December 31, 2022

$             15,211

6.8%

$               7,544

3.4%

Active Equity Portfolio Exposure on December 31, 2021

$               8,282

3.3%

$               4,061

1.6%

Passive Equity Exposure to Fossil Fuels

Market Value of Fossil Fuel Companies1
(in 000's)

Fossil Fuel Companies as a % of Active Equity

Market Value Exposure to Fossil Fuels2
(in 000's)

Fossil Fuel Exposure as a % of Active Equity

Passive Equity Portfolio Fossil Fuel Exposure on December 31, 2025

$           15,777

9.0%

$             6,061

3.4%

Passive Equity Portfolio Fossil Fuel Exposure on December 31, 2024

$             13,859

9.1%

$               5,760

3.8%

Passive Equity Portfolio Fossil Fuel Exposure on December 31, 2023

$             10,531

8.7%

$               4,803

4.0%

Passive Equity Portfolio Fossil Fuel Exposure on December 31, 2022

$             10,473

10.2%

$               5,093

5.0%

Passive Equity Portfolio Fossil Fuel Exposure on December 31, 2021

$             32,842

23.4%

$             13,087

9.3%

Total Equity Exposure to Fossil Fuels

Market Value of Fossil Fuel Companies1
(in 000's)

Fossil Fuel Companies as a % of Active Equity

Market Value Exposure to Fossil Fuels2
(in 000's)

Fossil Fuel Exposure as a % of Active Equity

Total Equity Portfolio Fossil Fuel Exposure on December 31, 2025

$           34,667

6.9%

$           14,412

2.9%

Total Equity Portfolio Fossil Fuel Exposure on December 31, 2024

$             36,411

8.0%

$             15,283

3.3%

Total Equity Portfolio Fossil Fuel Exposure on December 31, 2023

$             27,369

7.3%

$             12,761

3.4%

Total Equity Portfolio Fossil Fuel Exposure on December 31, 2022

$             25,684

7.8%

$             12,636

3.9%

Total Equity Portfolio Fossil Fuel Exposure on December 31, 2021

$             41,125

10.4%

$             17,148

4.3%

[1] Market value of holdings in companies that derive revenue from fossil fuels (Coal, Oil, Gas).

[2] Market Value Exposure to Fossil Fuels = market value of fossil fuel company holdings x percentage of revenue coming from fossil fuels


Last updated: 17-July-2026

Finance