UBC Investment Management Trust Inc. says it is committing $120 million to a Paris Aligned reduced carbon global equity fund, on behalf of the University of British Columbia鈥檚 endowment fund.

UBC IMANT seeded the investment on June 30 with assets representing about five per cent of UBC鈥檚 endowment.

It says the investment reduces carbon intensity by 70 per cent relative to a cap weighted benchmark.

The move follows $110 million in funding for a sustainable global opportunities strategy in March.

UBC announced plans last year to divest the endowment of fossil fuel investments and a 45 per cent reduction of portfolio carbon emissions within 10 years.

UBC IMANT manages over $5 billion on behalf of the university and related entities, including UBC鈥檚 endowment fund, staff pension plan, working capital and other investment portfolios.

鈥擳he Canadian Press