Exciting to learn from Judy Cotte last week about climate reporting frameworks and how investors and companies are approaching them. We unpacked the "double" materiality of climate-related factors, the one as defined by the GRI to reach corporate stakeholders beyond the company's shareholders, and the other for the company's investors as it's defined under many securities laws, and to which the ISSB standards - and the TCFD and SASB frameworks upon which they're based - are aligned. Join us tomorrow, Monday October 30, for our final Dobson Climate Finance Speakers Series at University of Toronto - Rotman School of Management with Sandra Odendahl, Senior Vice President and Head, Sustainability, Diversity & Partnerships at BDC, who will discuss the crucial role #entrepreneurs play in Canada's future prosperity and how BDC can help. Learn more at https://lnkd.in/gVUHnStR or click https://lnkd.in/gcg8mt49 to register.
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Like #climatechange, #AI creates opportunities and risks that intersect with all of today’s most pressing challenges. I was delighted, therefore, when one of last week’s forums took a moment to celebrate the University of Toronto's long-standing reputation as a global leader in AI research as a catalyst for bringing together researchers, government entities, and private sector partners to create the Vector Institute. These types of partnerships help position Toronto as a significant hub for innovation globally – on AI as we’ve seen, but potentially in the historic undertaking of electricity sector reform, new employment models, and financial innovation. As talk winds down and work continues, the Global Climate Finance Accelerator is excited to collaborate with Climate Positive Energy and University of Toronto - Rotman School of Management on interdisciplinary research to investigate and deploy new financing partnerships to accelerate our #energytransition. Please see below for a summary of and link to our final blog wrapping up last week’s enlightening discussions! Melissa Judd, MBA
Heard at Principles for Responsible Investment #PiP 2024: #Partnerships Partnership was an underlying theme in every discussion last week on how to advance climate solutions and sustainable development goals. In his opening remarks, PRI CEO David Atkin emphasized the need for collaboration among investor signatories, policymakers, and academics. Over the course of subsequent discussions, the call for partnerships was particularly pronounced on the following: · Need for a “whole of government” approach to address systemic challenges such as climate change · Need for 146 jurisdictions to adopt the International Sustainability Standards Board (ISSB)'s disclosure standards · Need for human rights targets along the transition trajectory, not just to address job joss, but also to crowd people into new industries Back on the ground following #PRI, attendees at the Smart Growth Symposium took a moment to celebrate one of Toronto’s most successful partnerships: The collaboration between researchers, government entities, and private sector partners to create the Vector Institute in 2017. University of Toronto's academic credibility and leadership, particularly through The Nobel Prize winner #GeoffreyHinton, helped position Toronto as a significant hub for #AI innovation globally. And the university hasn’t stopped! It recently announced funding to make Climate Positive Energy's industry-facing Grid Modernization and Testing Centre a reality. Please take a moment to read our final blog following a week of enlightening discussions on the potential for strategic partnerships to advance climate solutions: https://lnkd.in/gaWgaM2f Wendy Potomski, CFA Gitanjali DasGupta David Delves Manju Seal, MBA,MA,MM Susan McGeachie
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At an institutional investor breakfast during the 2006 Globe Conference, UK investors shared strategies for incorporating a price on carbon – on a scenario basis – in their oil and gas stock valuations. At the 2016 Globe BlackRock outlined a new initiative to review stock valuations under different internalized pricing scenarios – carbon, of course, but also other ecosystem services that companies relied on with little to no market value. I often think of these two discussions in the context of today’s highly polarized political environment. Rolling back public-facing commitments to sidestep the political fray doesn’t necessarily indicate a change in internal strategy. As TIME noted this year, BlackRock's Larry Fink and J.P. Morgan's Jamie Dimon “know that clean technologies are where the biggest growth opportunities remain.” Today’s Global Climate Finance Accelerator blog focuses on observations from last week in the exciting strategic moves of major actors, growing attention on the mid-market, and actions in the #realeconomy. Find the link below and check back tomorrow for our final post on #Partnerships.
Heard at Principles for Responsible Investment's #PiP last week: #Action The good news: On October 9 the Government of Canada announced guidelines for categorizing investments based on their contribution to the net-zero transition. The not so good news: It could take up to three years to finalize incentives to support the development of green projects. Many organizations, however, are (more quietly) soldiering on in the face of regulatory uncertainty and political backlash. At this year’s PiP, we learned about J.P. Morgan Asset Management's strategic move into the global #carbonmarkets alongside new investment opportunities in #climatechange, #biodiversity, and #conservation. We also saw growing interest in the global mid-market. These businesses, historically overlooked by large institutional investors, present unique investment opportunities due to their agility and potential for rapid adoption of sustainability-related technologies and initiatives. Some of the best examples of Action came through the deep dive into the #realeconomy at the Ontario Chamber of Commerce + Climate Positive Energy Smart Growth Symposium. Culminating with the wrap of PRI, the Symposium dug into the specific barriers companies face in decarbonizing their operations. Throughout the event, there was one main #CalltoAction: “Prioritize trying things. Some will succeed, some will fail. Persevere through the hiccups.” Learn more here: https://lnkd.in/gpYH6USy Check in tomorrow for our final post on the need for partnerships and collaborative action in solving these tough challenges. With Ben Janzen Daniel Tisch, APR, FCPRS, ICD.D Neeky Dalir, MPPA Damien Steel Shatha Qaqish-Clavering Navdeep Bains
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The Global Climate Finance Accelerator's takeaways from the Principles for Responsible Investment #PiP conference last week can be segmented into three themes: 1. System-level developments 2. Action 3. Partnerships See today’s post below for what we heard on system-level progress and persistent barriers. Check back in with us tomorrow and Thursday for more of what we heard on the other two themes. 👇
Heard at Principles for Responsible Investment's #PiP last week: #Systemschange Although the future of capital markets will look vastly different from the past, many systems remain anchored in backward-looking structures and frameworks. The focus must now shift to addressing organizational barriers. How do we create the flexibility needed to overcome these obstacles and align capital with socially inclusive, net-zero goals? First, by leaning toward curiosity, not fear. There’s political theater at play, especially around anti-trust accusations and climate-cartel fears, but there’s little legal basis according to Faegre Drinker’s Tiffany R. Reeves. Second, by tackling legacy systems, including stubborn practices that penalize investments in the transition, and enabling small investment bets and climate positive lobbying with insights from PRI Chair Conor Kehoe, CalSTRS’ Kirsty Jenkinson, and Climate and Nature Solutions’ Catherine McKenna. Third, by framing the political rhetoric around ESG in the appropriate investment context. Pension funds have overwhelmingly long-term time horizons; tune out the noise and stick to strategy. Wellington Management’s Wendy Cromwell provides a compelling example of the (non) impact of the US election in incentivizing climate action. Learn more here: https://lnkd.in/geJKJEEm Check this space tomorrow for what we heard in the #CalltoAction. Wendy Potomski, CFA Gitanjali DasGupta David Delves Susan McGeachie Manju Seal, MBA,MA,MM
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There was much to be excited about this week, with expanding numbers of global participants and evidence of tangible progress in the effort to achieve a socially inclusive, net-zero world by 2050 (accompanied by natural light shows disrupting the night sky!). Yet, 2050 is so far off, notes Climate Positive Energy's Shatha Qaqish-Clavering in yesterday’s Smart Growth Symposium, followed by the real question: “What are we doing now?” More thoughts to come on this question next week. For now, the Global Climate Finance Accelerator is focused on the need for a shift in philanthropic focus to achieve a just energy transition. In the second of her two-part blog, Helen Watts of Student Energy provides a call to action for donors to more strategically support #youthleadership in the #energytransition by respecting that this #youthmovement knows best. Her recommendations align with Melinda French Gates' future of giving in this month’s edition of Vanity Fair: “As structural inequality persists despite sustained increases in philanthropic donations, questions about the efficacy of strategic giving have grown louder.” Helen urges philanthropy, governments, and financial institutions to build relationships with existing youth networks and organizations. Give these groups, which have already established trust and are intimately familiar with the needs and experiences of young people on the ground, the resources - and freedom - to lead the way. Find the link to Helen's thought-provoking blog below.
Solar winds interacting with Earth's magnetic field gave us an active light show this week, reminding us of #nature’s beauty and power just as the global finance community gathered in Toronto to discuss strategies for investing in a more #sustainable world. Perhaps the greatest potential for #disruption resides with our #youth, who have nothing to lose and everything to gain from side-stepping and challenging legacy systems to power a #cleanenergy revolution. “It’s time,” says the Executive Director of Student Energy, “to stop talking about the need to do more and start putting real resources behind the youth who are already leading the way. Our future depends on it.” Read Helen Watts' call to action here. https://lnkd.in/ggFmgxhJ Check in with us next week for perspectives on more calls to action at Principles for Responsible Investment's #PiP and other events around it.
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Kicked off an exciting week yesterday presenting on effective #ESG governance for corporate boards on behalf of the Canada Climate Law Initiative at CAMIC / ACCAM's annual conference! Monika Freyman, CFA followed with a very informative presentation on climate change in investment portfolios - check out some of her insightful graphs below. Sorry to be missing Gabriela Polanco Sorto and Cassandra Tontini's deep dive on OSFI's B-15 climate risk management guidelines today. Congratulations Sangita Kamblé, Ph.D., CAE for bringing together such a large group of people so committed to the social and economic development of the communities they serve. Now on to the Principles for Responsible Investment's #PRIinPerson! DM me if you'll be there too.
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To kick off our work this year with the exciting team of 2024-25 Accelerators-in-Residence, the Global Climate Finance Accelerator looked for inspiration from Student Energy. Executive Director Helen Watts's blog highlights the massive, largely untapped opportunity for #philanthropy to boldly invest in what are currently “unbankable” youth-led projects due to their perceived risk. Patient capital can unlock the potential to demonstrate market rate returns and thus replicate innovative, system-changing investments that our current capital markets avoid. See links below for Helen's transformative insights and to meet this year's Accelerators-in-Residence! #energytransition #youth #sustainableeconomy #impactinvesting
The Global Climate Finance Accelerator is excited to introduce our 2024-25 Accelerators-in-Residence! These University of Toronto - Rotman School of Management Dobson Climate and Climate Positive Energy Fellowships will unlock #interdisciplinary approaches for the long overdue deployment at scale of technically viable #climatesolutions. The launch of this year’s program was inspired by an urgent message from Helen Watts, Executive Director of Student Energy on the critical need to invest in youth-led projects to drive significant and measurable social and environmental impacts in the #energytransition in a way that larger, more traditional institutions often can’t. This first of a two-part insight unpacks the facts supporting the promising potential of investing in #youth led companies, programs, and initiatives, along with unmet needs and the high stakes of inaction. Find Helen’s thought-provoking blog here: https://lnkd.in/gX_xgMvz Learn more about our Accelerators-in-Residence here: https://lnkd.in/gNRBgUCY Sunidhi Adiga Arushi Parashar Deep Parekh Annabel Vrba Sydney Wisener Rod Lohin Shatha Qaqish-Clavering Kenneth Corts University of Toronto
