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Vignesh Lakshmanan
 Vignesh Lakshmanan 458 458 Global Climate Finance Accelerator

Vignesh Lakshmanan is an MBA candidate at the University of Toronto’s Rotman School of Management and a Senior Investment Compliance Analyst at Mackenzie Investments, where he works across investment governance, portfolio compliance, and ESG oversight. His background in capital markets and institutional investing gives him a clear view into how capital is structured, governed, and deployed at scale.

He is strongly interested in climate finance, infrastructure, and sustainable investing, and in how financial systems can better support the energy transition. As part of the GCFA Accelerator In-Residence Fellowship, Vignesh is excited to work hands-on on projects from funding through to completion, helping advance climate solutions from concept into real-world deployment.

Sanchit Kerjiwal
 Sanchit Kerjiwal 458 457 Global Climate Finance Accelerator

CPA, CFA, and MBA candidate with experience in consulting and investments. Passionate about energy transition and sustainable agriculture. Enjoy building clear, analytical solutions to complex business problems.

Kanchan Kargwal
 Kanchan Kargwal 458 458 Global Climate Finance Accelerator

Kanchan Kargwal is a climate policy professional with five years of experience in climate strategies, stakeholder engagement, impact evaluation, and applied research. She is currently a Master of Global Affairs candidate at the Munk School of Global Affairs and Public Policy, University of Toronto, where she focuses on innovation and policy in the context of climate and sustainability.

Kanchan holds a Master of Science in Environmental Studies and Resource Management and a Bachelor of Science in Geology, which ground her work in strong interdisciplinary and technical foundations. Across her various academic and professional roles, Kanchan has demonstrated the ability to analyze climate data, trends, gaps, and policy, and to help design strategic and innovative climate solutions that create equitable and lasting impact. She is actively involved in research on climate innovation and the startup ecosystem through her coursework and applied learning experiences at the Munk School.

As part of the GCFA Accelerator In-Residence Fellowship, she aims to advance her expertise in innovative financial mechanisms to scale climate solutions, bridging climate policy, capital flows, and real-world impact.

Project Ocean Love
 Project Ocean Love 500 333 Global Climate Finance Accelerator

Objective

  • Climate Impact Monitoring– Provide continuous, real-time data to better track and adapt to the impacts of climate change
  • Community Empowerment – Create local employment opportunities and ownership of data resources
  • Sustainable Business Model– Create revenue generating opportunities for local communities through data sales and the trading of carbon/biodiversity credits, while building local capacity

Opportunity

For Investors

  • Tangible Assets– Investors own the deployed kits that generate ongoing revenue.
  • Scalable Impact – Expansion to more locations increases revenue potential.
  • Dual Returns– Financial gains (estimated 17% IRR) alongside measurable climate and social impact.
  • Growing Demand– Rising global need for real-time climate data and resilience solutions.
  • Low risk– Proven technology with a pilot in the Bahamas

Climate and socio-economic impacts

  • Empowers women and youth entrepreneurs and increases access to revenue-generating opportunities in emerging markets.
  • Facilitates technology and knowledge transfer between Canada and Africa, paving the way for scalable, bankable climate finance projects.
  • Connects high-impact emerging market initiatives with global capital to advance both climate goals and inclusive economic development.
Investment
NPV
Equity IRR
Project Unicorn
 Project Unicorn 800 533 Global Climate Finance Accelerator

Objective

To diversify investment risk and increase the chance of investing in winning technologies focused on industrial electrification.

Opportunity

For investors

Investing in a portfolio of deep technologies at the commercial demonstration stage, rather than placing all bets on a single technology, offers significant advantages by spreading risk across multiple potential innovations. While one specific technology may align with the right industry, the uncertainty inherent in early-stage development means there is always a chance that a promising solution may not deliver as expected.

By diversifying investments across several technologies, investors increase their chances of backing the one that succeeds, ensuring they secure equity in the breakthrough that ultimately works. This approach not only mitigates the risk of betting on the wrong technology but also allows the investor to benefit from the upside potential of multiple technologies, increasing the likelihood of finding a winner in a high-risk, high-reward field. It offers a more balanced approach to navigating the uncertainties of emerging industries, especially in complex sectors like deep tech.

Climate and socio-economic impacts

  • Bridges gap between traditional venture capital financing models (high-growth, scalable startups, with a 3 – 7 investment horizon) and the large capital investments and extended development timelines, which can be as long as 10-15 years due to the complex and time-intensive nature of developing and commercializing breakthrough technologies.
  • Address climate change and advance manufacturing innovation while driving economic growth, job creation, and global competitiveness
Project Sunfire
 Project Sunfire 500 334 Global Climate Finance Accelerator

Objective

To develop late stage, clean energy projects that benefit tribal communities.

Opportunity

  • Untapped potential – Reaching 90% or more carbon-free electricity by 2035 — a key element of achieving a clean energy economy — would require 60-70 GW of new renewables per year over the next decade, as well as other forms of carbon-free power in the US. Figure 2-3 illustrates the growth in renewables, particularly solar and energy storage, in the US.
  • Green economy – According to Deloitte, clean energy jobs represented more than half of energy jobs added in 2023, with hiring for renewable energy — particularly solar — at twice the levels of the fossil fuel industry.
  • Market demand – 2024 saw 100% clean electricity commitments and enhanced vehicle emissions standards at the state level.
  • Vermont updated its renewable portfolio standard to require that utilities achieve 100% clean energy by 2035.
  • Maryland’s governor signed an executive order requiring the state to develop a framework for a 100% clean energy standard by 2035.
  • Massachusetts passed a climate omnibus bill that is, in part, intended to accelerate clean energy deployment through permitting reform.

Climate and socio-economic impacts

  • Reduces risk of stranding renewable energy assets
  • Enhances energy resilience in disadvantaged communities
  • Creates revenue-generating opportunities for Indigenous communities
  • Replicable across the country with opportunities to acquire additional assets from established developer
  • Presents cross-border (US/Canada) collaboration opportunities
Project Maturity - BESS
Project Maturity - Solar
Cyan Zero
 Cyan Zero 500 375 Global Climate Finance Accelerator

Objective

To convert underutilized warehouse rooftop spaces into productive energy-generating areas by installing solar panels, thereby helping small and mid-size businesses reduce their reliance on grid electricity, lower utility costs, and decrease carbon emissions.

Opportunity

  • Untapped potential – Ontario has 14 GW of rooftop solar potential, yet only a fraction has been developed. There is a massive opportunity to invest in a first-mover advantage and scale projects across C&I space.
  • Green economy – The International Energy Agency (IEA) estimates that achieving net-zero emissions by 2050 could create 14 million new clean energy jobs by 2030.
  • Market demand – Rooftop solar is projected to grow 20-40x by 2050, driven by corporate PPAs, energy cost savings, and net-zero commitments. With the right policies, Ontario could see a sharp uptake in the solar capacity, making private investments highly profitable.
  • Climate goals – To meet net-zero emissions by 2050, Canada must scale clean energy production. Behind-the-Meter (BTM) solar could contribute 24–48 TWh annually, helping decarbonize industries and reduce grid dependency. Investors in private solar projects will play a key role in the energy transition.

Climate and socio-economic impacts

  • Helps SMEs undertake climate projects without adding financial strain to their balance sheets.
  • Reduces the fiscal burden on governments for national decarbonization by attracting private capital.
  • Enhances climate resilience and economic competitiveness with potential revenue streams.
  • Replicable across countries as well as in emerging markets, particularly those without access to clean grids.
COP29 – Accelerating Climate Finance
 COP29 – Accelerating Climate Finance 1024 768 Global Climate Finance Accelerator

COP29 concluded on November 24, 2024. Referred to as the “Finance COP”, its central focus was on adopting a new climate finance target. Read on to explore the global progress made in climate finance.

This COP started strong, with three major advancements in climate finance negotiations:

  • The “Baku Finance Goal” (BFG): A new commitment to channel $1.3 trillion of climate finance to the developing world each year to help address the negative effects of climate change
  • Full operationalization of Article 6: Implementing cross border cooperation to reduce the costs of achieving national GHG emission reduction targets by up to $250 billion per year
  • Full operationalization of the Loss and Damage Fund: Total pledged financial support now exceeds $730 million, with project financing to help the world’s most vulnerable countries respond to loss and damage starting in 2025

Breaking It Down: What Do These Developments Mean?

1. The Baku Finance Goal (BFG):

  • The BFG contains a core target for developed countries to lead on mobilizing at least $300 billion annually for developing countries by 2035. 
    • As background, the previous climate finance pledge, made at COP15, committed to $100 billion annually by 2025. According to an OECD analysis, this goal was achieved for the first time in 2022.
  • Additionally, Multilateral Development Banks (MDBs) announced the estimation of $170 billion climate finance annually by 2030. This includes $120 billion for low- and middle-income countries and $50 billion for high-income countries. In addition, each group has a target of mobilizing $65 billion annually from the private sector.
  • Despite these efforts, gaps remain between the trillion-level goals and billion-level commitments. The COP Presidencies will lead the “Baku to Belém Roadmap to 1.3T” to make progress towards that aim in COP30 next year. Additionally, the Independent High-Level Expert Group on Climate Finance report highlights pathways to bridge these gaps:

 

2. Article 6 Operationalization: 

  • The Paris Agreement’s Article 6 allows countries to collaborate on achieving Nationally Determined Contributions (NDCs) by establishing the framework for an international carbon credit trading marketplace.
    • To recap, Article 6.2 facilitates government-to-government carbon credit trading via Internationally Transferred Mitigation Outcomes (ITMOs), and Article 6.4 establishes an UN-backed carbon-crediting program. COP29 also concluded negotiations on Article 6.8 to facilitate internation cooperation through non-market approaches such as capacity-building and technical support.
    • The UN first approved Article 6.4 on day one of COP29, showing a strong signal to move forward and attract more capital. Trading in carbon credits could reduce the cost of implementing countries’ NDCs by more than half – up to $250 billion by 2030, while enabling the removal of 50% more emissions (about 5 gigatons of CO2 per year by 2030) at no additional cost. 
  • Voluntary carbon markets may align with Article 6 standards, enhancing transparency and credibility while enabling  high-integrity carbon credits to trade under Article 6. This alignment leverages existing voluntary carbon market infrastructure and supports countries and the private sector in transitioning to Article 6 markets.
  • Article 6 is far from perfect at this stage. Negotiations are ongoing, with the deadline to transition Certified Emission Reductions (CERs) from the legacy Clean Development Mechanism (CDM) to Article 6.4 set for 2028. Updates to Nationally Determined Contributions (NDCs) are expected in early 2025.
  • While the details will continue to evolve, the uncertainty impeding action has ended. Article 6 now represents an important and tangible tool for scaling up climate finance in developing countries.

3. The Loss and Damage Fund:

  • The Loss and Damage Fund is a climate finance mechanism designed to assist developing countries that are particularly vulnerable to the adverse effects of climate change.  It addresses losses and damages caused by climate-induced events such as extreme weather and sea-level rise. 
  • Established at COP27, the fund saw $700 million pledged at COP28 and now exceeds $730 million following COP29.
  • COP29 formalized critical operational measures, including the appointment of Ibrahima Cheikh Diong as Executive Director and an agreement between the fund’s board and the World Bank. Financing projects are set to commence in 2025.

What Is Canada’s Role in Climate Finance?

  • Canada announced  the launch of GAIA during COP29: a US$1.48 billion blended finance platform supporting high-impact climate projects in up to 25 emerging markets and developing economies.
  • 70% of the platform will support adaptation projects and 25% will invest in small island developing states and least developed countries.
  • GAIA, co-founded by FinDev Canada, Mitsubishi UFJ Financial Group (MUFG), and the Green Climate Fund in 2023, exemplifies innovative financing. Structured to accelerate the availability and accessibility of long-term loans for climate projects, GAIA aims to demonstrate how a blended finance structure that combines commercial, concessional, and grant capital can catalyze private finance at scale to support projects aligned with the Paris Agreement.
  • In 2021, Canada doubled its international climate finance commitment from $2.65 billion (2015-2021) to $5.3 billion (2021-2026), including 40% grant and 60% unconditional repayable contributions (akin to concessional loans). 

As COP29 concludes, the progress achieved sets a strong foundation for climate finance, although significant gaps remain. The Global Climate Finance Accelerator addresses these challenges by offering innovative and affordable capital solutions through customized collaboration between partners in business, finance, government, and academia to more effectively mobilize resources. 

Learn more about our work in global climate finance by visiting our Ocean Love project site. Ocean Love is pioneering sustainable and equitable growth in the blue economy by investing directly in the untapped carbon sequestration and biodiversity projection potential of local coastal communities in the Caribbean and East Africa.

Hao Tian is an independent advisor on blended finance solutions for the Global Climate Finance Accelerator. She has nearly a decade of experience in finance and sustainability across global banks and the World Bank Group. As a seasoned leader in finance and sustainability, Hao connects the dots between capital markets, VC, and the public sector across developed and developing markets by exploring collaborative pathways design and innovative blended finance solutions. Hao holds a Master of Finance degree and a Graduate Diploma in Social Responsibility and Sustainability from the University of Toronto, and a Bachelor of Economics degree from the Central University of Finance and Economics. She is a Certified Financial Risk Manager and owns IFRS (ISSB) FSA Credential.

Ocean Love
 Ocean Love 500 281 Global Climate Finance Accelerator

PROJECT OCEAN LOVE LOCAL BLUE ECONOMY INITIATIVE DEVELOPER FOR COASTAL COMMUNITIES PROJECT OCEAN LOVE Pioneering sustainable and equitable growth in the blue economy by investing directly in the untapped carbon sequestration and biodiversity protection potential of local coastal communities in the Caribbean and East Africa. VISION MISSION Our mission is to create and support carbon and biodiversity credit generation projects that not only mitigate the effects of climate change but also enhance resilience against its physical impacts. WHAT WE DO Pioneering sustainable and equitable growth in the blue economy by investing directly in the untapped carbon sequestration and biodiversity protection potential of local coastal communities in the Caribbean and East Africa. OUR APPROACH Our approach centers on leveraging the natural capital of marine and coastal ecosystems, transforming traditional conservation efforts into proactive, income-generating activities. INVEST IN PROJECT OCEAN LOVE Together we will chart a sustainable course towards a resilient and equitable blue economy. Project Ocean Love is creating the Blue Economy Starter KitTM, a portable toolkit of technologies and methodologies to forecast the impacts of location-specific conservation approaches on carbon sequestration and ecosystem resilience. Included in the BE Starter KitTM is a comprehensive guide to environmental markets including existing protocols for carbon and biodiversity credits with best practices for developers on how to proceed in regions lacking formal frameworks. PROJECT OCEAN LOVE IS IN THE PROCESS OF COMPLETING A PROTOTYPE, WHICH WILL BE PILOTED IN THE BAHAMAS. HOW WE DO IT Replicated for Global Coastal Communities Once demonstrated at the Project Ocean Love’s Conservation Institute, the BE Starter KitTM will be replicated for coastal communities throughout the Caribbean and East Africa, starting with our partner in the Somaliland region of Somalia. PROJECT OCEAN LOVE PLANS TO SUPPORT ITS ACTIVITIES THROUGH THE FOLLOWING REVENUE-GENERATING OPPORTUNITIES: Deep Sea Fishing Deep sea fishing revenues from a resort currently existing on the Conservation Institute proposed site. Green Coffee Exports Roasted Coffee US Distribution Experiential Education Sales of BE Starter KitTM Carbon & Biodiversity Credits Specialty Kenyan Green Coffee beans, ethically sourced and sustainably harvested with cupping scores of 87 and above. Wholesale and Retail online roasted coffee sales and subscription. Student conservation programs at the high school and university level. Sales of BE Starter KitTM to coastal communities funded by Global North climate funds. Carbon and biodiversity credit revenues. WHAT WE NEED OCEAN LOVE PROJECT Purchase of land to host the Conservation Institute facilities and marine ecosystem assessment work Revenue generating land site potential: Deep sea fishing Marina International student conservation projects BE Starter KitTM technology demonstration funding Project Ocean Love operational expenses Salaries (R&D) IT Infrastructure Professional services e.g., legal contracts OUR TEAM NIKITA SHIEL-ROLLE,FOUNDER & CEO - YME BAHAMAS & THE CAT ISLAND CONSERVATION INSTITUTE IS A COMMUNITY BASED ORGANIZATION BUILDING SKILLS FOR THE BLUE ECONOMY AND SUSTAINABLE DEVELOPMENT IN LOCAL COMMUNITIES IN THE CARIBBEAN AND AFRICA VAVA COFFEE IS A COFFEE PRODUCER AND EXPORTER OF EAST AFRICAN SPECIALTY COFFEE HORN ENVIRONMENTAL AND FISHERIES ORGANIZATION IN THE SOMALILAND REGION OF SOMALIA WORKS TO BUILD CAPACITY FOR THE BLUE ECONOMY IN RURAL COASTAL COMMUNITIES WITH A FOCUS ON WOMEN AND CHILDREN. ISENSYS IS A TECHNOLOGY AND ENGINEERING COMPANY FOCUSED ON CREATING MORE EFFICIENT AND COST EFFECTIVE TECHNOLOGICAL SOLUTIONS FOR SCIENCE AND SUSTAINABLE DEVELOPMENT PLANETWERX A US NPO LEVERAGES TECHNOLOGY, FOSTER’S COMMUNITY ACTION, AND PROMOTES EDUCATION FOR THE PRESERVATION OF OUR EARTH. THE GLOBAL CLIMATE FINANCE ACCELERATOR CONVENES PARTNERS ACROSS BUSINESS, FINANCE, GOVERNMENT AND ACADEMIA ON STRATEGIES, POLICIES, PROCEDURES AND TOOLS TO FINANCE CLIMATE SOLUTIONS

Building capacity in local communities to capitalize on carbon sequestration and biodiversity credit markets in the Caribbean and African coastal communities.

Climate Justice
Entrepreneurship
Women & Youth
Education

Impact: SDG
1, 4, 5, 8, 10, 11, 13, 14, 17

 

Heard at PRI in Person 2024: Partnerships
 Heard at PRI in Person 2024: Partnerships 565 300 Global Climate Finance Accelerator

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 one of the organization’s core principles: Cultivating collaboration among key stakeholders, including investor signatories, policymakers, and academics.

At the Sustainable Finance Policy Conference on October 8, the PRI introduced updates to its Policy Toolkit on sustainable finance policy reforms. The event, which convened policymakers, regulators, and investors, explored reforms that support sustainability goals while maintaining competitiveness and economic resilience. Discussions also focused on how to navigate political cycles to ensure long-term support for responsible investment initiatives.

Speakers from all regions – North America, Europe, Africa – advocated for a “whole of government” approach, emphasizing the need for comprehensive coordination across various government departments, agencies, and levels. Coordination ensures that all facets of policy, from environmental regulation to financial oversight, are aligned to address systemic challenges such as climate change. In resource-based economies, from Canada to South Africa, targets along the transition trajectory must include human rights; not just to address job joss, but also to crowd people into new industries.

Speakers in all regions also noted the need to work together in addressing what have become human rights trade-offs in the path to net-zero, primarily land acquisition for renewables. Speakers acknowledged that this remains a steep learning curve that must be solved through collaboration between the Global North and South alongside governments and the private sector.

Back on the ground following PRI, speakers from the electricity sector at the Smart Growth Symposium talked about the historic undertaking of doubling the electricity grid by 2050. They called for more strategic collaborations between universities, industry, and government with better linkages between ivory towers and the shop floor. 

The room took a moment to celebrate an initiative to emulate. The University of Toronto’s long-standing reputation as a global leader in AI research acted as a foundation for bringing together researchers, government entities, and private sector partners to create the Vector Institute for Artificial Intelligence in 2017. U of T’s expertise in AI, particularly through faculty members such as Nobel Prize winner Geoffrey Hinton, provided the academic credibility and leadership that helped position Toronto as a significant hub for AI innovation globally.

On the energy transition, the university recently announced funding to make its Grid Modernization and Testing Centre, a Climate Positive Energy initiative, a reality. Industry facing, this test centre will help address a market capacity gap related to technology testing and real time simulation of various grid models. 

The Global Climate Finance Accelerator is delighted to collaborate with Climate Positive Energy and Rotman School of Management on interdisciplinary research to investigate and deploy new financing strategies and tools to accelerate the energy transition.

The Global Climate Finance Accelerator convenes partnerships across business, finance, and government on strategies, policies, procedures, and tools to finance the deployment of technically viable climate solutions.