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I am very grateful to have had learning and growth opportunities embedded in many of my vacations. From a week-long marine science camp at Clearwater Marine Aquarium built into a family trip to Florida, to a language and culture immersive experience in Italy and France during our school spring break as part of a language certificate program, I’ve been able to use my vacation time not only for rest and relaxation but also for enrichment and personal development. I hope as I advance my studies and eventually join the workforce that I will always approach vacations as an extension of life rather than a break from it.

Travelling to new places offers one the chance to blend enjoyment and education. By approaching ocean-based activities with curiosity and a sense of responsibility, tourists can turn their vacations into experiences that deepen their connection to the ocean and inspire them to advocate for its protection.

This advocacy is urgent. Life on earth cannot be sustained without the ocean. The ocean cannot be sustained unless we allow it to thrive undisrupted. Disruption to the ocean may be caused by a wide variety of factors, though two of the most prevalent are tourism and lack of education, which often go hand in hand. Tourists treading on corals, littering, and poking at fearful creatures is too often the norm rather than the exception.

There are myriad activities that will deepen our understanding of the ocean’s impact on our lives and the importance of its conservation. Visit designated Marine Protected Areas to learn more about how these areas are governed – and why – so you can apply this knowledge on your own. Find snorkelling trips that are led by marine biologists or, at a minimum, certified sustainable excursions.

Many coastal destinations offer opportunities for tourists to contribute to scientific research through citizen science programs. Activities include recording data on marine species, participating in beach cleanups, and helping with coral restoration projects. Engaging with local coastal communities provides insights into how the ocean influences daily life, from food and livelihood to cultural practices. It also can highlight the interconnectedness of human and ocean health, as well as the challenges these communities face due to climate change and pollution.

Although my marine conservation experience included some hard work, it did not exempt us volunteers from having fun! While exploring iconic Mexican landmarks such as the Mayan ruins and cenotes, our group learned how tourism can be both eco-friendly and exhilarating. Being mindful of one’s own impact on the environment includes using reef-safe sunscreens, avoiding single-use plastics, respecting wildlife, and choosing tour operators that follow sustainable practices. 

My biggest take-away from this experience is that there are numerous strategies to sustain industry without sacrificing vital ecosystems or our own mental and physical health as the cost of progress. I, like many of my fellow students, aspire to a life where my work and vacation blend seamlessly, where I can be both productive and relaxed.

Check out our fun photos and videos on Instagram @globalclimfin.

Nicole Zavagno is going into her final year of high school in Toronto, after which she aspires to study marine biology at one of Canada’s coastal universities. She is a PADI open water certified diver and training to be a lifeguard. 

In my previous post, I highlighted the various threats to coral reefs, urging readers to educate themselves and others about the gravity of reef destruction. Worldwide, approximately 14% of coral has already been lost, which will only increase if we continue to do things as we always have. In the Mesoamerican Reef, located on the coasts of Mexico, Belize, Guatemala, and Honduras, 44% of the durable boulder coral population had perished as of 2022, ultimately leading to a decline in coastal protection and marine life populations. 

By 2019, 45% of the coral colonies in the national marine park of Puerto Morelos were dead or dying. Through GVI’s in-country partnership on coral restoration, I had the opportunity to visit a land-based coral-and-crab nursery in Puerto Morelos, where I learned about cloning and assisted fertilization. I was able to observe a multitude of developing corals, as well as several tanks farming young crabs that will eventually be nurtured onto the reef. 

Scientists are trying to restore these vital ecosystems by developing coral nurseries. Within these nurseries, corals are encouraged to grow and reproduce at more rapid rates than in the wild so that they can eventually be replanted on the existing reef. Nurseries can be either field-based, occurring in the ocean and accessible via diving, or land-based, occurring in above-ground laboratories. Both methods of farming coral have their pros and cons. While field-based nurseries are relatively cost-efficient, they are vulnerable to negative environmental changes. Land-based nurseries, on the other hand, are protected against harsh environmental conditions, but are also expensive and require more advanced technology to operate.

At the lab I learned that, unlike most animals, corals reach reproductive maturity depending on their size rather than their age, which is why a main objective of the nurseries is to allow the invertebrates to reach a larger size in a shorter increment of time. The more quickly we can grow corals, the easier it will be to form reproductive colonies to help support the reef. Corals can reproduce both asexually and sexually, though the farms typically have them undergoing a method of asexual reproduction known as fragmentation. In the wild, fragmentation occurs when a coral branch is broken off a colony, and, if conditions are favourable, manages to reattach itself and form a new colony. This process is altered in the nurseries to allow the corals to grow faster. Larger corals are cut up into smaller pieces, triggering a growth response that results in numerous coral fragments growing altogether, sometimes even fusing with one another.

You can learn more about ongoing efforts to improve the Mesoamerican coral reef and fish health through the Healthy Reefs Initiative (HRI) and about coral restoration in general at the Coral Restoration Foundation. 

I will share what I’m learning about responsible and sustainable tourism in my final post next week. Meanwhile, check out some of my photos and videos on Instagram @globaclimfin.

Nicole Zavagno is going into her final year of high school in Toronto, after which she aspires to study marine biology at one of Canada’s coastal universities. She is a PADI open water certified diver and training to be a lifeguard. 

Drawn to the ocean at a very early age, I spent my childhood passionately studying aquatic life, hoping one day to pursue a career in marine biology. Upon approaching my final year of high school, I decided I would greatly benefit from a taste of real experience in the field. I was incredibly honoured with the opportunity to spend two weeks in Puerto Morelos, Mexico as an inaugural member of the Global Climate Finance Accelerator’s Youth Accelerator Program.

I worked alongside a handful of other teenagers, where I completed my PADI Open Water Diver certification and ventured among the captivating world beneath the sea. Through the under-18 program with GVI, I served as a volunteer working to conserve the reef system bordering the region’s coast. We were taught how to properly monitor and identify the species of coral, fish, sea turtles, and other aquatic life inhabiting the environment. We even spent a night observing grown sea turtles coming onto the beach to lay their eggs, where eventually the hatchlings would emerge and make the dangerous—though obligatory—trek across the sand to reach the sea.

Following my first few underwater dives, I am brimming with a deeper understanding of how vital coral reefs are to the natural environment, as well as just how threatened the reef population is. In addition to providing habitation for a multitude of marine organisms and preventing coastal erosion (since the waves break farther from the shore), reefs are a common source of food and medicine for people across the globe. They also support local businesses based on diving and snorkelling. In Puerto Morelos, for example, the tourism and fishing industries are the top economic driver; as a result, reefs play a key role in allowing the economy to thrive.

There are a variety of human-driven factors endangering coral, including pollution, overfishing, and climate change, along with related diseases, tropical storms, and sedimentation. Coral typically thrives in water temperatures ranging from 20°C (68°F) to 29°C (84°F). Rapidly increasing sea temperatures, therefore, pose a significant threat to the reef system. In areas such as the Caribbean coast, where storms and hurricanes are a frequent occurrence, reefs are even more susceptible to damage. To illustrate, Hurricane Beryl hit Puerto Morelos hard a few weeks prior to my arrival, leading to an increase in broken coral and destroyed colonies. The aftermath of the storm was visible to me in my dives.

How can we get people living far away from the evidence of climate change to care about the impacts?  People inhabiting our earth need coral. We need coral. Whether it is a local dive instructor providing for their family, fishers supporting their small businesses, or a city-dwelling patient treating an inflammatory illness, these marine invertebrates are a necessary part of our global ecosystem. More resources are needed to increase awareness about the threat to global marine life, and to educate others on what that means. 

More to come next week on how we can help. Meanwhile, check out some of my photos and videos on Instagram @globaclimfin.

Nicole Zavagno is going into her final year of high school in Toronto, after which she aspires to study marine biology at one of Canada’s coastal universities. She got hooked on the subject after seeing “The Dolphin Tale” at four years old and has never wavered since. At age 10 she had the dream-come-true opportunity to spend a week observing and learning about dolphins at Clearwater Marine Aquarium in Florida. Nicole is a PADI open water certified diver and training to be a lifeguard. She is a former provincial-level gymnast and current coach with Toronto Gymnastics International.

Given the extreme vulnerability of coastal communities to rising sea levels, coral reef bleaching, and extreme weather events, solutions for protecting them were a key item on the agenda at Afreximbank’s annual meeting in The Bahamas.

In an interview with African Business following the AGM, I  highlighted a transformative opportunity to empower local communities most affected by climate change and biodiversity loss. These communities can play a crucial role in leading the necessary adaptation to survive. By providing them with scientific knowledge about climate change—its impacts and effective response strategies— coupled with the right technology, we enable them to become active participants in protecting their environment. This also ensures the long-term sustainability of their revenue-generating industries, particularly tourism, which is especially vital when owned by the local communities themselves.

The Cat Island Conservation Institute works in the Caribbean and Africa to build the capacity of local people to participate in a sustainable blue economy. These regions suffer from a lack of data about our oceans. The Institute’s capacity building helps individuals develop the skills needed to thrive in this new science-based ocean economy, including the training and technologies required for accurate data collection about climatic patterns. Many of these coastal communities in Africa and the Caribbean are oblivious to the power and potential within the ocean, which is their birthright. Training on the scientific principles that govern the oceans they call home must be delivered in a language and format they understand and honours local cultures and traditions. 

The Conservation Institute provides comprehensive training that allows local people to collect reliable data crucial for scientific research on climate change. This data helps us understand changes in shifting weather patterns, and biodiversity changes, specifically the health of our seagrasses, coral reefs, and fish populations. For example, we don’t have a clear picture of how rainfall patterns are changing in our communities. This lack of data makes it difficult to prepare for extreme weather events, be they devastating floods or prolonged droughts, that have become increasingly common, as we saw in Kenya recently. These extreme weather events are causing disasters and death, even though the communities they affect haven’t significantly contributed to the changing climate causing these events.

Strategic and well-funded knowledge transfer equips communities with the tools and resources to become custodians of technologies generating the data underpinning the carbon and biodiversity markets in the blue economy. These markets can unlock capital for climate mitigation and adaptation solutions, safeguarding our vital ecosystem services with the potential to transform the lives of local communities through economic empowerment. By empowering local communities to access these opportunities, we advance towards a socially inclusive financial architecture.

Access to capital, however, poses a significant barrier. 

Banks in the Global North view us as high risk. We must find ways to de-risk local populations to facilitate investment. When local ownership in businesses attracting foreign direct investment, such as tourism, becomes the norm, rather than the exception,  not only is the experience more powerful – since it’s grounded in the local culture – but income stays in the country, thereby transforming the local economy. 

A sustainable blue economy is one in which we have eliminated the barriers to participation in revenue-generating opportunities presented by the ocean.

Nikita Shiel-Rolle is the founder of Young Marine Explorers Bahamas (YME Bahamas)  and the Cat Island Conservation Institute, a Bahamian non-profit organisation dedicated to marine conservation. She has a Master’s degree in Biodiversity Wildlife and Ecosystem Health from the University of Edinburgh and a Bachelor’s degree in Marine Affairs & Policy from the Rosenstiel School of Marine and Atmospheric Science at the University of Miami.

The Global Climate Finance Accelerator’s recent research through Rotman’ School of Management’sAccelerating Climate Finance experiential learning program set out to identify market and policy barriers to advancing climate solutions. We found that policy and market solutions exist. It is an enabling culture that moves them forward. Designed well, bottom-up initiatives in cities and regions can be engines of innovation, driving our much-needed economy-wide sectoral transformations and economic growth.

For example: Since joining the  Western Climate Initiative with California in 2014, Quebec has cultivated a culture of energy transition and innovation with substantial investments in the battery value chain, incentives for electric vehicle adoption, and a plan to install new clean electricity capacity and recruit qualified workers.  

Most notable in New York last week was the result of Quebec’s efforts over nearly a decade to attract global investment in support of its goals. In a historic investment from the U.S. government, the province has successfully secured capital for its critical minerals sector and the development of a tech corridor between Quebec and the state of new York.

This strategic imperative links New York City and Montreal as cross-border collaborators in fostering an employment growth-oriented cleantech ecosystem. Neither city fell upon these opportunities by accident. Their success demonstrates the importance of vision and persistence.

New York City launched its plan to strengthen the economy, combat climate change, and enhance quality of life in 2007. Ignoring the threat, and eventual realization of federal administration changes, the Plan was updated in 2015 with a continued focus on sustainability, equity, resilience, and growth. Recognizing that divisiveness and negativity accompanying the pandemic were putting targeted transformation outcomes at risk, a consortium of corporate, investment and entrepreneurial firms launched the Partnership for New York City in 2023 to collaboratively build a narrative for every citizen – students, trades, professionals – to unlock the full economic potential of New York.

By harnessing culture’s potential to unify, inspire, narrate, and sustain, New York and Quebec illustrate how a deliberate, long-term strategy can create a more cohesive and proactive community, ready to face future challenges together.

For the rest of Canada, we must first reverse a culture in peril, exacerbated by today’s pernicious information sharing platforms with newsfeeds designed to continually reinforce specific, existing worldviews and rampant “burnout fuelled by increased work stress (in conjunction with) a perpetual feed of negative information…that can inflame the polarization of political discourse.”

Much of the news today is negative, with a seeming inability to agree on a national course of action, from fiscal policy to productivity to the looming imperative of a low carbon transition.

But there’s hope. Canadian cities have long attracted diverse talents and minds. There is no shortage of U.S. cities with which to create cross-border partnerships. Community-led efforts like the University of Toronto’sClimate Positive Energy and other regional initiatives create learning labs that can – and do – transcend borders to build networks in which people can explore, test, debate, and collaborate. Funding vehicles such as the Canada Growth Fund can co-invest with US funding partners to accelerate the deployment of identified technologies. Canada’s new Indigenous loan guarantee program can attract new investment for projects in Indigenous Nations and communities.

Regional and federal governments can amplify the effects of these and other initiatives by crafting and reinforcing a national vision underpinned by coordinated policy and action. A compelling, positive vision enables citizens to see beyond the intricate web of interdependent policy actions and understand how coordinated, on the ground efforts support broader environmental, societal, and economic goals. Garnering broad-based support will facilitate transformative change.

A key success factor in Canada is fostering collaboration between provinces and territories. The ability to do so hinges on maintaining a long-term commitment from societal actors beyond political cycles in the difficult negotiations and compromises to come.

In the words of New York’s Partnership CEO: “We have to fight for the things we love.”

​We love Canada.

Susan McGeachie is co-founder and managing partner at Global Climate Finance Accelerator, which convenes partnerships across business, finance, government, and academia on strategies, policies, procedures, and tools to finance climate solutions.

Our health is directly impacted by our environment. The basic necessities that keep us alive are reliant on it. Air, water, and food.

We depend on our atmosphere for the air we breathe, our lakes, rivers, streams, and springs for water to quench our thirst, and the soil to provide nutrients for the food that we consume.

What does health look like for you in the face of climate change?

Altered patterns of disease as ecosystems warm, such as an expanded range of ticks increasing the risk of Lyme’s disease. Respiratory disorders due to increased ground-level ozone and other climate affected air pollutants.

A rise in mental health disorders, as increasing impacts and lack of action leave people feeling helpless (often referred to as “eco-anxiety”).

Many of the solutions for climate change are large scale, often global, focused on actions of people too often beyond our ability to control.

These solutions, therefore, feel impersonal.

The challenges we’ll face from climate change are real, but for us to take autonomous action we need to explore another narrative as well. One that offers individual, accessible solutions to establish a sense of empowerment and provide a holistic direction for the future.

Consider how climate change affects you directly. How connected you are to nature and the Earth. Identifying your individual vulnerabilities will enable you to develop a plan to address them.

What lifestyle changes can you make to protect your health in a changing climate? Can you diversify your source of food by expanding from the grocery store to the wilderness?

Integrating food and herbs from our natural landscapes into your diet will give you options in the face of increasingly erratic supply chains. Chaga, for example, can be made into a dark tea as a replacement for black tea. These medicinal mushrooms are rich in polyphenols, which act as antioxidants; important compounds that protect our bodies from oxidative stress caused by the same pollutants that contribute to climate change. Chaga should be sustainably harvested in the winter and thrive in colder climates on birch trees.

Regular mindfulness practice will help balance the nervous system and promote resiliency, keeping you calm and kind in the face of more frequent crises and contributors to stress.

Nature can help here too.

For those interested in gardening, why not add plants that help calm your mind and help the body adapt to stress while making a positive impact on the environment? Holy basil (Ocimum sanctum) is an adaptogenic herb that addresses physical, chemical, metabolic, and psychological stress. Lemon Balm (Melissa officinalis) is a nervine herb that promotes calm and relaxation. Both herbs are productive and easy to grow in your home garden.

A significant aspect of achieving autonomous healthcare is the ability to make informed decisions. This involves being in tune with your body and recognizing the signs and symptoms it presents. The body provides us with these indicators to allow us to respond and support its innate ability to heal itself.

An example of this is inflammation, one of the most notable contributors to disease. Inflammation is a part of the body’s defence mechanism. It is a process of the immune system, by which it recognizes and removes harmful stimuli and is the start of the healing process.

Inflammation can be initiated by the presence of pathogens such as bacterial or viral infections, injury, exposure to toxins including chemicals and mold, food sensitivities, autoimmune disorders, changes in hormones, sleep issues, or chronic stress.

Symptoms of inflammation depend on the area or symptom affected as well as how long the inflammation has been present. Learn more about how to identify and remove, treat, and/or optimize the body’s ability to cope with inflammation in my blog at CSO Partner.

As inflammation is a common pathogenesis of many chronic diseases, lifestyle medicine can be implemented to reduce its impact on the body.

Activities like shinrin-yoku, or forest bathing, can reduce inflammation, as well as stress levels and lead to other positive outcomes such as improved sleep and immune function. Research shows that “forest environments promote lower concentrations of cortisol, lower pulse rate, lower blood pressure, increase parasympathetic nerve activity, and lower sympathetic nerve activity than do city environments, and that these results can last for up to seven days following your time in a forest”. Shinrin-yoku has been called a bridge between us and the natural world. Spend a minimum of 2 hours per week, 20+ minutes each time in nature.

By taking small, actionable steps towards integrating nature into your daily life, you can create your own healthy, climate-resilient future.

Dr. Cristina Allen is a Naturopathic Doctor with over a decade of experience, owner of lifestyle medicine brand FIELD GUIDE, and co-founding partner of creative consultancy Home Planet. She provides workshops and speaks on the impacts of climate change on health, permaculture, seasonal and healthful eating, and foraging wild spaces in North America. Connect with her and other leading sustainability practitioners at CSOPartner.

Today wraps up a busy week for me of learning and collaboration to advance economic, social, and environmental outcomes. It kicked off with PDAC 2024 in Toronto followed by two days of discussions on the Future of Sustainable Development and Impact Investing at the Canadian Alternatives in Pensions (CAiP) conference in beautiful Niagara-on-the-Lake.

One notable prevailing theme at both conferences was the role of public pension funds in promoting sustainable and inclusive growth in the countries they serve. My original intention was to use this blog to unpack that topic further but, as today is International Women’s Day, I am instead going to focus on a more subtle theme beneath the surface of many of the week’s discussions.

According to today’s CEO Magazine, we are not on track to achieve gender parity goals on our current trajectory – neither in government nor corporate leadership, or within society at large, anywhere in the world. There are, however, exciting innovations that could change the course of this trajectory.

At PDAC, panelists from banking noted the inclusion of many young women in their area of finance, where once it had all been men. This relatively recent shift widens the pool of available (young) women to move through the narrowing pipeline for promotion. The challenge is keeping them, and understanding why this continues to be so.

While the popular view is that women simply become disinterested in the lifestyle as they mature and so seek positions outside the well-paid mainstream for a better work-life balance, some senior female panelists suggested otherwise. Women can become ignored over time in traditionally male dominated fields. They face a gradual growth in gender bias, where their comments and gestures become increasingly dismissed, criticized, or even ridiculed by both male and female colleagues of all ages, and they eventually lose access to high profile projects, network membership, and sponsorship opportunities.

Author Dr. Tomas Chamorro-Premuzic argues that “the main reason for the unbalanced gender ratio in management is our inability to discern between confidence and competence, (which fools us) into believing that men are better leaders than women.” He suggests that “Most of the character traits that are truly advantageous for effective leadership are predominantly found in those who fail to impress others with their talent for management.” While this is true for both men and women, Chamorro-Premuzic notes that it is “especially true for women.” While some women can push through and thrive, many more leave for better leadership opportunities in smaller, less well-paid organizations and fields where they can build their executive capabilities.

A positive outcome of this exodus, though, is its tremendous value to society. 

At CAiP, where I had the privilege of moderating a panel discussion on new and innovative financing strategies, I once again witnessed the socio-economic potential of people leveraging financial products and services in new ways to create positive change. 

After more than a decade on the buy side at major banks and funds, Olivia Hornby is leveraging her expertise as Managing Partner at Spring Impact Capital to unlock the potential for the deep technologies required to achieve a socially inclusive, low carbon transition. Pranay Samson took learnings from his early years in banking to build a career in investing in and working with companies that create economic and social outcomes for women around the world, most recently with Plan International Canada, in partnership with the government of Canada and global institutional investors. And Ana Gonzalez Guerrero, co-founder of Youth Climate Lab, is building on her experience with the Federation of Canadian Municipalities to develop and roll out an innovative financing strategy for a retrofit platform at MaRS that aggregates buildings in multiple cities for institutional investors.

It was exciting to round out the week with a discussion this evening at Rotman’s Net Impact conference, organized by MBA candidate Ruchi Hirawat and her colleagues, on the emerging field of ESG in trade finance with Heather Lang and the rapid evolution of sustainable finance in Canada’s banking sector with Melissa Menzies. Among many of their insights, Melissa and Heather told a packed room of students of the men that had mentored and supported them throughout their career, reminding us that both men and women are part of this journey.

Happy International Women’s Day to all the amazing women and men accelerating progress!

Susan McGeachie is Co-founder and Managing Partner at Global Climate Finance Accelerator, which convenes partnerships across business, finance, and government on strategies, policies, procedures, and tools to finance climate solutions.

As I spent a leisurely afternoon making ceramics with my daughter, it suddenly struck me how quickly she’s grown. My first thought was that, as a first-time mom, I need to remind myself to capture these moments before they disappear forever. My second was that we need to do the same with the window open before us to chart a course for a safe and equitable future. Witnessing just how quickly my daughter has grown, I’ve come to truly appreciate the saying “time stops for no one.” Like the fleeting moments of childhood, the window for effective climate action is quickly closing, emphasizing the need for timely and innovative financial solutions.

Addressing the climate crisis hinges on our ability to turn ground-breaking research into market-ready solutions. Climate projects, much like children, require thoughtful and flexible supports that consider the entire life cycle. Failure to account for the interdependencies of these supports throughout an entire value chain leads to an overemphasis on traditional financing strategies that are failing to meet the scale required. Continuously pursuing low risk investments with short-term returns leads to “misfunded”, unfinished, or altogether untapped climate action projects.

It is encouraging to see the attention on and increase in impact funds and blended finance structures to address gaps at the early stage, and the growth in green bonds and climate funds for investment in advancing tested technologies and strategies. But more is needed. Incorporating an impact continuity lens will be essential for strategic resource allocation and support to ensure that projects are not just initiated but actively guided through each investment phase and brought to successful completion.

The key to maintaining project momentum lies in the effective collaboration of market participants. For example, donor funding for basic science is ineffective without further rounds earmarked in advance for subsequent phases such as market validation of breakthroughs. A clear definition of stakeholder roles at the start of each project will enable meaningful participation for all players in the climate ecosystem. 
​
Public Ventures is partnering with the Global Climate Finance Accelerator to go deep into the weeds of specific project economics. We’re identifying funding gaps in critical areas and exploring how new funding models can ensure a steady flow of capital throughout the lifecycle of climate projects using an impact continuity lens. We’re looking at innovative adjustments, including the Excess Benefit Exemption (EBE), which would allow investors in climate-related projects to receive tax rebates on investment losses. Our hope is that corporate, national, and global leaders will help us experiment in and adopt refined financing models, new, fit-for-purpose policy frameworks, and structural supports for the climate positive project lifecycle.

In 2050 my daughter will be just shy of 30. Throughout the two and a half decades leading up to that target year, she will need guidance and support to grow into the power she’ll require to shift entire value chains to net zero. It is up to me, in collaboration with my global community, to ensure that by 30 she and the rest of her generation inherit the same working world in which generations before theirs have thrived. 

Zoey Dash McKenzie is the founding president of Public Ventures, a Venture Capital fund manager. After launching a high-growth communication SaaS platform, she leveraged her experience in the tech sector to actively mentor first-time founders and invest in transformative early-stage startups. Her achievements and accolades include being a nominee for the 2015 Forbes 30 Under 30 award in consumer technology. She advocates for policy change that could unlock trillions of dollars for HealthCare and CleanTech innovation.

In my part of the world, my long-awaited Christmas snowfall happened this past weekend, before we return to work in earnest, leaving a glittering powder of white over the twinkling lights of my neighbourhood. That first morning walk in the snow’s quiet stillness leaves me cleansed and energized for the year ahead. As long as it arrives some time over what is for me a two-week Christmas and New Year holiday, I head back into the working world filled with optimism and hope. 

We’ll need them both. The 2024 working world will be a tough one. Deloitte’s economic outlook report paints a gloomy picture for Canada. While the firm was more optimistic about the US economy, it did note that climate change continues to pose a long term challenge due to increased costs and an as yet unrealized need to invest in solutions.

It’s these very types of economic environments, however, that create exciting potential for change. Necessity as the mother of invention has been demonstrated time and again through innovations born in periods of recession. Low demand for products, services, and employees, combined with high levels of available talent collaborating on new ways to apply their skills breed creative disruption. Today, as Plato tells us in the Republic, “our need will be the real creator”.

The first economic depression, triggered by the “Panic of 1873” brought us both the light bulb and telephone. The electric guitar, FM Radio, and the photocopier were created during the 1930s. The less glamorous but game-changing barcode, which enables us to track inventory and therefore reduce costs, was launched in 1974, a year after the start of the 1970s recession. The ongoing development of personal computers also took place during this decade of soft economic conditions following the launch of the first of its kind in 1971. And the Great Recession, resulting from the financial crisis of 2008, preceded the launch in 2009 and 2010 of economic disruptors Airbnb and Uber along with social networking and communications platforms WhatsApp, Instagram, and Pinterest.

Coalescing thought leadership indicates that the much-needed disrupters coming out of this next recession will be to the political and economic systems themselves. The energy transition will be the most radical economic transformation since the industrial revolution. It will take more than technological innovation to get there as evidenced by the plight of mature technologies struggling to survive in the face of increasing interest rates, razor thin margins, and  “warring regulators” that “have shaken investors’ faith in Canada, sent one company into bankruptcy and imperilled the massive green-power potential….” Today’s global legislative frameworks and financing architecture are not yet conducive to accelerating capital flows into climate solutions. 

Over the past four months, the Accelerating Climate Finance inaugural cohort of graduate students from business, finance, environment, policy, and engineering at the University of Toronto has evaluated and proposed solutions in five broad categories to address weak points in the capital investment system. The results of this work, to be released in early 2024, focus on five priority areas.

1.     Legislative barriers that stall climate-aligned projects including renewable energy generation in Ontario and transmission in California.

2.     Delayed reallocation of revenues through functional carbon markets or, where these fail, more direct mechanisms to support mature climate-aligned technologies still struggling with razor-thin margins and dwindling access to capital.

3.     Uncoordinated, complex, and delayed access to concessional capital and risk-sharing structures.

4.     Technically feasible but economically unviable industrial decarbonization solutions.

5.     Non-income generating climate risk reduction through investment in adaptation.

​As our traditional economy sputters and stalls, we face a unique opportunity to create a new one, the one we’ve been envisioning in every global Conference of the Parties session since Paris. Successfully redirecting the flow of capital to the low carbon economy will create a softer landing in these challenging economic times for us all.

Susan McGeachie is Co-founder and Managing Partner at Global Climate Finance Accelerator, which convenes partnerships across business, finance, and government on strategies, policies, procedures, and tools to finance climate solutions.