For the past several years, University of Toronto students from Rotman, the Munk School, Engineering, and beyond have worked with industry experts to tackle the climate finance barriers holding back investment in cleaner technologies. This report brings together lessons from their research, guided by the Global Climate Finance Accelerator’s seasoned professionals.
For our students, this work is more than an academic exercise. It is hands-on training in convening governments, developers, investors, and offtakers, and in designing financing structures that can accelerate the energy transition at scale.
Breakthrough technologies depend on getting first-of-a-kind projects built, yet these remain trapped in a “missing middle”: too risky for infrastructure investors and too low-return for venture capital. Public funds help, but without credible strategies and commitments, this capital rarely unlocks private investment. What’s needed are deliberately structured capital stacks that balance risk and reward, and milestone-based pathways that can be repeated across sectors.
The challenge is immense, but so is the opportunity. By shifting from financing companies to financing projects, investors can create new entry points for public, philanthropic, and private capital alike.
The Dobson Business and Climate Project at Rotman has made it possible to expand experiential learning at the intersection of finance, innovation, and policy. With support from the Lawson Climate Institute, we are excited to grow this program in 2025–26 at the University of Toronto. If you are a U of T student or a cleantech company that is interested in learning more about this program for 2025-26, please contact the team at info@globalclimfin.com.
We hope this report offers valuable insights into the tools and strategies needed to fund the energy transition. Our thanks to the Global Climate Finance Accelerator for helping prepare students to meet this challenge and for advancing the practice of sustainable finance.
Kenneth S. Corts
Academic Director, Rotman Sustainability Initiative
Academic Lead, Policy and Sustainable Finance, Lawson Climate Institute
Marcel Desautels Chair in Entrepreneurship
Professor, Economic Analysis and Policy
