BDC Bank Brings Climate Solutions To The Finance Industry

The Business Development Bank of Canada (BDC) is promoting sustainable practices and fostering a focus on climate solutions across the finance industry. BDC is a government-backed institution set to support Canadian companies that are owned by the private sector.

BDC fosters sustainable practices in the finance industry

Pierre-Olivier Brodeur, who leads the sustainability and decarbonization projects at BDC, said that the bank was testing the sustainable initiatives and testing them in an agile manner. The bank was also experimenting with the terms and conditions at a smaller scale to create solutions that meet the needs of the bank and its clients.

Brodeur also said that there was a growing need for talent in the rapidly-growing sustainable finance industry. He noted that financial institutions looking to expand their activities in the sector had to look for seasoned professionals to launch these projects. He also admitted that there was a growing level of interest in the sustainable finance industry.

“There are a lot of people in banks that want to learn more about sustainable finance, that want to make a difference in their workplace and for the planet and are willing to go and take courses to learn as they go. These people know the bank, the environment, and the clients, so it’s a very good option to upskill the workforce,” Brodeur said.

He also noted that Canadian SMEs were already shifting their attention towards sustainability. A survey by BDC found that 50% of these businesses had put sustainable projects into action and planned to do more. On the other hand, around 35% of these businesses were beginners that were open to doing more if it aligned with their business.

Brodeur also said that one of the main issues was giving beginners access to green opportunities and building awareness in this sector. Businesses also needed to be sensitized that a failure to shift to sustainability would affect their competitiveness.

Businesses have increased focus on sustainability

According to Brodeur, green buildings have become increasingly popular for companies that want to promote environmental friendliness. Companies have been exploring sustainable options for office spaces that need less energy as they also transition to electricity.

Brodeur also said why that the bank’s main challenge was proving to investors that investing in sustainability for a business was a positive business decision. As such, the company was reaching out to underserved communities across Canada that faced a difficult time accessing finance.

He also added that sustainable finance was an area that did not just focus on financial institutions but also partnerships with universities, entrepreneurs, and government programs, among others.

Besides businesses focusing on sustainability, some professions in this area were also emerging. Different positions, such as the one Brodeur serves, have focused on bringing sustainability into every business area. The growing need for experts in this area proved that it was vital to learn about sustainable standards and come up with ways to apply these learned standards within the existing roles.