BDC Heads Sustainability Efforts By Businesses Across Canada

The Business Development Bank of Canada (BDC) is spearheading sustainability efforts by businesses. The bank has a team dedicated to creating solutions and supporting sustainable projects for entrepreneurs across Canada to ensure they have access to a low-carbon economy.

BDC to help Canadian SMEs attain a greener future

Pierre-Olivier Brodeur is leading the climate change and decarbonization efforts at BDC. He leads a multidisciplinary team that is working on creating unique solutions and supporting sustainable projects for entrepreneurs across Canada.

Brodeur said that his role at the bank was created a little over a year ago as part of a strategic move. He noted that he was learning on the task and working alongside many within the sustainability industry.

He noted that there was increased interest in this sector, with many people across banking platforms seeking to learn more about sustainable finance and how it can transform the workplace. These businesses were willing to take courses and learn more about the space to promote sustainable action and transparency in carbon emissions.

Canadian SMEs want a greener future

According to Brodeur, a survey realized that around 50% of Canadian SMEs were leaders, with companies that have already started their projects and are planning to do more. On the other hand, around 35% of companies were beginners that were open to doing more. 50% of SMEs are also not planning to do anything related to sustainable finance because they do not feel the urgency.

“We are supporting the leaders, but the leaders will continue to act even without our support. The main challenge is providing the beginners with green opportunities and slowly building that awareness in the segment of businesses making no sustainable action to make a change because if they don’t, they will be left behind,” Brodeur said.

Brodeur noted that the bank was experimenting with different options to boost the accessibility and affordability of sustainable finance. Some solutions being offered by the bank include flexible pricing for sustainable products and flexible repayment options. BDC also has a climate action division that provides free consultations.

Brodeur also said that the main challenge being faced by BDC was proving that investment in sustainability was a positive business decision. As such, the bank wanted to evaluate how it could reach underserved communities and present these solutions to them. These communities usually face a challenging time accessing finance.

Brodeur also said that sustainable finance did not just revolve around financial institutions. Instead, it pertained to partnering with other entrepreneurs, universities, and government programs, among others. He also said that experts were largely needed to learn more about sustainable standards and come up with concepts on how the existing ones will be implemented.