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Scotiabank allocates $1 million to decarbonization research through 2023 Net-Zero Research Fund

Published Nov 07, 2023 01:32PM ET
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In a recent move to support the transition to a low-carbon economy, Scotiabank has awarded $1 million in grants to ten organizations across Canada, the US, and Latin America. This funding is part of the bank's 2023 Net-Zero Research Fund, a decade-long commitment offering $10 million in total to support research and initiatives focused on decarbonization.

Among the recipients of this year's funding is Memorial University in Newfoundland and Labrador. The university's Environmental Sciences team is conducting research into the use of seaweed as a fertilizer for soil carbon storage and greenhouse gas emissions reduction, particularly in areas with poor soil quality.

Other grant recipients are engaged in various decarbonization projects. These include a Canadian initiative to quantify agricultural greenhouse gas emissions, the University of Alberta's research on net-zero transitions for Canada's steel industry, and LiteFarm's development of an ecological footprint calculator. Additionally, the PEACH DAC project is working on scalable Carbon Dioxide Removal technology, while the GENESIS project at the University of Sherbrooke tests green-energy technologies.

Further recipients include Costa Rica's small coffee processors who are implementing technologies to reduce environmental impacts. There are also new projects such as the River Alkalinity Enhancement (RAE) quantification project, RAC's Blue Ocean Credits Program (BOCP) for coastal decarbonization, and a US-based project developing next-generation carbonation technology for steel slag.

Meigan Terry, Scotiabank’s Senior Vice President, reiterated the bank’s commitment to supporting climate change mitigation. The next submissions call for the Net-Zero Research Fund is scheduled for spring 2024.

These initiatives form part of Scotiabank's broader strategy aimed at combating climate change. The bank plans to mobilize $350 billion for climate-related finance by 2030 and invest $25 million in community initiatives over the next decade. These goals are tied to the Scotiabank Climate Change Centre of Excellence, which promotes agricultural decarbonization among other solutions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Scotiabank allocates $1 million to decarbonization research through 2023 Net-Zero Research Fund
 

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