Achieving the world’s goal of reaching net-zero carbon emissions by 2050 isn’t one project. It will require thousands of projects, policies and action in every part of the world, contributing in some way to meeting this monumental challenge.
Whether it’s the Reef Aquaculture Conservancy restoring coral reefs in Mexico whose ecosystems act as carbon sinks, research at the Massachusetts Institute of Technology on carbon capture and sequestration or the University of Alberta searching for ways to decarbonize the steel industry — every step counts.
Scotiabank created the Net Zero Research Fund in 2021 to initiate partnerships — including the three organizations mentioned above — that are working to advance research and leadership in the transition to a low-carbon economy.
“If we’re going to reach our ambitious emissions reduction goals, we have to explore the opportunities in every sector, all across the economy,” said Kim Brand, Vice President and Global Head, Sustainability at Scotiabank. “There are people in every corner of our world working on ways to solve the challenges a changing climate presents, and through the Net-Zero Research Fund, we want to contribute and enable these insights so we can help accelerate this needed transition.”
In its first three years, the Net Zero Research Fund has contributed $3 million to 30 organizations conducting 31 projects in Canada, the U.S., Mexico, Chile, Peru and other countries across the Americas.
Brand says the reaction from the research community has been very encouraging.
“We have seen so many insightful and innovative research and development proposals,” she said. “We are proud to support these organizations and their meaningful work as part of the broader effort to adapt, mitigate and be resilient in addressing climate change.”
Scotiabank has allocated $25 million until 2030 for community investments in non-profit and charitable organizations that support climate-related systems change and sector decarbonization, of which $10 million is earmarked for Scotiabank’s Net-Zero Research Fund.
The fund is now accepting applications for its next set of research projects. Proposals that have the potential to accelerate the transition to a net-zero emissions future by 2050 or sooner are eligible for up to $100,000 each. Themes include exploring pathways for decarbonization of industry sectors, carbon storage and sequestration, and levers to increase consumer, municipal, or industrial demand for lower or zero-carbon technologies. Organizations must be registered for not-for-profit or charitable organizations in their jurisdiction.
Previous NZRF recipients:
University of Alberta
Country: Canada
Project summary: The University of Alberta is researching the development of net-zero transition pathways for Canada’s $15-billion steel industry. Pathways will be developed offering maximum economic, social, and environmental benefits to ensure Canada remains competitive in a global market racing to produce low-emission steel.
Memorial University — Grenfell Campus
Country: Canada
Project summary: Memorial University's Environmental Microbial Bioenergetics Laboratory at its Grenfell Campus in Corner Brook is conducting research into whether using seaweed as a fertilizer offers co-benefits for increasing soil carbon storage and reducing GHG emissions. The outcome of this research will help to advance approaches to agricultural decarbonization in Canada and elsewhere.
Reef Aquaculture Conservancy
Country: Mexico
Project summary: In 2022, Reef Aquaculture Conservancy received NZRF support to implement the first phase of its Blue Ocean Credits Program (BOCP), which is focused on the protection and rehabilitation dunes, mangroves, marshes, seagrass and reefs. With the funding in 2023, it plans to accelerate coastal decarbonization efforts in the Mesoamerican Reef System.
Con Vida Foundation
Country: Colombia
Project summary: Con Vida Foundation was granted $100,000 to conduct research into the impact of avocado farming across the tropical Andes. Tropical Andean forests are global biodiversity hotspots, and an overlooked carbon sink opportunity. This research will study the "negative effect" of extensive avocado crops on water yields at the watershed level and their "positive effect" as a new carbon sink. Key outputs include computational tools for crop planning and management, and research-sharing workshops with agricultural community stakeholders to improve planning strategies and ecological management.