In a recent discussion with Pierre-Olivier Brodeur, the head of sustainability and decarbonization projects at the Business Development Bank of Canada (BDC), he highlighted the emergence of new roles focused on sustainable initiatives and climate solutions within the finance sector.
As a Crown Corporation owned by the Canadian government, BDC is tasked with supporting privately-owned businesses in Canada. The bank provides a range of services—including consulting, venture capital investment, financing, and lending—while refraining from offering grants or subsidies.
Brodeur is featured in AXA Climate’s white paper that examines how corporate leaders are evolving their roles to foster a culture of sustainability within their organizations. He leads BDC’s climate accelerator and decarbonization efforts, collaborating with a multidisciplinary team to devise solutions that enable Canadian entrepreneurs to transition towards a low-carbon economy. The support offered includes financial products, consulting services, and practical advice.
“Our approach involves piloting sustainable initiatives in an agile manner to create solutions that align not only with the bank’s objectives but also meet the diverse needs of our clients,” Brodeur explained.
His position was established just over a year ago as part of a strategic initiative by BDC aimed at addressing pressing issues like climate change and diversity. While Brodeur’s experience lies in digital marketing, he, alongside many newcomers in the sustainability realm, is learning to navigate this evolving landscape.
Discussing the demand for talent in sustainable finance, Brodeur stated, “It’s a balancing act. While seasoned professionals are essential for launching new projects, there’s a notable interest among employees in banks who seek to learn more about sustainable finance and contribute positively to their organizations and the planet. Many are willing to pursue additional training to enhance their skills, making it beneficial to invest in upskilling our workforce.”
Brodeur emphasized the urgency felt within the financial sector regarding sustainability and emissions transparency. He noted that among Canadian SMEs surveyed, about 50% are considered ‘leaders’ who have initiated sustainability projects and plan to expand their efforts. Approximately 35% are ‘beginners’ who have engaged in preliminary actions but are open to further initiatives. Conversely, about 50% have yet to prioritize sustainable actions, citing a lack of urgency or relevance. BDC aims to support the leaders while also encouraging the beginners to recognize the importance of sustainable practices, particularly to avoid being left behind in an increasingly green economy.
“Major financial institutions have already committed to sustainability, and the time for mere pledges has passed. The primary barriers to action are knowledge and costs,” Brodeur asserted. He pointed to the “green premium” associated with sustainable initiatives that presents challenges for both banks and consumers. To address this, BDC is exploring various methods to make sustainability more affordable and accessible, including flexible pricing for sustainability-focused products and tailored repayment options. Additionally, BDC’s climate action sector offers free consultations to assist businesses in developing eco-friendly projects.
Brodeur cited the growing popularity of green buildings among companies striving for environmental responsibility, as they seek energy-efficient office spaces and transition from gas and fuel heating systems to electric solutions.
He highlighted partnerships with companies like Green Beaver, a cosmetics brand working with BDC to develop organic products that minimize chemical use.
Addressing the broader implications of Environmental, Social, and Governance (ESG) considerations, Brodeur stated: “Our main challenge lies in demonstrating to entrepreneurs that investing in sustainability enhances business viability. We also prioritize reaching underserved communities, including Black and Indigenous groups in Canada, who historically encounter barriers to accessing financing. Sustainable finance necessitates collaboration—not just within financial institutions, but across partnerships with entrepreneurs, universities, and government programs. No one can tackle this challenge alone.”
With a growing number of roles concentrating on sustainability, the focus is shifting towards integrating sustainable practices into all facets of business operations. This highlights the need for experts to understand sustainable standards and how to implement them within their existing roles—an essential realization across various industries.