Biodiversity bottleneck

NEWS

What’s on deck at COP16

What happened: The COP16 biodiversity summit kicked off today where nations will focus on implementing the Kunming-Montreal Global Biodiversity Framework (GBF). Basically the “Paris Agreement for Nature”, the framework aims to halt and reverse nature loss.

On the agenda: The summit is all about implementation, and like most COPs, there’s no shortage of contentious topics. 

• Finance for nature. Developed countries pledged to contribute $20B per year by 2025, but just 7 countries have ponied up a total of $244M. 

• National action plans. These plans are supposed to make sure countries actually implement the GBF. Canada is one of 29 countries out of 200 that have submitted plans

• Benefit sharing. As more genetic data from plants, microbes and animals are used in commercial applications, countries will try to nail down who benefits and how funds will be managed.

Other key issues include a monitoring framework for the GBF targets and goals, recognizing Indigenous rights, and data collection.  

Why it matters: Nature contributes at least $125 trillion to humans every year, enabling critical systems for clean air and water, floor management, food security, and more. 

But we’re not doing a great job stewarding natural systems. Biodiversity is declining rapidly, with ~1 million animal and plant species facing extinction. Humans have altered 70% of land and 87% of the ocean. 

Playing catch up: Despite its obvious value, biodiversity hasn’t made its way into economic circles to the same extent as climate change, which can be boiled down to a clear measure - greenhouse gas emissions. Efforts like the GBF and the Taskforce on Nature-Related Financial Disclosures are slowly pushing the world to catch up, but biodiversity is still seen by many as a philanthropic space. 

Opportunities for nature impact are everywhere, from regenerative agriculture, water treatment and efficiency, to nature-positive infrastructure - and of course biodiversity credits. And it’s not just altruism. A report from BCG found that these nature-positive investments could add millions to banks’ top line.

What’s next: This year’s summit will offer a first look at how well countries are turning biodiversity targets into action, and could help set the stage to better integrate nature into global climate efforts.

CLIMATE CAPITAL

🛰️ Wyvern (Edmonton, AB) secured an $8.2M strategic investment for its remote sensing technology. Wyvern develops compact hyperspectral satellites that allow it to identify different materials from space, enabling forestry monitoring, methane leak detection, and more. The funding will be used to expand into the US and pursue defence customers.

⛏️ Ideon Technologies (Richmond, BC) received a $2.7M repayable contribution from PacifiCan to commercialize their subsurface intelligence system. Ideon’s technology minimizes the environmental impact of mineral discovery by providing x-ray-like maps of underground mineral deposits. 

💸 DevvStream Holdings (Vancouver, BC), a carbon credit project co-developer, acquired a 50% equity stake in Monroe Sequestration Partners (MSP) and its carbon sequestration operations. MSP is developing one of the largest carbon sequestration reservoirs in the US, capable of storing 260 Mt of CO2.

MILESTONES & PRODUCT

🌊 CarbonRun launched the world’s first carbon removal project using river alkalinity enhancement at its West River Pictou Project in Nova Scotia. 

🚙 Kite Mobility will launch its all-electric rideshare service at a 234-unit condo development in Toronto, offering residents access to Volvo EVs and e-bikes.

🔋 Novonix, a battery materials and performance tech company, partnered with Voltaiq to digitize battery monitoring to identify quality and performance issues.

🚕 Uber Canada will ramp up electrification efforts, offering full zero-emissions services by 2030. Uber will offer driver education, in-app charging maps, e-scooter services and emissions tracking. 

💨 Netherlands-based DAC company SkyTree opened its North American HQ in Toronto, citing Canada’s geography, policy, clean energy and access to R&D universities as key factors in picking the location.

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IN THE NEWS

📊 New climate reporting standards will be ready to use at the start of 2025. The voluntary standards, developed by the Canadian Sustainability Standards Board, require companies to disclose carbon emissions and climate risks. The federal government plans to introduce mandatory disclosures for large companies next year.

🗺️ Quebec plans to release new flood maps for the province. The new maps add ~55,000 homes to flood zones. The province last updated the maps in 2019, and incorporates data from major floods in 2017, 2019 and 2023. The maps add transparency for potential buyers and insurers, but also impact property values.

🌊 A new federal Water Protection agency aims to better manage Canada’s freshwater resources. Canada is home to 20% of the world’s freshwater but pollution, urbanization, and habitat loss are putting more pressure on the small fraction that most of us rely on. The new agency aims to better coordinate efforts and build out a national freshwater data strategy. 

🚫 Alberta launched a $7M advertising campaign attacking the federal oil and gas emissions cap. The campaign leans heavily on stoking fears about higher cost of living and limiting fossil fuel production. Draft rules for the emissions cap are expected within weeks.

🧑‍⚖️ A youth-led constitutional challenge to Ontario’s climate policies will get another shot. A court of appeal sent the case back for a second hearing, arguing that analysis in the initial ruling was flawed. The group of young people argue that scrapping Ontario’s cap-and-trade system and lowering emissions targets violated their Charter rights.

BIG PICTURE

El Salvador closed the world’s largest debt-for-nature swap 

Amazon and Google are backing small modular nuclear reactors to power data centres

Northvolt nears a $300M cash injection to keep its battery plans on course  

A Chinese company rolled out wind turbines with Eiffel Tower-sized blades

The world’s carbon sinks may have absorbed almost no carbon last year

EV sales are up 30% while lower-cost EVs boosted sales for Renault, Stellantis

IEA: Global oil demand will peak by 2030 while electricity supply could grow 6x faster than energy demand

Brazil passed its first regulations for carbon capture and storage, enabling a key climate tool

COMMUNITY

🗓️ Canada Clean Fuels and Carbon Markets Summit: An in-depth exploration of Canadian clean fuels and carbon markets in a rapidly changing policy and market environment. Toronto, Nov 7th.

➡️ Discover more climate events.

💻️ Growcer is hiring a Managing Director, Growcer Fund to expand sustainable agriculture across Canada.

➡️ Find more open roles.