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Introduction
Is your business ready to weather the storm of the climate crisis? The financial risks, the operational disruptions, the reputational hits — they’re no longer hypothetical. They’re the cost of doing business in a world where climate change is the new normal.
I sat down with Vince Gasparro, a veteran of both government and finance, who’s dedicated his career to climate action, most recently as Managing Director and Head of Sustainable Finance at Roynat Capital, Scotiabank. Vince doesn’t sugarcoat the challenges ahead, but he firmly believes we have the tools to turn the tide.
In this blog, you’ll get a glimpse into his no-nonsense take on why addressing climate change is no longer optional for businesses and how collaboration is key to creating lasting solutions. Get ready for a dose of clear-eyed optimism and practical insights to help your business navigate the complexities of a changing world.
Vince Gasparro on the Urgency of Climate Action
To grasp the urgency Vince brings to the table, you have to hear about his trip to British Columbia in 2021. Imagine driving through what should be pristine landscapes, only to encounter the worst air quality on the planet.
That’s what Vince and his wife faced. Wildfires, fueled by a warming climate, had choked the region with smoke, turning a leisurely trip into a stark reminder of climate change’s immediate impact. “That’s just one anecdotal sort of point,” Vince remarks, “but when climate change hits, it hits hard.”
A Burning Planet, A Bruised Bottom Line
And it’s hitting businesses hard, too. We’re not talking about distant, abstract threats. From extreme weather events disrupting supply chains to the rising cost of resources and energy, the consequences of a destabilized climate are already being felt on balance sheets worldwide.
What’s more, the way we power our businesses is in question. Vince points out that carbon emissions and methane, largely tied to our dependence on fossil fuels, are the primary culprits behind a warming planet.
But he’s quick to emphasize that this isn’t about pointing fingers. “This isn’t an attack on those who work in the oil and gas industry,” he clarifies, acknowledging the need for empathy and understanding as we navigate this complex transition.
The Power of Collective Action
So, what’s the solution? It’s not a quick fix, and it’s not something any one entity can tackle alone. “No one group can do it on its own,” Vince emphasizes. He’s a staunch advocate for collaboration — a coordinated effort between governments enacting smart policies, businesses investing in innovative solutions, and individuals demanding change.
He points to the inspiring example of Mark Carney, who rallied 450 of the world’s largest financial institutions, controlling $130 trillion in assets, to commit to net-zero emissions — a powerful testament to the impact of collective action.
Vince’s message is clear: The time to act is now. Delaying action will only make the inevitable transition more disruptive and costly.
Stakeholders in the Solution
Vince is adamant that tackling the climate crisis isn’t a spectator sport. It’s a team effort, and everyone has a role to play.
The Policy Pendulum: A Cautionary Tale
Governments, with their ability to shape policy and incentivize action, are critical players. However, Vince uses the example of recent policy shifts in Ontario to illustrate the dangers of inconsistency, highlighting how short-sighted decisions can stall progress and even lead to increased reliance on fossil fuels.
The lesson? We need consistent, long-term planning from policymakers to provide businesses with the certainty they need to invest in a greener future.
Business Leadership: Beyond Compliance
But government action alone isn’t enough. Vince sees businesses as engines of innovation, capable of driving change at scale. It’s not just about complying with regulations; it’s about recognizing the competitive advantage of being a sustainability leader.
Those who embrace sustainable practices, invest in green technologies, and embed environmental considerations into their operations will be better positioned to thrive in a carbon-constrained world.
The Voice of the Consumer
And then there’s the consumer. Never underestimate the power of their choices. Individual action and consumer demand are forces that can shift markets, Vince reminds us. When they choose eco-friendly products, support businesses with strong sustainability track records, and demand transparency, they send a clear message to the market: Sustainability matters.
The key takeaway? Solving the climate crisis is a shared responsibility. Each stakeholder group — governments, businesses, and individuals — must play their part to drive meaningful and lasting change.
Solutions and Opportunities
While the scale of the climate crisis can feel daunting, Vince is a firm believer that we already have many of the solutions needed to build a more sustainable future. The key, he says, is embracing innovation and collaboration on multiple fronts.
Investing in Renewable Energy: The Only Path Forward
First and foremost, we need to accelerate the transition away from fossil fuels and towards cleaner sources of energy. “Ask them [investment bankers] how easy it is to raise equity or capital for a solar, wind…project—it’s become much easier,” Vince observes. This shift towards renewables, he argues, is already well underway, driven by a combination of market forces, technological advancements, and growing investor demand for sustainable options.
Climate Tech: Innovation for a Sustainable Future
Beyond renewable energy, Vince sees tremendous potential in the burgeoning field of climate tech. “Climate tech will play a significant role,” he states, highlighting innovations like carbon capture and storage, battery storage, and ever-increasing efficiencies in solar panel technology. These advancements, he believes, will be essential in decarbonizing industries that are difficult to electrify directly, such as heavy industry and transportation.
Operational Efficiency: Doing More with Less
But innovation isn’t just about high-tech solutions, Vince reminds us. Sometimes, the most impactful changes are surprisingly practical. He points to the often-overlooked area of operational efficiency. “Start with the low-hanging fruit,” he advises businesses. Building retrofits, for example, can lead to significant cost savings and emissions reductions. By optimizing energy use, minimizing waste, and embracing circular economy principles, businesses can shrink their environmental footprint while boosting their bottom line.
For Vince, the path forward is clear. By embracing a combination of renewable energy, innovative technologies, and smart operational practices, businesses can position themselves not just to weather the climate crisis, but also to thrive in a more sustainable future.
Takeaway
The climate crisis demands action, not complacency. By embracing renewable energy, climate tech, and operational efficiency, businesses can drive meaningful change while securing their place in a sustainable future. The time for collaborative action is now – are you ready to lead the charge?
If you enjoyed this blog, check out the full episode on the Behind the Growth podcast!
Link to podcast
Taking Collective Action to Combat Climate Change
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