75% of CxOs said their organizations have increased their sustainability investments over the past year
Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: ESG, Financial Inclusion, Sustainable Finance
Human Rights and Artificial Intelligence Governance
Chatham House | Kate Jones | Jan 10, 2023
Image: Unsplash/Markus Spiske
Governments and companies are already deploying AI to assist in making decisions that can have major consequences for the lives of individual citizens and societies.
- AI offers far-reaching benefits for human development but also presents risks. AI, its systems and its processes have the potential to alter the human experience fundamentally. But many sets of AI governance principles produced by companies, governments, civil society and international organizations do not mention human rights at all. This is an error that requires urgent correction.
- These include, among others, further division between the privileged and the unprivileged;
- erosion of individual freedoms through surveillance;
- and the replacement of independent thought and judgement with automated control.
See: Why You Should Review Your Data Governance and Privacy Risks in Canada
- Human rights are central to what it means to be human. They were drafted and agreed, with worldwide popular support, to define freedoms and entitlements that would allow every human being to live a life of liberty and dignity.
- Various myths about human rights have also contributed to their being overlooked: human rights are wrongly perceived as adding little to ethics; as preventing innovation; as being overly complex, vague, old-fashioned or radical; or as only concerning governments.
- As AI begins to reshape the human experience, human rights must be central to its governance. There is nothing to fear, and much to gain, from taking human rights as the baseline for AI governance.
- Failure to take account of human rights means setting aside well-established, widely acknowledged parameters of liberty, fairness and equality, as well as processes and accountability for their implementation.
See: The White House Unveils a New AI Bill of Rights Outlining Five Protections
- If human rights are to be placed at the centre of AI governance, the following practical actions are necessary for companies:
- Continue to promote AI ethics and responsible business agendas, while acknowledging the important complementary role of existing human rights frameworks;
- Champion a holistic commitment to all human rights standards from the top of the organization. Enable a change of corporate mindset, such that human rights are seen as a useful tool in the box rather than as a constraint on innovation;
- Recruit people with human rights expertise to join AI ethics teams to encourage multi-disciplinary thinking and spread awareness of human rights organization-wide. Use human rights as the common language and framework for multi-disciplinary teams addressing aspects of AI governance;
- Conduct human rights due diligence and adopt a human rights-based approach to AI ethics and impact assessment. Create decision-making structures that allow human rights risks to be monitored, flagged and acted upon on an ongoing basis;
- Ensure uses of AI are explainable and transparent, so that people affected can find out how an AI or AI-assisted decision was, or will be, made; and
- Establish a mechanism for individuals to seek remedy if they are dissatisfied with the outcome of a decision made or informed by AI.
Continue to the full article --> here
Download the 58 page PDF Report --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Mark Carney’s Climate Alliance Provides Billions for New Fossil Fuel Projects
FP | | Jan 17, 2023
Image: Unsplash/Scott Rodgerson
56 largest members provided US$269 billion to 102 large fossil fuel 'expanders' since joining the group
- Environmental groups are stepping up pressure on banks and asset managers to stop funding and investing in new fossil fuel projects, publishing a report that brings attention to new oil, gas and coal financing on a global scale by firms that claim to pursue net-zero policies.
- Their latest target in a growing public relations campaign: members of The Glasgow Financial Alliance for Net Zero (GFANZ), launched in 2021 by UN climate envoy Mark Carney, former governor of the Bank of Canada and Bank of England, who is now co-chair of the alliance alongside Michael Bloomberg.
- A study published Jan. 17 by a dozen groups including Reclaim Finance, Stand.earth, the Rainforest Action Network, Les Amis de la Terre France, and South Africa’s Centre for Environmental Rights, says the 56 largest members of the Net-Zero Banking Alliance — a sectoral subset of GFANZ members — provided loans and underwriting of US$269 billion to 102 large fossil fuel “expanders” since joining Carney’s group.
- This financing by global institutions including some of the largest banks in North America and Europe included 134 syndicated loans to 77 companies and US$101 billion in new debt and equity for 74 firms through 215 underwriting transactions
See: A conversation with Catherine McKenna former Minister of the Environment and Climate Change: Fighting greenwashing
GFANZ spokesperson:
“Based on research GFANZ commissioned last year, we know that investment in renewables need to be four times the levels going into fossil fuels by 2030 to restrict climate change consistent with the aims of the Paris Agreement. Members of the alliance are on track to detail how they are financing the transition of the energy sector when they publish interim targets and transition plans.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Deloitte 2023 Sustainability Report: Most Organizations Have Increased Investment but Tough to Move the Needle
Deloitte | Release | Jan 16, 2023
75% of CxOs said their organizations have increased their sustainability investments over the past year
- Deloitte built upon past research by surveying more than 2,000 CxOs across 24 countries to gauge concerns and actions from business leaders on climate change and sustainability.
- While every CxO surveyed responded that their organization felt the impacts of climate change this past year, some concerns:
- CxOs reported “resource scarcity/cost of resources” as the top issue already impacting their companies (46%),
- 45% highlighted “changing consumption patterns or preferences related to climate change”
- 43% reported “regulation of emissions” as other top issues impacting their companies.
- Additionally, around a third of executives said climate change is negatively affecting their employees’ physical (37%) and mental (32%) health.
- 82% of executives said they have been personally impacted by climate events over the past year, with extreme heat the most frequently cited issue, and 62% said they feel concerned or worried about climate change all or most of the time.
See: While Sustainability Software Booms, Investors Demand Climate Data Proof
- Organizations are feeling broad pressure to act on climate change from across their stakeholder groups:
- board members and management, regulators and government, and consumers and clients. Organizations are also feeling pressure from their shareholders and investors (66%), employees (64%), and civil society (64%).
- Employee activism is specifically driving increased action, with more than half of CxOs saying employee pressure on climate matters led their organizations to increase sustainability actions over the last year
- Nearly a quarter of CxOs said the difficulty of measuring their organizations’ environmental impact was a top barrier to increased action, and nearly one-fifth cited cost and focus on near-term issues as barriers.
Continue to the press release --> here
Download the 23 page PDF report --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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The Use and Regulation of Artificial Intelligence: When AI Meets Consumer Duty
Herbert Smith Freehills | Karen Anderson and Jon Ford | Jan 13, 2023
Herbert Smith Freehills LLP has published an article in Butterworths Journal of International Banking and Financial Law on artificial intelligence (AI) and the Consumer Duty.
AI with its power to process large volumes of data, can provide more personalisation of financial products and services for consumers at greater scale and efficiency, and at lower cost.
See: AI Robo-lawyer is Set for Its First U.S. Court Case
It can, in principle, enable firms to provide better support for vulnerable customers (for example, to consumers without standard credit histories, or through the use of simplified advice).
All this could help to advance the FCA’s desired outcome of increased access through greater financial inclusion.
Download the 2 page PDF article --> Here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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How Banks Can Use Blockchain To Improve ESG Initiatives
Forbes | | Oct 24, 2022
The forces pushing environmental, social and governance practices to the forefront of bank operations have been building for a generation. This has only accelerated in the past couple of years.
- The Biden Administration, including through the use of executive orders leveraging the National Economic Council, is pushing hard on investment in green technologies and industries.
- The European Union is seeing a flurry of ESG-related regulatory changes.
- Blockchain and ESG: Although cryptocurrencies are the best-known use of blockchain—the technology has other uses that leave a far smaller energy footprint and are more directly useful in meeting current challenges.
See: ESG report: Startups struggle on the E…but okay on the S and the G
- Accurate reporting: Blockchain-enabled data gathering provides both the breadth and depth necessary to get a real handle on what’s going on in huge economic sectors that are global in scope. The standardization of so much data collected from so many entry points can be the cornerstone of showing how well ESG programs are functioning.
- Carbon Credit Trading: Since their broad initialization as part of the 1997 UN Kyoto Protocol, trade in carbon credits has been one scheme that has helped “bend the curve” of greenhouse gas emissions.
- But one issue that has plagued this system is fraud. Blockchain offers a powerful new way to better monitor carbon offsets by creating monitoring systems that allow investors on one side of the world to access verified information about how their credits are being utilized on the other side of the globe.
- The continuous generation of transparent environmental reports will enhance the power of the CDM, which is already embedded in ESG protocols.
- Funding innovation: Distributed ledger technologies present the possibility of quickly getting investment funds to innovators, especially those working in developing nations who are often stymied when trying to ramp up ESG efforts by time-consuming and cumbersome distribution via traditional banking protocols.
See: Podcast: How blockchain could revolutionize green finance in Asia
- Supply Chain Transparency: For ESG monitoring purposes, one of blockchain’s primary uses is bringing a bird’s-eye view to supply chain management. A more sustainable, energy-efficient supply chain could deliver profound savings in transportation costs and the concurrent curtailing of carbon emissions that a better managed, more efficient system would bring.
- With distributed ledger technology, transactions at every step of the supply chain can be recorded and distributed.
- This brings an unheard-of level of transparency and traceability to the movement of goods around the globe. With automated IoT interfaces, data collection is seamless and less contingent on overworked individuals.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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What’s Awaiting Carbon Capture in 2023?
Guest Post | November 21, 2022
Industrial carbon capture (CCS) is a process for making industrial processes less carbon intensive.
This technology involves capturing CO2 and storing it in a liquid or gas form. There are five main methods of CCS. These involve storing CO2 onshore, offshore, in saline aquifers, or in depleted gas fields.
Exxonmobil
ExxonMobil is exploring ways to use carbon capture to reduce its emissions.
The company is committed to achieving a carbon-neutral future and is working with partners to find ways to fund the project. Exxon plans to seek government funds, including grants and loans, for the project.
The company also hopes to partner with other industrial firms. For instance, it would be able to tap the expertise of Air Liquide, which has been using Cryocap technology at its Port Jerome unit in Normandy, France, since 2015. The company would add expertise in liquefaction and carbon capture technologies.
The project would also use existing infrastructure to collect carbon dioxide and store it underground. Exxon expects to achieve an annual capacity of 50 million metric tons by 2030 and double that figure by 2040.
In addition to the pipelines, it plans to build infrastructure to permanently store and transport the captured carbon dioxide. The Porthos infrastructure will be located about 20 km off the Dutch coast and deep within the North Sea.
The company's current plan calls for the project to be completed by 2023.
The company has announced a partnership with CF Industries, a global manufacturer of nitrogen and hydrogen products.
The partnership will involve the installation of a $198.5 million carbon dioxide dehydration unit at CF's ammonia production facility in Donaldsonville.
The CO2 will be transported through EnLink Midstream's pipeline network to an underground facility in Vermilion Parish, Louisiana.
Occidental
Occidental Carbon Capture in 2023 is one of the first industrial-scale projects aiming to capture carbon emissions.
Adding this technology could be a game-changer for the company. The company has a negative reputation as a polluter, but adding direct air capture to its operations will allow it to change its image.
In fact, Occidental has already publicly announced that it plans to position itself as a "carbon management company."
Occidental's CEO has been in the carbon capture industry for 40 years and has formulated a strategy to transition away from organic CO2 and anthropogenic carbon emissions. The company aims to reach net-zero emissions from its operations and product use by 2050.
Western Midstream is thrilled about the partnership. The two companies will collaborate on projects to capture carbon emissions. And Western Midstream is excited to be working with Occidental.
As the first major corporation in the sector, Occidental is positioning itself to be the company that can lead the way. The company has announced that it plans to build an air capture plant in
Texas that will capture 1 million tonnes of carbon dioxide per year. Construction on the initial project is expected to begin in the second half of this year, and startup is expected to be complete by 2024.
In an effort to reduce carbon emissions, Occidental is licensing a technology to capture carbon emissions in the air. The company will fund the project with an investment from Canadian startup 1PointFive.
In addition, the company plans to raise additional capital from outside investors. Its partners include United Airlines Holdings Inc.
Occidental's Permian Dac Project
The Permian DAC project will be the largest direct air capture (DAC) plant in the world when it is complete.
Oxy plans to invest between $800 million and $1 billion to build the facility, which it hopes to open in 2023. It will use captured CO2 for EOR in the Permian and expects to reduce carbon emissions by 15 percent to 20 percent over a decade.
The company has partnered with a Canadian start-up to develop the technology. It will finance the plant through a subsidiary, 1PointFive, which is owned by Oxy Low Carbon Ventures and Rusheen Capital Management LLC.
It plans to attract additional outside investors to finance the plant. Occidental, for its part, has a stake in Occidental.
The first DAC plant will be the largest in the world. It will be operational in late 2024 and will capture up to 500,000 metric tons of CO2 per year. Oxy expects to scale this up to a million metric tons per year. The company plans to deploy up to 70 DAC facilities globally by 2035.
Occidental is positioning itself to be the first large corporation to enter this space. It recently announced plans to build a direct air capture facility in the Permian region of Texas that could capture up to 500,000 metric tons of carbon dioxide per year.
The company has already received approval for the initial project from a local school district and is expected to begin construction this year.
Occidental's Porthos Project
Occidental's new carbon capture project, called Porthos, aims to reduce CO2 emissions by using captured carbon in its enhanced oil recovery process.
CO2 is typically pumped into older wells where it penetrates the rock formations and acts as a soap to release crude. This project would eliminate the need to transport CO2 to the refinery, and would also allow Occidental to become carbon neutral by 2050.
In the future, carbon capture technologies will continue to be a hot topic on the environmental stage. Companies like Occidental and 1PointFive are working to develop the technology to reduce carbon emissions from fossil fuels.
This growth is a welcome development for free-market environmentalists.
Occidental plans to start commercializing DAC technology by licensing it from a Canadian start-up. The company will fund the project through a joint venture called 1PointFive, which is owned by Oxy Low Carbon Ventures and Rusheen Capital Management LLC.
The company is also looking for outside investors to help finance the project. Occidental and 1PointFive are both publicly-listed companies, and the company holds stakes in both companies.
The Porthos CCS plant will start operating in 2023, and it is expected to store 2.5 million tonnes of CO2 per year. The project will be the largest direct air capture facility in the world.
Construction is scheduled to begin in the second half of this year. The company plans to develop a profitable business using CO2 extraction and providing CO2 underground.
Sempra Energy's Underground Co2 Storage Project
Sempra Energy is planning an underground CO2 storage project in the Gulf of Mexico, which could help reduce its CO2 emissions by 15%.
It filed an application with the Environmental Protection Agency last year to build the project, which could consist of three injection wells. Using the technology of carbon capture and sequestration, the company can store CO2 underground, where it can be used for a variety of purposes.
The company is partnering with a number of companies, including TotalEnergies and Mitsui & Co., Ltd., to develop the project in Louisiana. It is also working on a carbon capture hub in southwest Louisiana, which could provide an anchor source for CO2 capture.
While carbon sequestration has received more attention in recent years, its costs and safety have been questioned. In addition, Sempra is a major player in the LNG export market. Its new $10 billion Cameron LNG facility is expected to start shipping LNG this year, and it is developing an export component of its LNG facility in Ensenada, Mexico.
It has also partnered with the Mexican government to build another LNG export facility in Topolobampo, on the Gulf of California.
Carbon capture and storage technologies are critical to the clean energy transition.
Takeaway
Carbon capture and storage technologies (CCS) are a critical part of the fight against climate change. Companies like Occidental, 1PointFive, and Sempra Energy are working on developing these technologies to help reduce emissions.
See: Canada’s Low-Carbon Tech opportunity is now or risk another familiar story
CCS can be used in a variety of ways, from reducing emissions from fossil fuels to storing CO2 underground. While there are still some hurdles to overcome, such as costs and safety concerns, CCS is a promising technology that could make a big impact in the fight against climate change.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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RBC’s Climate Claims Being Investigated by Competition Bureau
Financial post | Barbara Shecter | Oct 12, 2022
Image: Unsplash/Li-An Lim
The Competition Bureau has opened an inquiry into Royal Bank of Canada’s environmental representations and marketing following a complaint last summer that the bank’s claims to be a climate leader were misleading because of its continued financing of fossil fuel projects.
- Claim: A group of six individuals backed by environmental groups including Ecojustice and Stand.earth accused Canada’s largest bank of “greenwashing” by making bold claims about taking action on climate change while funding projects such as the Coastal GasLink natural gas pipeline in British Columbia.
- Competition Bureau official saying that the commissioner “has commenced an inquiry.” The letter said the inquiry “seeks to determine the facts relating to allegations that RBC has contravened the Act by making false or misleading environmental representations.” No timeline or further details were provided.
See: A conversation with Catherine McKenna former Minister of the Environment and Climate Change: Fighting greenwashing
- Ecojustice suggested that if the Competition Bureau’s inquiry finds that RBC’s statements are misleading and false, the bank could be forced to stop advertising itself as supporting the principles of the Paris Agreement and aiming to achieve net-zero emissions targets by 2050.
- “RBC strongly disagrees with the allegations in the complaint, and believes the complaint to be unfounded and not in line with Canada’s climate plan,” a spokesperson said in an email.
- There is growing pressure from outside forces including regulators, shareholders, and international organizations to manage risks related to climate change. Canada’s largest banks find themselves in a unique position when it comes to environmental commitments, given that companies in the oilpatch have been longstanding and lucrative clients.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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