Stephanie Gnissios

Ara Partners was delighted to join the coalition of investors advancing the gold standard in measuring #decarbonization. The latest guidance on estimating #GHGemissions reduction impact is the result of consensus-driven collaboration - 22 months of work, involving 31 Content Working Group Members, 36 focus group participants, and external reviewers. Congratulations to the Project Frame core team and Prime Coalition on the release! Looking forward to the next year of collaboration at the Methodology Working Group with 2150, AENU, Allianz Global Investors, APG, Azolla Ventures, Boston Consulting Group (BCG), Bridges, Carbon 13, Carbon Equity, Ceres, Inc., Clean Energy Ventures, Climate Dividends, Climate Investments, Driftwood Climate, Energy Impact Partners, Emerald Technology Ventures, Energy Environment Investments, EQT Group, Future Energy Ventures, Galvanize Climate Solutions, Generate Capital, Generation Investment Management, Helios LLP, JTNL Advisory, Just Climate, Lightrock, MoreScope, PGGM, Planet A, Prime Coalition, Siemens-Energy, Power Sustainable, The Roda Group, TowerBrook Capital Partners L.P., Trill Impact, Venture Climate Alliance, Vidia Equity, WBCSD – World Business Council for Sustainable Development, World Fund, and Zero Carbon Capital.

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 CHAR Technologies (TSXV:YES), a leader in sustainable energy solutions, is pleased to announce that the Government of Québec, through the Programme Innovation Bois, has announced the approval of $2.5M to CHAR Tech to support the advancement of the previously announced build, own, operate project to convert wood wastes and residuals into both biocarbon for metallurgical coal replacement, as well as green hydrogen, which the project intends to upgrade further into renewable natural gas. The non-repayable grant funding will be disbursed on predetermined project milestones. Also announced was a $1M contribution from the Programme Innovation Bois to la Société de cogénération de Saint-Félicien (“SCSF”) towards the centre de valorisation de la biomasse (“CVB”), which is co-located with the CHAR Tech project, and includes a waste heat recovery dryer to pre-process biomass, which will be used by the CHAR Tech project. SCSF (owned by Green Leaf Power) operates a 25 MW cogeneration facility, converting approximately 260,000 green metric tonnes per year of wood waste biomass into renewable energy, with the electricity sold to Hydro-Québec, and steam for additional industrial uses locally. Andrew White, CEO of CHAR Tech, commented “We are deeply grateful for the Government of Québec’s support through the Programme Innovation Bois. This $2.5M contribution will accelerate our efforts towards the collaboration of our technology with the CVB at the SCSF facility in Saint-Félicien. Together, we are driving innovation that contributes to a cleaner, greener future." CHAR Tech (TSXV:YES) first-in-kind high temperature pyrolysis (HTP) technology processes unmerchantable wood and organic wastes to simultaneously generate two renewable energy revenue streams, renewable natural gas (RNG) or green hydrogen and a solid biocarbon that is a carbon neutral drop-in replacement for metallurgical steel making coal. CHAR’s HTP is an ideal waste to energy solution that aligns with the global green energy transition by diverting waste from landfills and generating sustainable clean energy to decarbonize heavy industry. Website: www.chartechnologies.com

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I’m a big believer in lessons learned but unfortunately time after time it’s either done as a exercise or hardly done at all. What I find really helpful is centrally logging all the lessons learn and then we ask every project to take at least three lessons from the previous project to try to address them in their project so each project is continuously improving based on the lessons learnt before it. We keep the lessons open until each of them have been addressed at some point, and we make a note of when they were addressed and which project. As lessons learn are important for everyone projects and PMO and executives to work together to learn from. What have you done to ensure lessons learnt are embedded? #projectmanagement

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I have yet to meet energy transition, net zero, and climate change people who understand math and science. 1. The works need 700 exajoules of non-carbon energy by 2050. Solar and wind cannot scale that high, nor would that much land be available. It will require all the nuclear that can be built, along with hydro. No one of your group seems to understand that number, how large a number of energy that is. Each exajoules represents either 174 million barrels of oil, or 34.12 million tons of coal. 2. I see no plan that provides non carbon energy to industrial, energy intensive processes, like making iron, steel, cement, and fertilizer, without which 4 billion people would not have enough food. All those processes are done with fossil fuels. Other than SMRs, I see no answer to provide energy for these industrial processes. 3. I don’t think you folks have an answer on how to convert 4 TW of coal plants, unless you plan on nuclear power. Nothing else has the scale, that does not need backup power. Green hydrogen is too expensive, by 5x. 4. Also, what will be the source of energy for 120,000 large ships, critical to international trade, that use diesel or heavy fuel oil? And what about the energy for jet airliners, 25,000 that need a new source of energy. 5. And what about 50 million diesel farm tractors that provide food? What about 100 million irrigation pumps? These are run by diesel. And what about large combines, harvesters. 6. Fossil fuels will still be needed for asphalt, forblubricants,and backup power to solar and wind. And you will need 150 million tons or copper, the equivalent of 7 years of mining. 7. I see no solutions to these questions, as if a positive attitude is enough. Sorry, it is not. I don’t think clean energy, net zero, nor climate activists, have any real solutions to these big problems.

🛑STOP linking Indigenous Peoples to any other community. It is offensive. It is factually incorrect to lump us in with a population that does NOT hold our international rights. It is a mistake to imply local communities have equal status and rights to Indigenous Peoples. Only Indigenous Peoples require Free Prior and Informed Consent. No other group or community has this right or requirement. If you do not understand or know the difference ask. #carbon #biodiversity #restoration #conservation #carbonfinance #duediligence #fpic #IndigenousPeoples #selfdetermination #bestpractices #facts

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It has been a great week at #cop16 #biodiversity. Some general themes that kept coming up: 🏹 integration- climate, biodiversity and sustainable development are inseparable- plans need to consider and leverage intersections thoughtfully 🏹 not enough $ is at the table - we need innovative ways of bridging funding gaps on biodiversity - not all projects commercially bankable 🏹 we need more data and better data- framing projects and progress 🏹 there isn’t enough focus in my opinion on sectoral action plans and on cross-sectoral integration- real progress requires laser focus on soecific sectoral opportunities The good thing is that people are talking, capital allocated is growing and practices are gradually maturing. Time isn’t a friend though, speed is of the essence. It was a good week for The Blended Capital Group and our partners. Along with Alliance for Responsible Mining (ARM) and Capitals Hub Canada, we focused on sector specific opportunities in artisanal mining. With 45 million miners, 225 million people fully supported by artisanal mining, opportunities around land use and biodiversity are clear, as are opportunities around sustainable development, human rights adherence and increased criticalminerals supply for #netzero. More to come on that in a separate post, the bottom line is that COP16 has been a great platform for important conversations and real progress with investors, policy setters and broader stakeholders. #mining #asm #asgm #sustainabledevelopment #impactinvestment #impact #sustainability #humanrights

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In the spirit of informed debate and discussion, I think it’s important to clarify the Sustainable Finance Action Council’s recommendations regarding the transition category and governance structure – which are available in full here: https://lnkd.in/g_BfVDaC To be clear, the transition finance category provides only for decarbonization activities for high-carbon industries as they transition to net-zero. In Canada, the oil and gas industry makes up more than a quarter of Canada’s emissions. Ignoring the sector entirely puts Canada’s transition at risk, and leaves investors with no guidelines in both the short and long-term. If Canada is to make meaningful efforts in meeting our climate goals, reductions in this sector are required—full stop. The proposed taxonomy ensures only activities meeting stringent science-based criteria and 1.5°C pathways are included, with clear net-zero targets and transition plans as a baseline qualification. The SFAC Roadmap Report also proposed a governance structure reflecting global best practices, including diverse stakeholder oversight and voting rights, as well as robust technical expertise, vital for setting accurate thresholds. Let's continue collaborating to establish a clear, credible, science-driven, and urgently needed Canadian taxonomy. As Jonathan Arnold from the Canadian Climate Institute recently told the Canadian Press: “It's hard but it's not impossible and it's quite necessary.” https://lnkd.in/grGJKW4B

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Achieving a Quadruple Bottom Line from Indigenous Engagement In this week’s episode of Forest Invest, I speak with Domenico Iannidinardo, CEO of Strategic Natural Resource Consultants Inc. In this conversation, Domenico and I reminisce about our shared history in a natural resource dependent town and how things have come to change (for the better) with respect to recognition of #IndigenousRights. We talk about how Strategic’s recently new ownership model, majority owned by the Ehattesaht Chinehkint First Nation is giving rise to Indigenous leadership in decision-making, integrating #FirstNations values in how the business is run and opening up new business opportunities for Strategic.   🔗 Link to the episode 🎧 is in the comments below 👇 #ForestInvestPodcast #impactforestry #impactinvesting #forestinvestment #timberlandinvestment #timberland #IndigenousEngagement

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This year there seem to be more articles than most arguing that COP climate conferences are failing. The response is normally to say “10 years ago we were on track for >4-6 degrees of warming, now it’s close to 3 degrees, so climate policy is helping” I was curious on how we assess that. The chart below uses the Kaya Identity to decompose CO2 emissions into two parts: 1) GDP and 2) Carbon Intensity (CO2 emissions per unit GDP) CO2 = GDP x CO2/GDP CO2 emissions growth has fallen from 4% per year in the mid 2000’s to just 0.5% per year today. We’d expect to capture the ’COP factor’ via the decarbonisation rate – the change in CO2 emissions per unit of GDP. We seem to be decarbonising at a faster pace today than ten years ago, most likely as the Chinese commodity boom has faded. But the decarbonisation rate today is no different than the late 1990’s or mid 1980’s. Going forward there seems good evidence that tighter climate policy will help to bend the curve – annual CO2 emissions by 2050 in the IEA’s Stated Policies scenario have been revised down around 15% in the past 3-4 years. But over the past couple of decades it seems, if we take the China factor out, the biggest contributor to slower emissions growth has been slower economic growth, not a faster rate of decarbonisation. How do we speed up the transition? Put a price on CO2 and ensure consumers internalise the cost of pollution. For more on how we use the Kaya framework to help inform us on climate scenarios, visit us here https://lnkd.in/eGyU69DQ

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Join me at #RICanada2024 next week in Toronto for a panel discussion on "Driving the Next Phase of Energy Transition" alongside Amy Hepburn, Sandra Odendahl, and Kimberly Randle. I'll be sharing insights on the latest initiatives I've led at The Geneva Association, collaborating with insurance companies, Breakthrough Energy , and U.S. Department of Energy (DOE) to accelerate the deployment of climate technologies for energy transition and industrial decarbonization, emphasizing the pivotal role of the insurance industry. (To access the reports visit: https://lnkd.in/gVC3WtP5) In Canada, there's a wealth of activity, but we need to align, prioritize and evolve the sustainable finance conversation towards actionable strategies for managing risks and investing in projects on-the-ground, with a view to Canada's economic development and job creation. During the panel, I'll delve into key ingredients to propel Canada towards accelerating energy transition and industrial decarbonization; address the 18 risks impeding financing and market readiness of emerging climate technologies; demonstrate innovative cross-sector collaboration for risk management to unlock capital, and highlight the crucial role of the insurance industry in managing risks, by offering a novel Insurability Readiness Framework, which is being operationalized by the US DoE and partners. To learn more about the event and register for this event, visit https://lnkd.in/gjWqSR2V. #Sustainablefinance #climatetech #Industrialdecarbonization #energytransition

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As delegates at COP29 were trying to wrap up in Baku with a new global climate finance target, leaders at one of the world’s strongest financial networks gathered in Stratford, Ontario to discuss the economics of climate solutions for those implementing them. Facilitating this discussion on behalf of the Canada Climate Law Initiative with “boots on the ground” directors of Ontario Mutuals last Friday was a humbling experience. Three issues sparked the greatest attention. 1. How do carbon taxes incentivise adoption of solutions in the absence of solutions to adopt? A price on carbon can only curb emissions when technically and commercially viable options, such as electric tractors, are available. Without these solutions in place, Canada's farmers face only the downside of carbon pricing. (More on the challenges of electrifying tractors can be found here: https://lnkd.in/gDRSbssi) 2. Who owns the benefits of wind turbines on farmland? Leasing land for renewable energy projects generates long term benefits for corporate developers. While farmers do receive an extra source of income, equity-sharing partnership models that distribute clean energy credits and access to clean power enable farmers to tap into the broader economic rewards of sustainable energy production. Economic partnerships empower rural communities, fostering stronger support for renewables. 3. Can carbon removal credits be simplified? Quantifying and verifying carbon removal units is complex, expensive, and often inaccessible to small-scale operators. A shift toward activity-based credits—rewarding practices like planting trees, adopting regenerative agriculture, or implementing soil carbon sequestration—could democratise carbon markets. Simplified, standardised methodologies would make it easier for farmers, foresters, and landowners to participate, scale their contributions, and reap the financial benefits of sustainable practices. Building an effective, socially inclusive climate-aligned market requires that everyone - from urban residents to rural farmers - has the tools and incentives to participate. Thank you, Cathie Simpson and West Wawanosh Mutual Insurance Company for inviting me to join this illuminating conversation with the Ontario Mutual Insurance Association. #technologyadoption #carbonmarkets #climatefinance

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A few energy market observations for the week... 📊 WEM/NEM Market design post 2030 continues to be front of mind for energy market participants. The concern is what happens when contracted energy (e.g. PPAs, CfDs) start to swamp the wholesale and futures market – a reduction in liquidity is likely to drive significant volatility and price caps can only do so much. The Productivity Commission has a massive task on its hands to get this solved as a matter of priority. 🔋Incentives and support schemes for large scale battery storage is not where it needs to be. Energy market modelling highlights gas playing a critical role in firming – but at the same time AEMO is forecasting a gas shortfall and import terminals are being built to close the gap. BESS can help reduce the reliance on gas firming – and solve solar curtailment issues – so needs immediate support and investment. 🔥Australian corporate sector remains committed reducing emissions but are finding it challenging to meet their targets due to delays in new renewable generation projects, EV rolls outs, grid capacity, and gas market uncertainty. US corporates, despite the IRA, are showing signs of walking back on their commitments due to shareholder concerns around returns. This will be an interesting dynamic to monitor to see if Australia and the US diverge further on their commitments to emissions reduction. No shortage of work to do for government and the private sector - the upcoming Queensland state election will be very closely watched from an energy policy and investment outlook perspective.

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Mining - China Ramps Up China is very strategic and disciplined about growing their #criticalminerals footprint. #mining is about people, with outsized social and environmental impacts around projects that are often found in remote relatively underdeveloped places. Communities, artisanal miners, broader social stakeholders and ecology all matter. Mining simply won’t deliver tonnage needed by the #energytransition unless a #justtransition mindset is in play geared toward equitable sharing of value. As China has grown their footprint 👣 on critical minerals, pushback and active conflict around some projects has become evident. How this evolves depends on the interplay between #responsiblemining and the simpler power of money. The likely bottom line, mining is about people, communities will make or break conflict free projects depending on quality of engagement. Capacity around responsible mining will increasingly be seen as a strategic source of competitive advantage. LSM collaboration with #asm will increasingly be seen as a source of competitive advantage, something we are very aware of at The Blended Capital Group #edenam #mining #china

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#Joke: The recent #COP29 conference has been met with significant criticism, particularly from representatives of developing nations who have labeled the outcomes as both "a joke" and "an insult." In light of the estimated $1.3 trillion required per annum to address climate challenges—stemming from historical inaction—there was a strong call for grant-based financial support. However, the final agreement proposed a mere $250/300 billion, which many viewed as insufficient (understandably why) and primarily composed of loans and private sector investments. Had the developed countries adhered to their commitments starting with and made during the 2009 Copenhagen COP, which included an annual contribution of $100 billion, the current financial demands would likely be more manageable and aligned with the climate targets established at that time. Instead, the developed nations have continued to allocate substantial resources toward military conflicts (wars) and instability, rather than fostering global prosperity and environmental sustainability. P.S. One of many UN failures; it needs restructuring-cum-reorganisation. #Earth #Climate #ClimateChangeConference #UN

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Have you ridden the #carbon credibility rollercoaster? Well, if your business is in any way related to #carbonmarkets – my guess is that you’re in the middle of a very long ride! Check out this article where I look at the SBTi’s evolving #NetZero Standard and how I think #timber can be built into a solution in the carbon credibility crisis. #naturebasedsolutions #climatefinance #VCM #forestinvestment #timberlandinvestment #sustainableforestmanagement

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Last week, we published a report on measuring #impact from investment. The key finding is that current frameworks risk entrenching inequalities through the unintended consequence of applying methods that don't appropriately (or sufficiently) capture impacts that 'matter'. The report, co-authored by George Carew-Jones and myself, was published by the Smith School of Enterprise and the Environment - University of Oxford, based on field research funded by the Climate Compatible Growth #CCG programme. We situated our applied analysis using #Zambia's Constituency Development Fund as one of the case studies. Findings were summarised in a great piece by Emanuela (Emmy) Hawker at ESG Investor ( https://lnkd.in/ehZT3WP3). It's a subscription publication, so if you don't have access, the full report (and a summary) are available here: https://lnkd.in/eaqZeaYa.

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1.0 is broken. "Here is the voluntary carbon credit market 2.0" 🌎 📊 I was really pleased to hear the Global Chair of The Integrity Council for the Voluntary Carbon Market (ICVCM) Annette Nazareth speak - and ask her questions on a topic close to my heart. Post 1 of 2: as this is a shout out to my top speakers at the Carbon and Energy Professionals New Zealand conference in Ōtautahi Christchurch. CARBON CREDIT MARKET GLOBALLY 🌐 - "This is the voluntary carbon credit market 2.0" ⛰ - 1.0 is broken ⚡ - The new ICVCM standard has raised the bar on carbon credit projects globally 🔝 - "No projects have yet been certified under this new standard" ...! (good to know) 🔜 - The big players have had their programmes approved e.g. Verra, GoldStandard ⚜ - Evidencing 'Additionality' and 'Permanence' of a project are still the focus points/ hot topics - Impact to indigenous people and local communities are included in the standard - "Continuous improvement" of the standard is built-in. There will be a 3.0 at some point too! ICVCM has released the standard which, going forward, carbon credit projects globally should be certified against. The goal is to mobilise the private sector to fund climate action of high integrity projects. And last but not least - in fact most importantly - gross emission reductions is the first priority.

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