In February, a KPMG study reported that 68% of Canadians who plan to buy a new vehicle in the next five years say they are likely to buy an EV. Younger drivers are more charged up than their parents: 79% of drivers aged 18 to 44 say they’re likely to buy an EV in the next five years, versus just 58% of adults over 45.

“Canada’s automotive industry is nearing the tipping point,” says KPMG partner Peter Hatges. But with consumers admitting they’re concerned about “range” issues and the limited availability of charging stations, Hatges says the onus lies with manufacturers and governments “to shift gears not only to meet the expected surge in EV sales, but to invest heavily in the necessary infrastructure.”

Manufacturers are accelerating into the curve, with bold production commitments and technology breakthroughs that kindle consumer confidence.

General Motors got the jump on Ottawa in January by announcing it will phase out all gas-powered vehicles by 2035. GM is spending an additional US$27 billion to ensure EVs make up 40% of its models by the end of 2025. The auto giant also promised to power its U.S. sites with 100% renewable energy by 2030 – five years ahead of schedule.

By trading in its century-old internal-combustion technologies for EVs, GM is gambling that it can transfer its market leadership to an all-new industry. But some analysts argue GM had no choice. David Keith, professor at MIT Sloan School of Management, asked Quartz News, “Do you want to be the company that bends metal in a very low-margin business or a technology business with recurring revenue and a blue-sky valuation?”

The race is on. In March, Volvo one-upped GM by vowing to phase out production of all gas-powered vehicles – including hybrids – by 2030.

“There is no long-term future for cars with an internal combustion engine,” said Volvo’s chief technology officer.

But the big headlines belong to Israeli lithium-ion battery company StoreDot, developer of the world’s first EV fast-charging system. It can “fill your tank” in five minutes – versus the current minimum of half an hour. StoreDot’s breakthrough comes from replacing the electron bottleneck in most car batteries – their graphite electrodes – with germanium-based semiconductor nanoparticles that can absorb much faster flows. Eventually, the company hopes to use silicon, which will bring costs down to match those of today’s lithium-ion batteries.

StoreDot, whose investors include Daimler, BP and Samsung, has already produced 1,000 batteries, which were sent to carmakers for testing. The World Economic Forum is a fan, declaring that StoreDot’s technology “could transform electric vehicle uptake by tackling range anxiety.”

Other companies developing fast-charging batteries include Tesla, Enevate, EC Power and Sila Nanotechnologies. EC Power founder Chao-Yang Wang told The Guardian he thinks fast-charging batteries will hit the mass market in three years: “They will not be more expensive; in fact, they allow automakers to downsize the onboard battery while still eliminating range anxiety, thereby dramatically cutting down the vehicle battery cost.”

Want to buy Canadian? Three global automakers have announced big EV investments in Ontario. Ford will spend $1.2 billion to begin building five battery-powered models in Oakville, while General Motors will invest nearly $1 billion to produce electric commercial vans in Ingersoll. Fiat Chrysler has said it will invest up to $1.5 billion to begin EV production in Windsor.

Change can happen faster than we think – especially when it’s been delayed too long. KPMG concluded its recent report with this advice to people who rely on the traditional auto industry for their living: “Don’t just brace for change. Actively seek it to avoid being left behind.”

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For the last 25 years Hollyhock, a conference centre on Cortes’s sandy south shore, has been stirring up dissent, promoting social activism and talking cash flow through a movement called the Social Venture Institute (SVI). Founded by a trio of Greenpeace activists from the “Save the Whales” 1970s, Hollyhock began by offering weary urbanites programs in personal growth and the healing arts. In 1995, 30 entrepreneurs who had assembled to explore how business can heal the planet ended up founding what is now SVI. In the years since, Hollyhock’s lush gardens and cedar lodges have become a crucible for more than 3,000 practical altruists who believe the best way to achieve equity and social justice is to build your own change-making platforms.

Through annual events at Hollyhock and in Vancouver, Banff and San Francisco, SVI has developed robust networks of values-driven activists in sectors such as organic food, climate-change mitigation and sustainable tourism. Happy Planet – the Burnaby, B.C., producer of organic juices and smoothies now carried by most Canadian grocers – came out of the SVI community. So did Happy Planet’s co-founder, Gregor Robertson, an organic farmer who served three terms as Vancouver’s greenest mayor.

Caring communities are contagious, says SVI co-founder Joel Solomon: “SVI was a petri dish out of which a lot of good things grew.” SVI has spun off such prominent organizations as Canadian Business for Social Responsibility, which also turned 25 last year; Net Impact, a global non-profit that helps business students pursue social purpose in 435 universities; and MakeWay (formerly Tides Canada), a donor-driven foundation that changed its name last year to distance itself from the US-based Tides Foundation.

Why focus on entrepreneurs? Social ventures have the potential to become self-sustaining agents of change. Where most non-profits struggle for funding, and reform-minded governments may be blocked by stubborn lobbyists, progressive entrepreneurs fund themselves – and need no one’s permission to grow. As they build new business models in finance, food, health products, energy, workplace training and even the arts, they’re also building ecosystems of social innovation. Where 1960s activists railed against corporations, today’s social entrepreneur knows that power grows out of a solid business plan.

“Business and finance are close to neutral tools,” says Solomon. “The values and purpose we put into them is what matters.”

SVI events come with unusual ground rules. Solomon, a Vancouver impact investor who sat on Hollyhock’s board for 30 years, says SVI organizers personally select their attendees, ensuring that two-thirds come from for-profit businesses, one-third from not-for-profits. (They also throw in lawyers and accountants, because entrepreneurs can never have too many professionals on speed dial.) SVI also seeks a majority of women attendees.

“We’re trying to feminize business a bit,” says Solomon. “We want to get away from the macho ruthless business model to a more collaborative one.”

SVI sets another quota: half of attendees should be first-timers. “The do-good conspiracy,” as Solomon calls it, isn’t building a club; it’s seeding a movement. Before COVID-19 struck, SVI was planning to expand to Toronto, and maybe New York. Which is good news, because social entrepreneurship isn’t just a West Coast thing. And it’s hard, sometimes lonely work.

A 2016 survey by Mount Royal and Simon Fraser universities found social enterprises sprinkled across Canada, employing 31,000 people and generating revenues of $1.2 billion (the sector has grown significantly since then). Their average profit margin was a reasonable 4.8%. But two-thirds of the surveyed companies were more than 16 years old, so those findings don’t reflect the difficulty of launching a business or battling the status quo.

Enter SVI, whose events develop not only business savvy but resilience, empathy and connectedness. Because of COVID, SVI’s fall conference was held virtually. Gone were sunrise yoga and long walks in the rain, but the organizers orchestrated four days of highly engineered learning and mentorship for 230 attendees on Zoom. For those who couldn’t make it, here are six top takeaways from SVI 25 for anyone hoping to make change.

1. SVI 25 opened on a Tuesday evening with music and a review of the Hollyhock rules. The most important one turns out to be even more relevant in real life than at any conference: “Relationships first, business second.

2. In a session called True Confessions, Karina Birch of Rocky Mountain Soap Company spoke about growing her Canmore, Alberta, soap business into an international brand with 200 employees. Working with a chemist, she insisted that her soaps be 100% natural – using only “pronounceable” ingredients, with no chemicals or preservatives. When the chemist argued that 98% natural was good enough, Birch insisted on 100%. Even her business philosophy gets boiled into pronounceable steps: Trust your intuition. Go rogue. (“Everyone in the company has the ability to do something they don’t have approval for,” says Birch. “It doesn’t always work, but neither do the things I do.”) And finally, stay humble and keep learning. As her company grew, Birch took a course at Harvard to learn how to manage a complex organization. “I started as the soapmaker,” she says. “I had to earn the job of CEO.”

3. Unlearn your biases: Like many organizations, SVI is struggling to address systemic racism. In a frank session called Anti-Oppression, CEO Peter Wrinch shared Hollyhock’s diversity journey. “We were making strides, but to a limited form of inclusion,” he admitted. “We said, ‘Let’s invite more racialized people – but let’s not do anything to examine what the space feels like for those people.’” Similarly, Hollyhock had long welcomed the island’s Indigenous Klahoose community, shared job ads with them and gladly sold their art. But at heart, Wrinch said, “the relationship was all about us.” As part of what Wrinch calls “decolonizing work,” Hollyhock called on the Klahoose to actually listen to their goals. This year, a 14-day Klahoose expedition setting out to visit families in Washington State, 200 kilometres away, beached their canoes on Hollyhock’s shore. As Wrinch greeted the group, he wondered why he was welcoming Indigenous people to land on their own traditional territory: “We’re just at the beginning of our journey of unlearning.”

4. There’s no learning without reflection. An odd SVI habit is to pause a session to give the audience time to mull over what they’re learning. Compare that to most conferences, where people race from session to session and never get time to reflect. SVI makes time for thinking, because that’s the important part.

5. In a second True Confessions session, Adnan Durrani, CEO of Connecticut-based Saffron Road, spoke about the troubled launch of his Halal-certified food company. Durrani’s products debuted nationally at Whole Foods in 2010, just in time for Ramadan, the Muslim month of fasting and self-reflection. The retail chain welcomed Saffron Road with signs saying “Happy Ramadan,” but one Texas manager tore the signs down, saying Ramadan would not be celebrated in his store. Durrani’s response expertly blended composure and commercialism. Before going on CNN to discuss the incident, he negotiated to display his products on-screen – and then refused to criticize his client when the reporter asked, “Did Whole Foods do anything wrong?” Instead, Durrani focused on how new his product was, how helpful the retailer had been, and how the Texas incident was an anomaly. Whole Foods was delighted, and sales took off. Durrani urged SVI attendees to use “halal-jitsu” to turn problems into growth opportunities. “I know there’s a lot of darkness out there,” he said. “Instead of being a victim, be the driver of change.”

6. On Thursday evening, just before SVI’s virtual 25th anniversary party, attendees heard from one of the organization’s founders. Gary Hirshberg, chairman and “chief organic optimist” at Stonyfield Farm, one of the world’s leading organic yogurt producers, urged change agents to embrace the everyday challenges of business: cash flow, marketing, how to treat people, how to retain ownership. “This is where we make or break it,” he said. “The angel is in the details.”

Wearing a cap that said “Make Earth Cool Again,” Hirshberg said that for social entrepreneurs, the challenge is just beginning. “It’s no longer about slowing climate change, it’s about reversing it: taking carbon out of the air and putting it back into the soil.”

“Business,” said Hirshberg, “is the only force strong enough to move us in a different direction.”

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While congratulating this year’s 100 most sustainable firms in the “noble pursuit of the idea that business can be a force for good,” Prince Charles urgently called for the sort of leadership represented by the Global 100. He warned that the sum of all countries’ carbon reduction commitments won’t come close to limiting rising global temperatures to an average of 2°C – let alone the essential target of 1.5°. “Rather – and this is the problem – they deliver a 3.2°C increase, which means mass extinction and large parts of the planet being uninhabitable by the end of this century.

“As I’ve been trying to say, for more years than I can remember, what on earth is the point of testing this world, and nature, to destruction?”

The prince noted that with “more businesses, investors, shareholders and consumers recognizing the opportunity that a sustainable future affords,” we can shift the momentum of the private sector and capital markets in line with net-zero.

Echoing his message was Sanda Ojiambo, CEO of the United Nations Global Compact, which leads and supports international businesses on their path to sustainability. She noted that 2020 was one of the warmest years on record, with droughts, floods and rising sea levels having catastrophic effects. One bright spot: “Net-zero commitments by the business sector have doubled in the past 12 months.”

Roundtable moderator Diana Fox Carney led the four CEOs in discussing key steps being taken by the leading firms to align with 1.5°C. Asked whether he believed companies would achieve net-zero by 2050, Jean-Pascal Tricoire, CEO of this year’s top firm, France’s Schneider Electric, noted that, globally, “we are not at the right speed at all … The technologies are here, but what we need is to accelerate the way we design things – the way we design factories,buildings, cities – incorporating those existing technologies, because every decision we make counts.”

Tricoire added, “The buildings we build today … will be burning carbon for the next 50 years. Everything we build/do clean today will have implications for the next 50 years.”

Founded in 1836, during the First Industrial Revolution, Schneider develops electrical distribution products (including off-grid solar storage) and smart automation solutions to make the world more energy-efficient and renewable. Tricoire pointed out that when Schneider began to embrace sustainability 15 years ago, “it was a very lone crusade.” But in those 15 years, the company has tripled in size. Action is its own reward, he said: “We reset the bar every three years to a higher level.”

Like Schneider, Danish wind energy giant Ørsted (number two on this year’s Global 100) has also thrived by enabling the world’s broader journey to net-zero. CEO Mads Nipper noted that his firm is proof that change can happen in a blink, even in the dirtiest sectors. “Just 10 years back, we were one of the most coal- and oil-intensive utilities in Europe. We alone accounted for more than one-third of total emissions in Denmark. Since then, we’ve actually reduced our own emissions by 86%, by making a fundamental green transition.”

Founded in 1972 to develop oil and gas deposits in the North Sea, Ørsted is now the world’s largest developer of offshore wind power, producing 88% of its energy from renewable sources. By 2025, says Nipper, the company intends to be the world’s first carbon-neutral utility: “Our vision is a world that runs entirely on green energy.”

Lawrence Kurzius, CEO of McCormick & Co., a global leader in spices, seasoning and “flavour solutions,” agreed that companies can use existing technologies to future-proof their businesses for carbon. As a first step, he said that every new facility McCormick builds is either silver or gold LEED-certified, pointing out that McCormick co-invested in building a solar farm to power its new headquarters in Baltimore, Maryland. “Even though we’re not an energy company, we can certainly source from renewable sources.” Tackling plastic packaging is another key initiative, Kurzius said, adding that McCormick has made a commitment to go 100% circular. Today, 84% of McCormick’s plastic can be recycled, reused or repurposed.

As the top-ranked food company on the Global 100, McCormick has put sustainable farming at the heart of its net-zero plans. The company is leveraging new technology to work with hundreds of thousands of small farmers in 80 countries to help them develop sustainable farming practices – in some cases organizing the farmers into agricultural co-ops and committing to take the co-ops’ full outputs. “I think that that really multiplies the efforts that we undertake ourselves,” Kurzius said.

Roberto Marques, CEO of Brazil-headquartered conglomerate Natura & Co., spoke of sourcing ingredients while preserving the Amazon rainforest by working with the local communities as “guardians of the forest.” Last year, the personal-care company, whose brands include Avon and The Body Shop, committed to being net-zero by 2030 throughout its supply chain, including Scope 3 emissions (those created through use of its products) – “a daunting ambition for us,” Marques said. Natura is also targeting “full circularity” for its packaging by 2030 and intends that by then 95% of its products will be natural, renewable and biodegradable. “We don’t have all the answers today,” he said. “It’s a call to action – for society, for our partners, for the entire community.”

Challenging targets produce results, Marques said: they capture people’s imaginations and spur innovation and collaboration. “We truly believe that by setting the bar high you end up driving innovation. At the end of the day, I don’t think there is room for even competition or political agenda when humanity is at risk.”

Collaboration was at the heart of Prince Charles’s message as well. “For the sake of a safer and more sustainable future, let us join forces and waste no more time. As each of you continues your heroic efforts as members of the Corporate Knights Global 100, I can only offer you my sincere congratulations and ask that you keep going, demonstrating the leadership the world so desperately needs.”

In the spirit of enshrining the rights and value of nature in capitalism, Corporate Knights is inviting the leaders of Global 100 companies to support the Terra Carta, a bold new climate action charter from the Prince’s Sustainable Markets Initiative.

“We are moving more quickly than we were before, but we really need to speed up,” Corporate Knights publisher Toby Heaps said in conclusion. “The good news is the solutions are on the shelf; they’re waiting for all of us to make the bold, smart choices to invest in them.”

Rick Spence is a business writer, speaker and consultant in Toronto specializing in entrepreneurship, innovation and growth. He is also a senior editor at Corporate Knights.

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After four years of Donald Trump’s coal and fracking cronies, U.S. environmental groups were elated that progressive, professional experts were taking back government.

Sure, there was a jolt of concern in mid-November when Biden appointed Louisiana Congressman Cedric Richmond as incoming director of the White House Office of Public Engagement, with special responsibility for climate issues and the pandemic. The 12-year congressman earned a reputation as a climate conservative, supporting fossil-fuel exports and offshore drilling while opposing efforts to tighten regulations on fracking and the disposal of toxic coal ash.

But Biden went on to make better choices. In December, he appointed former Environmental Protection Agency (EPA) administrator Gina McCarthy, a key architect of the Paris Agreement, to run a new White House office on climate change. As president of the Natural Resources Defense Council, McCarthy sued the Trump administration more than 100 times over its attempts to ease environmental regulations.

And then there’s Michael Regan, Biden’s popular pick as the new EPA head. Regan began his career as an air-quality specialist with the EPA. He then spent eight years at the Environmental Defense Fund, an advocacy organization best known for championing early bans on whaling, leaded gasoline and hazardous chemicals such as CFCs.

For the past four years, Regan was an activist secretary of the North Carolina Department of Environmental Quality. Inheriting a dispirited department that was defanged by a previous Republican administration (sound familiar?), Regan tightened regulations and signed significant mitigation deals with chemical and energy companies. “Michael Regan will be exactly the kind of administrator that the EPA needs to fix the damage that was done under four years of Trump and tackle the climate and health crisis facing Americans,” said Jeremy Symons, an environmental consultant who worked with Regan at Environmental Defense.

As the first Black person to run the EPA, Regan will also focus on environmental and economic justice. On his appointment he announced, “We will be driven by our convictions that every person in our great country has the right to clean air, clean water and a healthier life, no matter how much money they have in their pockets, the color of their skin or the community that they live in.”

Given the Trump-inspired insurrection at the Capitol on January 6, this message can’t can’t be emphasized enough. A divided America needs healing. A job-creating green revolution will boost the economy, put the U.S. on a more sustainable track and promote social justice.

Canadians accustomed to the Trudeau Liberals’ lukewarm embrace of climate policies have spent four years worrying about America’s rejection of the environmental crisis. Now, armed with a committed cabinet and an unexpected (albeit slim) majority in the Senate, the 78-year-old Biden may soon challenge Canada to keep up.

The post Biden sets new pace in climate race appeared first on Corporate Knights.

As evidence, take Tiff Macklem. Appointed last June as the 10th governor of the Bank of Canada, his job is to ensure the stability of Canada’s financial system. With the bank’s tradition of political independence, and most of his seven-year term still to come, Macklem can afford to confront the climate threat head-on. 

In a November speech, Macklem declared that “climate change and the transition to low-carbon growth will have profound impacts on virtually every sector of the economy … so we need to understand the implications of climate change for economic growth and inflation.”

Politicians can trade barbs about climate issues, but financial institutions, as stewards of other people’s money, work hard to mitigate financial risks. “Transition risks are often mispriced, and physical risks are generally underappreciated,” Macklem noted. By filling in that knowledge gap, we could save billions in damage and eliminate an existential threat to Canada’s financial stability. 

The 2008 financial crisis pushed climate issues into the background. But the current pandemic, says Macklem, has “focused the public’s attention on extreme global risks and the value of resilience.” A key indicator is the flow of money into ESG funds – portfolios of equities or bonds that prize environmental, social and governance goals equally with profit. According to Macklem, ESG funds in 2020 raised twice as much money as in 2019, which itself tripled the 2018 amount. Canadian ESG issuance has also jumped, Macklem noted, from less than $2 billion in 2017 to almost $13 billion by mid-November.

To get ahead of the climate crisis, Macklem says the Bank of Canada is developing a multi-year research plan focused on climate risks to the macroeconomy and the financial system. It’s also collaborating on transition-mitigation strategies and sustainable finance with global partners such as the International Monetary Fund, the Financial Stability Board, and the Paris-based Network for Greening the Financial System. It’s essential, says Macklem, to be “in the room where it happens.”

And finally, the BoC is “working to bring this analysis home to Canada,” Macklem notes. In November, the Bank of Canada and the Office of the Superintendent of Financial Institutions (OSFI) announced a pilot project working with a few bank and insurance company volunteers, such as TD, RBC, Manulife and The Co-operators. They’ll be developing climate scenarios that will help financial institutions better understand their climate risks under changing conditions. The Bank and OSFI will publish a report, planned for the end of 2021, sharing details on the specific scenarios, methodology, assumptions and key sensitivities.

In a statement, Jeremy Rudin, superintendent of OSFI, said, “Everyone, including the financial sector, will have to adjust to the new reality of climate change. The shape of that new reality will depend on many complex issues and on much that remains uncertain. This pilot project will allow us to refine our focus on the prudential aspects of climate change.”

Knowledge and transparency are power tools, Macklem says: “Scenario analysis will help financial institutions better understand their exposures to transition risks, and this will increase their confidence in their ability to disclose them.”

Then even the politicians will have to pay attention.

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In simplest terms: do firms pay their employees a fair wage – or the lowest amount they can get away with?

Just Capital compared the financial performance of companies that pay relatively high wages to all their workers against industry peers that don’t offer premiums. Grinding through those companies’ financials through the economic downturn, job title by job title, Just Capital’s researchers found that the top 20% of firms enjoyed a 6.5% higher average annual return versus their industry peers. Companies whose miserly pay packets landed them in the bottom quintile were found to earn 3% less than their industry peers.

According to researchers Charlie Mahoney and Steffen Bixby, these results disprove the Dickensian notion that business profitability stems from keeping wages low and reducing labour costs. “Leading research shows that investing in workers – raising wages and providing strong benefits – improves business outcomes,” they write. “As companies are developing strategies to weather the current recession, they should start by considering how to improve the financial security of their workforce.”

In a similar study, the authors analyzed companies that pay a “living wage”; that is, enough money to enable a family to cover their minimum needs – including food, childcare, health insurance, housing, clothing and transportation. Again, generosity paid off.

The second study found that over the past 12 months, the top quintile of companies doling out a “living wage” achieved 12.3% better performance compared to their industry peers. Even the flintiest companies in the bottom quintile of the living wage bracket performed 1.1% better than the industry average.

Just Capital hopes this heaping helping of common sense will encourage more employers to offer employees higher wages and benefits. “Years of research have found that workers who do not have to stress about things like whether they can afford a doctor’s visit or medication stay with their companies longer, and are more engaged,” Mahoney and Bixby say. “It’s expensive to replace an employee, and a more engaged workforce is more productive.”

But common sense is never common. Prior to the pandemic, compensation surveys indicated that employers in Canada and the U.S. were expected to boost pay this year by 3.3% – a rate largely unchanged over the past nine years.

The post Companies that pay fair wages weather downturn better appeared first on Corporate Knights.

Specifically, though, what will happen over the next 10 years? Or the next 30? Consulting giant McKinsey just released a major report examining the increasing impact of climate change. Drawing on the firm’s global consulting teams, and supplemented by scientists, engineers and risk experts around the world, the study paints a frightening picture of the future.

But unless you can see the future clearly, how can you prepare for it?

The report, “Climate Risk and Response: Physical Hazards and Socioeconomic Impacts,” explores how physical climate change creates increased socioeconomic risk. From lethal heat waves to riverine floods and glacier melts, the study estimates the probabilities of diverse potential impacts, to help decision-makers better understand and mitigate these risks.

McKinsey’s experts see five major types of potential disruption creating billions of dollars’ worth of risks by 2050:

• livability (for example, a billion people will live in areas with a 14% average annual likelihood of experiencing lethal heat waves);
• food systems (increased drought conditions are expected to reduce the global annual harvest by at least 15%, at least once a decade);
• physical assets (a 38-centimetre rise in sea levels in Florida could lead to massive property destruction from a 100-year storm, totalling US$50 to $75 billion);
• infrastructure services (flood damage to municipal infrastructure in Ho Chi Minh City, Vietnam, could hit US$8 billion); and
• natural capital (45% of land areas are projected to experience biome shifts, eroding local livelihoods, ecosystem services and species habitat).

Starkly, the report says our institutions are “unprepared” for the real impacts of climate change. That’s partly because even the nature of risk will change over the next 30 years. It reviews nine case studies, the socioeconomic impact of which by 2050 varies between two and 20 times versus today’s levels. The earth is warming now and will continue to warm even if we reach zero emissions. “Managing that risk will require not moving to a ‘new normal,’ but preparing for a world of constant change.”

In each case the report studied, the poorest communities were typically the most vulnerable. “Emerging economies face the biggest increase in potential impact on workability and livability.”

Introducing the report at the World Economic Forum in Davos, Switzerland, in January, McKinsey senior partner Dickon Pinner positioned it as a tool for creating hope. The study proves, he said, that “we need to put physical climate risk at the heart of all decision-making and risk management.” While the report paints a bleak picture, he hopes it will motivate more people to action.

At which point one of Pinner’s co-panelists in Davos quipped, “So, the good news is that we know the bad news.”

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