Scotiabank, one of Canada’s leading banks, has launched the fifth edition of its Climate Action Research Fund (CARF), looking to support innovative carbon solutions.
Under this funding opportunity, Scotiabank will award around $700,000 (approximately CA$1 million) annually over a period of 10 years to organizations researching hopeful climate-related technologies.
As the bank points out, awards will vary between ~$17,000 (CA$25,000) and a maximum of ~$70,000 (CA$100,000).
The 2025 Scotiabank Climate Action Research Fund (CARF) forms part of the bank’s broader strategy for boosting the transition towards a lower-carbon economy.
As such, this fifth edition of the fund is now looking for submissions researching promising technologies in a number of focus areas.
One of those areas is identifying reliable decarbonization pathways that would be applicable on a national economy level or would target CO2 in specific industrial and economic sectors, like the cement, construction, steel, and mining industries.
Another focal point is the detection and quantification of novel carbon dioxide sinks, along with the advancement of mechanisms for removing atmospheric CO2.
The fund will also back research focused on financing mechanisms that could drive decarbonization projects, policy and regulations needed for an accelerated CDR development, and ways for increasing the carbon removal demand among consumers, municipalities, and industries.
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Through the CARF, Scotiabank also intends to deepen the knowledge and understanding of different carbon removal approaches by channeling funding into improved measurements, data accumulation, and dissemination, especially in sectors with limited available data and impacted by regional variability.
The received submissions will be evaluated by a range of criteria.
Funding applicants need to be working on a research area that hasn’t been covered before, and the knowledge that emerges from the research needs to be beneficial to decarbonization efforts or the ability of financial institutions to support those efforts.
Additionally, projects need to have a clearly defined budget, timeline, and deliverables, while developers are required to have research experience, climate change knowledge, and staff resources to deliver the project.
The fund is accepting applications by May 22, 2025, and interested parties can learn more here.
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