We emphasize and encourage links between academic researchers and practitioners at financial institutions to bring theoretical techniques to bear on realworld issues.

Sustainable Finance and Climate Risk

The Role of Equity Investments in Financing Clean Energy Technologies in Canada

The purpose of this research project is to explore the methods to enlarge and improve private equity financing (i.e., angel investing, venture capital, and private equity), as well as address the fundamental weakness in Canadian financial system that private equity is less adequate to finance Canadian early-stage business, including renewable energy firms, than US in supporting the transformation of myriad great inventions to successful innovations to build a new technology landscape that enables Canada to mitigate greenhouse gas emissions more efficiently.


Haskayne School of Business, University of Calgary


Yrjö Koskinen, Ari Pandes, and Nga Nguyen




Yrjö Koskinen

is the Associate Dean of Research and Business Impact and the BMO Professor of Sustainable and Transition Finance at the Haskayne School of Business. Previously he has served on the faculties of Stockholm School of Economics, Boston University’s Questrom School of Business, and the Wharton School of the University of Pennsylvania. He holds an MSc degree in Economics from the University of Helsinki, and a PhD in Management (Finance) from INSEAD. Prior to his academic career, Koskinen worked as a financial journalist and as an economist at the Bank of Finland.

Koskinen is currently the co-president of the Northern Finance Association, and serves on the advisory board of the Institute of Sustainable Finance at Queen’s University, the steering committee for the Canadian Sustainable Finance Network, and the academic advisory panel for Globe and Mail’s Report on Business. He is also a fellow at the Nordic Initiative in Corporate Economics and a research member at the European Corporate Governance Institute.

Koskinen’s main research areas are sustainable finance, and corporate finance and governance, His current research focuses on corporate social responsibility and its relationship to firm risk, and the effects of limited liability on corporations. His research has been published in the leading finance and management journals, such as the Journal of Financial Economics, Review of Financial Studies, Management Science, Journal of Financial and Quantitative Analysis, and Review of Finance. He is the recipient of the Standard Life Investments Finance Prize for his research on corporate social responsibility and firm risk.