Extreme weather fueled by climate change comes with a hefty financial burden. In Quebec, the August 2024 floods caused nearly $2.5 billion in insured damages, while the 2023 wildfire season burned 15 million hectares nationwide and cost insurers more than $1 billion.
And the effects can linger for years. Recent research from Concordia's John Molson School of Business shows that a two-year drought can depress a local economy as much as a one-percentage point increase in unemployment.
The new Climate Business Institute (CBI) at the John Molson School seeks to support corporate responsibility and drive meaningful change around climate action. Through practical research, collaborations with policymakers, business leaders and community, as well as educational programs, the new institute will help businesses operationalize sustainability.
"By leveraging our research expertise in sustainability, we, at the John Molson School, can truly act as a catalyst for more positive societal impact," says Anne-Marie Croteau, dean.
What makes the CBI unique is its focus on the intersection of climate change with business strategy and management, says Denis Schweizer, the institute's scientific director.
"Our research will provide businesses with actionable insights that will enable them to integrate sustainable practices into the market," says Schweizer, who is also a professor of finance and director of the Desjardins Centre for Innovation and Financing.
Interdisciplinary research, practical impact
The institute's leadership reflects its three pillars: academia, industry and community.
As scientific director, Schweizer's role is to build relationships with researchers both locally and internationally. The goal is to bring a business research perspective that will ensure environmental innovations are also financially sustainable.
Virginie Chane-Teng is the executive director at the CBI. Her role is to strengthen relationships between research and industry to make a practical difference in how businesses tackle the challenges of climate change.
Stephen Kibsey is an original founder and director of the Sustainability Ecosystem at the John Molson School of Business. As the CBI's strategic advisor, he leads educational activities, primarily through the outreach program. Kibsey shares knowledge on climate change and deepens understanding of the material issues affecting different regions in Quebec and Canada. In addition, he leads a training program to help educators build their syllabi around climate change issues.
Impact labs
Each impact lab is led by a director and focused on a sustainability-related theme.
They include:
- Carbon Governance and Leadership, led by Adriane MacDonald
Adriane MacDonald is an associate professor in the Department of Management and Canada Research Chair in Governance and Sustainability. This lab's goal is to create to create stronger, fairer communities that are sustainable, carbon-neutral and ready to face future environmental challenges.
- Climate Risk and Finance, led by Erkan Yönder
Erkan Yönder is a professor of finance and real estate, director of the Jonathan Wener Centre for Real Estate and the Manulife Sustainable Investing Practicum. This lab supports a low-carbon economy and works with financial leaders and policymakers to build the resilience necessary to adapt to climate challenges.
- Climate Measures and Reporting, led by Matthäus Tekathen
Matthäus Tekathen is an associate professor and chair of the Department of Accountancy. This lab ab helps organizations meet stakeholder expectations, improve decision-making and build trust in their environmental performance.
Leveraging university-wide expertise in sustainability
The CBI joins a well-established sustainability ecosystem at the university, including Volt-Age, the Next-Generation Cities Institute and PLAN/NET ZERØ.
"We want the CBI to become a one-stop access point for research around business, sustainability, climate change, innovation and outreach at Concordia," says Cédric Lesage, associate dean of research and impact at the John Molson School.
"I'm confident that the institute will provide integral tools to external stakeholders who are looking for solutions to complex challenges."
The Climate Business Institute launches Wednesday, October 1.
Learn more about the Climate Business Institute at Concordia's John Molson School of Business.
