Bridging the Gap: How Uvaro is Addressing Canada’s Missing Sustainable Finance and Accounting Skills

Canada’s financial sector is facing a pivotal moment in the shift towards sustainability and carbon-based finance.

With over 800,000 professionals currently working in finance and insurance, the industry has added 15,000–20,000 jobs annually since 2020. Supported by a comprehensive educational system, our financial sector is globally esteemed for its stability, expertise, and innovation.

Yet amid the backdrop of Canada’s lagging productivity among G7 countries, and with sustainable and carbon-based finance fast becoming a growing priority for businesses of all sizes, Canada faces a major sustainability skills gap in finance that requires system-wide changes to properly address.

That gap presents a lost opportunity for Canadian leadership and a roadblock for both economic growth and the transition to a less carbon-intensive economy. That’s why Uvaro is partnering with key players across Canada’s financial landscape to upskill financial professionals on sustainability and climate, and drive our economy toward a lower-carbon future.

Here's what we’re building, why it matters, and how we got here.

The High Stakes of Skills Shortages

One billion dollars: That’s what delays in project approvals and missed revenue opportunities could cost, even with just a 5-6% involvement in Canada’s $17 billion cleantech sector.

Even well-capitalized projects risk hurdles and disruptions. Just ask this CTO of a medium-sized company deeply embedded in Canada’s energy sector: “The industry is dying for underwriting/credit people who understand these projects. We’re backlogged for 2-3 weeks, whereas traditional capital deals are 2-3 days. There’s just not enough people who know this stuff [sustainability-linked finance].”

Traditional financial skills are simply not enough to advance complex infrastructure projects with green and climate transition-aligned objectives that contribute to meeting commitments to the net-zero economy, and win over public opinion and key stakeholders. What’s missing is a deep understanding of sustainability metrics, regulatory frameworks, and the different innovative financial instruments available to put large amounts of capital to work in transition-aligned opportunities.

Despite billions in government cleantech investment, the demand for skilled professionals, as illustrated above, still far exceeds supply. This gap highlights a potential $1 billion loss—a loss we can and should avoid.

Take the Inflation Reduction Act (IRA) in the US as a comparison. With $121 billion in investment to date, the US government has streamlined project approvals, accelerating progress on transition-aligned investments. If Canada could secure even a fraction of this impact by optimizing our processes and focusing on skills development, it could mean billions in additional growth and opportunities.

Enbridge’s $8 billion in projects exemplify the success that can be achieved by investing in sustainable finance skills development. By offering over 10,000 courses, including proprietary programs through Enbridge University, Enbridge emphasizes the importance of equipping its workforce with the skills needed for its emerging lines of business and the broader energy transition.

However, Enbridge is the exception, not the rule. And that’s why we’re here.

The Need for a Sustainable Finance Framework

At its heart, the skills gap is a human capital crisis. To solve it, a piecemeal approach won’t do. While groups like Export Development Canada (EDC), the Royal Bank of Canada (RBC), and the Council of Canadian Innovators (CCI) are developing their own platforms to address sustainable finance, Canada needs a common framework established by respected incumbent professions like CFA Societies Canada and CPA Canada to bring these efforts together.

The CFA Institute Research and Policy Center recommends a “systems thinking” approach to upskill mid-career professionals in their report “Net Zero in the Balance: A Guide to Transformative Industry Thinking.” This report emphasizes that the foundation of our financial system is built on individual professionals who form smaller, interconnected systems and contribute unique perspectives.

Within these interwoven systems, the data used in sustainable finance circulates through many roles, spanning both CFA Societies Canada and CPA Canada domains.

Investment Upskilling + Impact (CFA Societies Canada Domain)

Investment and finance professionals need to develop skills in sustainable business, carbon finance, and understanding the tax incentives that impact investments. Roles benefiting from sustainable finance training include:

• Buy and Sell-Side Research Analysts: Analyze and evaluate investment opportunities, using high-quality data to develop robust sustainable finance strategies and make investment decisions.
• Consultants and Risk Analysts: Assess financial risks and provide strategic advice, ensuring decisions align with sustainability metrics and regulations.
• Portfolio Managers: Incorporate sustainability insights from research and risk analysts to drive long-term performance and meet green investment demands within the investment portfolios they manage.

Accounting and Corporate Finance Upskilling + Impact (CPA Canada Domain)

Accounting and corporate finance professionals need the same level of understanding of sustainable business as investment professionals. Roles benefiting from sustainable finance training include:

• Accountants and Bookkeepers: Gather and report financial data, ensuring sustainability reports are integrated to inform financial decisions.
• Corporate Reporting and Disclosure: Prepare corporate financial and sustainability disclosures, ensuring accuracy, compliance, and alignment with sustainability goals, typically reporting to the CFO.
• Financial Analyst: Analyze sustainable financial data to provide insights and support strategic decision-making.
• Business Leaders: Foster growth and enhance fundraising efforts to position the company to attract investments and capitalize on new opportunities.

Strategic Solutions for Immediate Impact

CFA Societies Canada and CPA Canada are integrating sustainable finance into curricula for future professionals, but seasoned and mid-career professionals require immediate, dedicated training. To address this, CFA Societies Canada and CPA Canada are collaborating with Uvaro’s established education system to create a shared framework, streamlined processes, and enhanced knowledge to support sustainable finance.

Uvaro has a proposal under review, which includes CFA Societies Canada, CPA Canada, the University of Waterloo School of Accounting, and many other stakeholders in finance, education, and business. Through this partnership, Canadian finance professionals will be incentivized to enroll in the partially subsidized program, using development budgets to benefit not only Canada’s large enterprises (0.1% of businesses) but also the vast number of small (98.2%) and medium-sized (1.6%) businesses that make up the majority of the market and greatly benefit from such support.

Uvaro’s modularized approach has proven effective in cleantech, cybersecurity, tech sales, and beyond. As an established leader in helping employees upskill their knowledge, abilities, and experience, Uvaro is excited to extend our focus to sustainable finance and further Canada's economic growth and environmental goals.

Here are the 3 key components of our program:

1 - Workforce Development Program

We will upskill mid-career professionals through targeted workforce development designed to provide the immediate, specialized, and practical skills needed in sustainable finance while complementing the learner's foundational knowledge and existing experience. By focusing only on a dedicated topic with intensive training, we can quickly fill the knowledge gap.

Canada’s 800,000 finance workers are prime candidates for this program, as are the over 21,000 CFA charterholders across Canada and over 220,000 Canada-based CPAs who require ongoing upskilling and professional development to maintain their credentials. In addition, the involvement of CFA Societies Canada and CPA Canada can further drive recruitment, curriculum material, and more.

2 - Sustainable Finance Designation

Credibility and trust are paramount in the highly regulated financial sector. For a program to be effective and widely accepted, it must carry the weight of accreditation.

A Sustainable Finance Designation, developed in tandem with the University of Waterloo School of Accounting, will be awarded upon completing the learning portion of the workforce development program. This partnership validates the program's rigor and encourages participation by signaling to professionals and employers that the training meets high standards in sustainable finance education.

3 - Long-Tail Program Design

Upskilling is not just about attending courses; it’s about applying new skills effectively in real-world scenarios. Uvaro’s Long-Tail Program Design offers extended support (12+ months) that combines courses in sustainable finance with additional components like work-integrated learning, job support, and coaching to ensure information is learned and applied.

This program design leads to better career readiness and the ability to apply newly acquired skills immediately in the workplace, making it the preferred solution for mid-career professionals. It offers multiple pathways for upskilling, considering the various life and work challenges that come with additional learning. It also gives learners access to Riipen’s work-integrated learning platform, where they hone their skills through practical application in real-world business projects.

Paving the Way for Canada’s Sustainable Finance Future

Addressing the skills gap in sustainable finance is essential for Canada's economic and environmental future. Uvaro, along with CFA Societies Canada, CPA Canada, and the University of Waterloo, offers a comprehensive solution that will equip mid-career professionals with the necessary skills to lead in sustainable finance across businesses of all kinds.

By investing in this training program, Canada can ensure a productive, competitive, and sustainable future. Together, we ensure that all professionals are equipped with a credible, trusted, and effective framework of foundational knowledge, eliminating redundancies and fostering innovation across the industry. Now is the time to act.