On November 20, 2025, the Global Climate Finance Accelerator (GCFA) hosted an engaging evening that brought together founders, investors, ecosystem builders, and public policymakers to discuss scaling first-of-a-kind (FOAK) climate tech projects and advancing the next generation of breakthrough ventures.
Held at BDC Square Toronto, Wendy Potomski, Executive Director of the GCFA moderated a panel discussion titled “Unlocking Capital for Climate Innovation: De-risking First-of-a-Kind Projects (FOAK)” that delved into the critical challenge of securing capital for FOAK climate tech projects and strategies for de-risking them. BDC employee Shirley Speakman, Professor Kenneth Corts from Rotman School of Management, and Lawson Climate Institute’s Shatha Qaqish-Clavering also provided remarks at the event. The GCFA program is supported by Rotman School of Management and Lawson Climate Institute, which convenes climate researchers from across University of Toronto and fosters connections between faculty and students, and the business and policy communities.
FOAK projects are essential to scaling breakthrough climate technologies but are stuck in a “missing middle” due to their venture-level risks combined with infrastructure style return expectations. Access to concessional capital is not enough. Without rigorous assessment of technology readiness and risks, paired with committed offtakers, disciplined cost control, and strong market demand, governments and early investors risk losing substantial capital.
Building on the insights from the GCFA flagship white paper, “Financing First-of-a-Kind (FOAK) Climate Tech Projects,” panelists Tyler Hamilton (MaRS), Jahangir Bhatti (BDC Capital), and Jane Kearns (Evok Innovations) shared pragmatic insights on how innovative financial models, including deliberately structured capital stacks and blended finance using “first-loss capital,” can help to de-risk projects and attract investment.
The discussions highlighted the urgent need to de-risk and deploy capital for climate transformation, emphasizing the fact that First-of-a-Kind projects serve as proof points of what’s possible when science, policy, and finance converge.
For the past several years, University of Toronto graduate students from Rotman, the Munk School, Engineering, and beyond have worked with the GCFA to tackle the climate finance barriers holding back investment in cleaner technologies. The GCFA connects graduate students, industry experts, and founders to research and develop financial solutions that help move early-stage climate technologies from pilot to deployment and then to commercialization. Their model convenes academia, business professionals, entrepreneurs, and the finance/investment community to develop innovative blended finance models and build the ecosystem capacity to finance climate impact.
To learn more about GCFA, visit globalclimatefinanceaccelerator.com.