Scotiabank announced to the 10 winners of its global Net-Zero Research Fund 2024 program. The funds awarded, totaling approximately $1 million Canadian dollars, were allocated to organizations in Canada, Peru, Colombia and Mexico conducting research and initiatives related to decarbonization and the transition to a net-zero emissions economy.
"This is the fourth year that Scotiabank has awarded funding through our Net-Zero Research Fund and we are excited to see such high quality proposals. We congratulate this year's recipients, who have once again raised the bar with their new ideas and research on public policy, science and technology to promote the transition to a low-emissions economy," said Meigan Terry, SVP and Managing Director, Sustainability, Social Impact and Communications, Scotiabank.
In many cities in Peru and Latin America, wastewater treatment faces challenges due to population growth and infrastructure limitations. Lack of action could potentially affect the health of communities and ecosystems. In this context, the Universidad de Ingeniería y Tecnología (UTEC Peru) was selected by Scotiabank for its initiative to design an open cultivation system that functions as an extension of a wastewater treatment plant (WWTP) in the high Andean region of Arequipa. This system will use microalgae to assimilate organic matter and salts present in wastewater in order to restore less contaminated water resources to the environment.
"This recognition from Scotiabank highlights the importance of investing in research that seeks innovative solutions to environmental challenges. Our microalgae cultivation project represents an advance towards bioremediation technologies that improve water quality and generate biomass with agro-ecological applications. This effort reaffirms our commitment to actively contribute to the sustainable development of the country and the well-being of our communities," said Monica Santa-Maria Fuster, Director of Research at UTEC.
Through its Net-Zero Research Fund program, Scotiabank aims to distribute C$$10 million in grants to organizations conducting research and leading initiatives related to the transition to a low-carbon economy. Since 2021, it has awarded approximately C$$4 million to more than 40 institutions and non-profit organizations.
For more information on the Net-Zero Research Fund and the projects it has supported, please visit the Scotiabank's Climate Change Centre of Excellence.
