The Short Report: October 2, 2024

GOVERNMENT FUNDING

Natural Resources Canada (NRCan) announced an investment of over $20 million to support initiatives that advance sustainable forest policy and forest stewardship globally. Through Canada’s Global Forest Leadership Program and International Model Forest Network (IMFN), these investments contribute to global climate and biodiversity goals, NRCan said. The investments include funding to expand Canada’s international forestry engagement, collaborations and partnerships, and to share Canadian expertise abroad. Much of the funding will be delivered through the IMFN. This investment will help IMFN partners in Latin America, Africa and Asia as they transition to low-carbon, climate-resilient and inclusive sustainable development that focuses on the needs of local communities and local governance. NRCan

The Canadian Institutes of Health Research (CIHR) and partners Heart & Stroke Canada and Brain Canada are investing a total of $10 million to establish two new national research networks for women’s heart and brain health. The networks will be led by Dr. Rohan D'Souza at McMaster University, whose team will create a Canada-wide collaboration aimed at reducing deaths and serious illness from heart conditions during and between pregnancies, and by Dr. Amy Yu at the Sunnybrook Research Institute whose team will work on improving evaluation, diagnosis and outcomes of stroke in women across Canada. Each network will receive $5 million in funding over five years to better understand women’s risk factors for heart and brain conditions and to improve the diagnosis and treatment of conditions more common among women or that are less well studied. CHIR

The Government of Canada announced a funding commitment of $5.5 million for Food Processing Skills Canada’s expanded Skills Training Across Canada program. The program’s expanded mandate will support frontline workers, new hires and jobseekers preparing for work in Canada's food and beverage manufacturing industry. The Canadian food and beverage manufacturing industry contributes $35.2 billion to Canada's GDP and employed over 310,000 people in the workforce in 2023. However, Food Processing Skills Canada's Industry Growth and Outlook Report from December 2023 found the average annual hiring requirement for this industry is significant, with approximately 11,500 new people required per year driven primarily by the need to replace an estimated 66,800 retirements and age-related exits while considering projected industry growth and labour productivity gains. The new Skills Training Across Canada program has been designed to improve foundational and transferable skills to 800 industry frontline workers and 1,500 jobseekers nationally through training, webinars and resources in English and French. Food Processing Skills Canada

The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) is investing more than $5 million in Innovation Factory, in collaboration with the Hamilton-based Synapse Life Sciences Consortium, to support the continued delivery of the Southern Ontario Pharmaceutical and Health Innovation Ecosystem (SOPHIE) program. Innovation Factory is a not-for-profit business accelerator serving the Brant, Halton, Hamilton and Norfolk regions. The SOPHIE program will assist up to 75 small and medium-sized health sciences businesses in southern Ontario as they commercialize their products and scale their businesses. Participating businesses will have access to mentorship and advisory services, seed funding and new partnerships. This critical work will help accelerate their product development and anchor health sciences companies in southern Ontario, FedDev Ontario said. FedDev Ontario

The Government of Alberta is s offering a new $3-million Municipal Electricity Generation Program to help municipalities lower the costs of powering and heating recreation centres, town halls, libraries and other community buildings. Communities can now apply for rebates to help improve their electricity systems, reduce operational costs and lower emissions. Starting September 24, municipalities can apply for up to $500,000 in funding for microgeneration systems that can help reduce their electricity costs. Eligible costs include the equipment, materials, labour, installation and project or construction management costs required to complete the project. Govt. of Alberta

The Government of Ontario is investing $2 million in Futurpreneur Canada, a non-profit entrepreneurship organization, to help 300 young entrepreneurs start a new business. Futurpreneur Canada provides financing, mentoring tools and resources to aspiring business owners aged 18-39 through their flagship loan initiative, the Core Startup Program. The program offers collateral-free loans of up to $75,000, two years of mentorship and in-person programming. Ontario’s investment will support entrepreneurs in rural, remote and Northern communities to boost economic growth and create new jobs in these regions. Govt. of Ontario

The Government of Ontario is investing $1.28 million in seven research projects to help farmers increase their long-term productivity and competitiveness. The funding, through Agricultural Research and Innovation Ontario’s Innovative Breeding Research Program (IBRP), will help create new tailored plant varieties and livestock for the province’s domestic food supply and export markets, which will reinforce economic growth across Ontario’s almost $51-billion agri-food sector. IBRP research creates enhanced plant varieties and animal traits, promotes biodiversity and plant and animal health, and supports resilience to environmental challenges. Examples include:

• Determining if methane emissions can be reduced in beef cattle through improving feed and modifying gene characteristics.
• Developing drought-resistant, higher-yield soybean varieties and better-quality crops for Ontario farmers to grow and for export.
• Developing bean varieties that are disease and environmentally resilient.  Govt. of Ontario

Canada Economic Development for Quebec Regions (CED) announced a non-repayable contribution of $3.5 million for Calcul Québec and a repayable contribution of $497,500 for Anyon Systems. Calcul Québec is a non-profit organization with a mission to provide cutting-edge infrastructure for computational calculations for academic and scientific research and for businesses. Its computational servers, also called supercomputers, are shared by thousands of researchers, mainly in Quebec, but also across Canada. MonarQ, a quantum computer designed by Anyon Systems, is located at the École de technologie supérieure in a room dedicated to advanced computation, a site that already houses one of the country’s most powerful supercomputers. Calcul Québec’s project aims to increase MonarQ’s computational power from 12 to 24 qubits and thereby better meet businesses’ technology transfer needs. Anyon Systems is a Montreal business that develops turn-key quantum computing products such as integrated quantum computers, as well as electronic controllers and cryogenic (cooling) systems. CED’s support will enable Anyon Systems to pursue its growth and continue to commercialize technologies resulting from R&D, including through manufacturing and participating in trade fairs. CED

Pacific Economic Development Canada (PacifiCan) announced $720,000 for Vancouver-based DigiBC to deliver Signals, a Vancouver-based initiative combining a creative technology event with talent development opportunities for students and recent graduates. PacifiCan funding will support Signals programming for three years. Presented in partnership with the Vancouver International Film Festival, Signals showcases the work of top Canadian and Indigenous artists in areas such as artificial intelligence and virtual production. Signals also connects B.C.’s thriving creative technology sector with emerging talent through mentorship, networking and job matching. In addition to supporting Signals, PacifiCan funding will also support DigiBC’s work placement program where post-secondary students are provided with experiential learning opportunities in animation, video game development, visual effects and extended reality. DigiBC is the creative technology industry association for British Columbia. PacifiCan

RESEARCH, TECH NEWS & COLLABORATION

Staff and students at Mount Royal University in Calgary held a rally to protest proposed Alberta legislation that would prevent funding agreements with the federal government without approval from the province’s United Conservative Party government. Bill 18 – the Provincial Priorities Act – which received royal assent in May, forbids a “provincial entity” from entering, extending, amending or renewing intergovernmental contracts without approval. The definition of a provincial entity includes post-secondary institutions. Researchers fear the Alberta government will use the legislation to violate academic freedom. “It increases the red tape specifically around researchers being able to access federal funding, which is a significant impact,” said Brenda Lang, president of the Mount Royal Faculty Association. Rajan Sawhney, Alberta’s advanced education minister, said the bill is not intended to obstruct federal money for post-secondary institutions. “It’s to have an understanding and knowledge and information about what is being funded. We want to make sure that this funding does align with provincial priorities,” Sawhney said. As University of Calgary professor Lisa Young wrote, federal money for academic research is mainly provided to the tri-councils – the Canadian Institutes of Health Research (CIHR), the Natural Sciences and Engineering Research Council (NSERC) and the Social Sciences and Humanities Research Council. The councils gather panels of independent academics and researchers across the nation, who collect applications for grants and recommend which projects should be approved. The federal government has no involvement in those decisions. Dr. Robert Sutherland, a University of Lethbridge neuroscience professor whose projects have been funded by CIHR and NSERC, was part of a roundtable with other researchers in Alberta and representatives of Alberta’s advanced education ministry. The researchers told the government representatives the provincial regulations could add years to the scientists' projects, which would be detrimental to their competitiveness and relationships with colleagues outside the region. “It would place Alberta researchers at a terrible handicap relative to researchers in other provinces,” Sutherland said. Calgary Herald

The Government of Saskatchewan has rejected the federal government's proposed oil and natural gas emissions cap and “Methane 75” regulations to reduce methane gas emissions. By 2050, with production caps and methane mandates in place, Saskatchewan's oil production would fall by between 38 percent and 52 percent, according to a report by the Saskatchewan Economic Impact Assessment Tribunal. As a result, the province would face cumulative royalty and tax revenue losses of between $4.8 and $7.1 billion, and total lost government revenues would be up to $43.3 billion, the report said. The report also found that, with these federal mandates in place, Saskatchewan’s economy would contract by 4.3 percent by 2030, by 6.4 percent by 2050, and there would be a cumulative GDP impact by 2050 of $230 billion. Employment losses by 2050, relative to the status quo, would range from between 12,800 and 34,000 people, according to the report. “These mandates will lead to industrial winners and losers across the country and represent a sweeping constitutional overreach into the province's exclusive jurisdiction over natural resources,” said Bronwyn Eyre, Saskatchewan’s justice minister and attorney general. Govt. of Saskatchewan

The Government of Ontario unveiled a new battery storage project in southwestern Ontario that will provide reliable and affordable clean energy to families and businesses. Once built, the Tilbury Battery Storage Project will store 80 megawatts of power, equivalent to powering 80,000 homes. Walpole Island First Nation has partnered with Boralex, based in Kingsey Falls, Que., to advance this project, which will begin construction later this year and support over 150 local jobs. The Ontario government launched the largest battery procurement framework in Canadian history earlier this year, resulting in nearly 3,000 megawatts of storage capabilities secured to expand Ontario’s clean, reliable and affordable energy grid. Govt. of Ontario

Concordia University has expanded its 20-year partnership with Swedish communications technology multinational Ericsson through a 10-year agreement aimed at advancing research, innovation and training in information and communications technology. The partnership will focus on joint projects in fields such as cybersecurity, applied AI, cloud computing and 5G networks. Based in Concordia’s Gina Cody School of Engineering and Computer Science, the collaboration involves establishing joint projects focused on research and innovation, patent development and the creation of customized training programs. As part of the agreement, Ericsson has designated Concordia as a “Tier 1” university partner, the first such partner in North America. Concordia University

Italy-headquartered Leaf Space announced a contract to install and operate a state-of-the-art ground station to be hosted at Spaceport Nova Scotia, a launch facility owned and operated by Maritime Launch Services. The ground station will form part of Leaf Space’s broader strategy to increase its global footprint offering global telemetry, tracking, and command and payload data downlink services. By partnering with Halifax-based Maritime Launch Services, Leaf Space said it will be able to offer customers a prime geographic location for optimized satellite coverage, particularly for polar orbit and low-Earth orbit missions. The ground station is expected to be fully operational by the first quarter of 2025. The federal government, through the Atlantic Canada Opportunities Agency, is providing a $120,000-repayable contribution to Maritime Launch Services to prepare for the installation of specialized tracking and communications equipment at Spaceport Nova Scotia. BusinessWire

Canada’s progress on diversifying corporate boards with board seats held by women is slowing, according to a report by law firm Osler, Hoskin & Harcourt LLP, which looked at the boards of 610 companies. From 2015 to 2023, the year-over-year increase in the proportion of board seats held by women has averaged 2.1 percentage points each year, says the report, 2024 Diversity Disclosure Practices. “We expected the average percentage of board seats held by women would finally top 30 percent this year,” the report’s authors said. However, Canadian boards fell just short of that mark with women holding only 29.8 percent of available board seats, an increase of only 1.3 percentage points over last year – the lowest year-over-year increase since 2016. “We also noticed a marked decline in the percentage of women being appointed to newly created or vacated board seats, falling to 40.4 percent compared to last year’s record-breaking 45.3 percent" the report notes. The increased representation of women on boards in recent years has not been consistent across listed companies, and improvement has been primarily driven by the S&P/TSX Composite Index companies. At TSX-listed companies, women hold 38.1 percent of board seats, compared with only 23.1 percent of board seats at companies not included in the index. Although on average women hold 29.8 percent of board seats, when the board chair is a woman, women constitute on average approximately 39 percent of the board; where the CEO is a woman, women constitute on average approximately 35 percent of the board. Only 10.9 percent of TSX-listed companies have targets for women executive officers, and just 9.6 percent of the time the chair of a TSX-listed company is a woman. Only 4.5 percent of the time the CEO of a TSX-listed company is a woman. Osler

Toronto-based Realbotix has appointed Aria, its AI-enabled humanoid robot and brand ambassador as an advisor in a non-executive role to its board of directors – a world first, according to the company. As an advisor, Aria will contribute to strategic views on decisions affecting operations, leveraging “her” proprietary large language model and AI-driven insights to offer fresh perspectives on market trends, product development and customer engagement, Realbotix said. “This pioneering move positions Realbotix as a trailblazer in the industry, setting a new standard for the integration of AI in corporate governance,” the company said. Realbotix plans to market its proprietary AI in 2025 as a standalone product targetting individuals seeking companionship and social interaction. BusinessWire

Pittsburgh-headquartered Westinghouse Electric Company, owned by Brookfield Business Partners of Canada and Saskatchewan-based uranium company Cameco, announced memorandums of understanding with three Canadian suppliers. The MOUs involve buying reactor components and construction-related services from Curtiss-Wright Nuclear Canada in Newmarket, Ont., E.S. Fox in Niagara Falls, Ont. and Montreal-based Velan. Westinghouse has worked closely with Canadian suppliers on components for its advanced AP1000 reactors, with six of the reactors operating globally and eight more under construction. Westinghouse also is collaborating with the Canadian supply chain for its AP300™ small modular reactor, a 300-megawatt pressurized water reactor based on AP1000 technology, and the eVinci^TM microreactor, which can provide up to five megawatts of electricity for eight-plus years for a variety of applications. Westinghouse

The Department of National Defence established the Canadian Armed Forces (CAF) Cyber Command (CAFCYBERCOM). This new command will consolidate the CAF’s cyber capabilities into a single unified and dedicated entity, to enhance the military’s readiness to tackle threats in the cyber domain. This command will be led by Major-General Dave Yarker, who’ll be responsible for cyber operations and cyber force sustainment, management and development. Through CAFCYBERCOM, the CAF continues to develop and scale its offensive and defensive cyber operations capabilities in close cooperation with the Communications Security Establishment Canada. The new CAF Cyber Command also enables Canada to meet its NATO commitments, such as the Virtual Cyber Incident Support Capability and the Sovereign Cyber Effects Provided Voluntarily by Allies. Department of National Defence

The Minerals Investment Network for Vital Energy Security and Transition (MINVEST) announced the establishment of the Minerals Security Partnership Finance Network, of which Export Development Canada and its international counterparts are members. This network aims to strengthen cooperation and promote information exchange and co-financing among participating institutions to advance diverse, secure and sustainable supply chains for critical minerals. The network is a counter-balance to China’s dominance in critical minerals. MINVEST is a public-private partnership between the U.S. Department of State and the Washington, D.C.-based non-profit organization SAFE Center’s Critical Minerals Strategy, dedicated to building secure, sustainable and ethical supply chains for electric vehicle batteries in North America. The Minerals Security Partnership includes Canada, the U.S., the U.K., Australia, several European countries and the European Union, India, Italy, Japan and the Republic of Korea. U.S. Department of State

The U.S. Commerce Department issued a notice proposing to prohibit imports of specific software and hardware that collect driver data, control vehicle navigation and operate on-board vehicle cameras and sensors. The measure would, if finalized as proposed, prohibit the sale or import of connected vehicles that incorporate certain technology and the import of particular components themselves from countries of concern, specifically the People’s Republic of China (PRC) and Russia. Deputy Minister Chrystia Freeland said Canada is “absolutely” considering, in consultation with Canadian industry and labour groups, following the U.S. move to ban vehicle hardware and software from China and Russia. Vehicles’ increasing connectivity creates opportunities to collect and exploit sensitive information, including about geographic areas or critical infrastructure. The U.S. Commerce Department has determined that certain technologies used in connected vehicles from the PRC and Russia could be used within U.S. supply chains for surveillance and sabotage to undermine national security. The prohibitions on software would take effect for model year 2027, and the prohibitions on hardware would take effect for model year 2030, or January 1, 2029 for units without a model year. The White House

Seattle-based electric watercraft manufacturer Pure Watercraft, which is 25-percent-owned by General Motors, went into receivership. Pure Watercraft was founded in 2011 with the intention of replacing gasoline-based outboard motors with fully electric ones. The company offered an electric outboard and battery combination that could be mounted on a boat like any other outboard, or in a package with a rigid inflatable or pontoon boat. A tough market seems to have put an end to Pure Watercraft’s ambitions. The company entered receivership in July, per filing documents in King County, Washington. In August, it was also reported that a planned multi-million-dollar factory in West Virginia would not be going forward. The receivership documents describe numerous creditors, from individual investors to banks to the big one, GM, which put approximately $35 million, including in-kind investment, into the venture. TechCrunch

Google said it has filed a formal complaint against Microsoft with the European Union’s top antitrust regulator, escalating a long-running dispute over the cloud-computing business. In the complaint, Google accuses Microsoft of abusing its market power in enterprise software to push businesses to use its Azure cloud platform – and keep them locked in there. The antitrust complaint is a turnaround for Google, which nearly two decades ago became a sustained target of EU antitrust action in part stemming from complaints supported by Microsoft. The two companies for a time made peace, but that accord has unraveled in recent years. Microsoft said it had settled similar concerns with European cloud providers and expected that Google’s complaint would “fail to persuade the European Commission.” Google, owned by Alphabet, has long trailed Microsoft and Amazon.com’s Amazon Web Services in the cloud business. Google executives say its complaint is important now because many companies will be moving more of their work to the cloud in the coming years. The Wall Street Journal

See also: Ottawa should invest part of $2-billion AI infrastructure in “made-in-Canada” supercomputer, expert says

VC, PRIVATE INVESTMENT & ACQUISITIONS          

 Pangaea Ventures, a venture capital firm based in Vancouver and Phoenix, Arizona, closed a $115-million cleantech fund, supported by an undisclosed mix of new and returning investors including financial investors, family offices and foundations. The Pangaea Ventures Impact Fund has already invested in five ventures, including Vancouver-based pH7 Technologies which develops clean, low-impact methods to extract critical metals, Ardent Process Technologies, Versogen, Kanvas Biosciences, and Biodel AG. These companies represent a diverse array of solutions aimed at addressing pressing global challenges, from clean energy to sustainable agriculture and biosciences. Pangaea also announced it has opened an office in Tokyo, Japan. Pangaea Ventures

 Toronto-headquartered Cyclic Materials raised US$53 million (Cdn$71 million) in a Series B equity funding round. The round was led by ArcTern Ventures and supported by new investors BDC Capital’s Climate Tech Fund, Hitachi Ventures, Zero Infinity Partners, Climate Investment, and Microsoft’s Climate Innovation Fund. Existing investors Fifth Wall, BMW i Ventures, Energy Impact Partners, and Planetary Technologies also participated in the round. Cyclic Materials is an advanced recycling company creating a circular supply chain for rare earth elements, recycled from magnets, and other critical minerals. The company said it will deploy this capital to build rare earth recycling infrastructure in the U.S. and Europe, and grow its team to support its global operations. Cyclic Materials

Canadian battery-tech firm Nano One Materials Corp. received a US$12.9-million (Cdn$17.8 million) award from the U.S. Department of Defense to help optimize and increase Nano One's production of active materials for lithium iron phosphate (LFP) cathodes at its Candiac, Que. and Burnaby, B.C. facilities. The initiative, which uses funds appropriated by the Inflation Reduction Act (IRA) directly bolsters the U.S. National Defense Industrial Strategy's objective to expand support for domestic production of critical materials in key supply chains, as well as the IRA's goals of increasing domestic energy production and promoting clean energy. With these funds, Nano One will demonstrate commercial-scale production of LFP cathode-active materials, critical precursors in the large-capacity battery supply chain. U.S. Department of Defense

London, U.K.-based Convergence raised US$12 million in a pre-seed funding round led by British investor Balderton Capital, with participation from the venture arms of San Francisco-based Salesforce and Ottawa-headquartered Shopify. Convergence also launched Proxy, a personal AI agent which the company said supports anyone and everyone with their own unique administrative tasks in beta. The funding will be used to develop novel models that power Proxy assistants, going beyond the current generation of AI, with a focus on enabling continual learning and skill acquisition through memory. Balderton Capital

Calgary-based Ayrton Energy, a developer of liquid organic hydrogen carrier technology, raised $9.1 million to advance its low-cost, scalable approach to safe, efficient delivery of clean hydrogen. The round was led by Clean Energy Ventures and the Business Development Bank of Canada’s investment arm, BDC Capital, with participation from Antares Ventures, EPS Ventures, SOSV, the51, and UCeed Investment Funds. Ayrton Energy said it will leverage the financing to scale its proprietary technology, double the size of its team, and expand operations into energy hubs in the U.S. Ayrton’s system maintains hydrogen at high purity for compatibility even with fuel cells and creates a solution suitable for long-duration storage, overcoming a long-time barrier to widespread deployment of hydrogen. Ayrton is deploying a pilot program in Alberta with ATCO Gas, aimed at enhancing Ayrton's ability to produce tens of tonnes of hydrogen annually and explore the potential for integration with technologies like fuel cells and other energy systems. Ayrton Energy

Corporate education platform LumiQ in Toronto received a strategic investment for an undisclosed amount from Toronto-based private equity firm Vertu Capital which specializes in global enterprise software and software-enabled companies. LumiQ’s platform provides accredited professional development courses and content to accounting and finance professionals. This marks the fourth platform investment for Vertu Capital as part of its inaugural Vertu Partners Fund I, which closed in 2023. Vertu Capital

Kitchener-Waterloo-based Scribenote raised $8.2 million in seed funding, in a round led by Andreessen Horowitz (a16z), with additional participation from Inovia Capital, the Velocity Fund, and a line-up of angel investors. Scribenote is an AI-powered medical scribe for veterinarians. Scribenote records conversations between veterinarians and clients, and uses AI to automatically generate accurate medical records in just minutes. In addition to medical records and dental charts, various forms of client communication are also automated, allowing veterinary professionals to fully focus on patient care and building relationships with clients. With this new funding, Scribenote plans to further develop its AI technology and expand its platform. Scribenote

The Caisse de dépôt et placement du Québec (CDPQ), a Montreal-based global investment group, has agreed to acquire Brookfield Asset Management’s 25-percent stake in U.K. electricity generation and storage facility First Hydro Company. Financial terms weren’t disclosed. France-based Engie is the majority shareholder who owns the remaining 75 percent of First Hydro. Responsible for the management and operation of two power plants at Dinorwig and Ffestiniog in the Snowdonia region of Wales, First Hydro offers a capacity of more than 2,000 megawatts, representing 76 percent of the total pumped hydro storage in the U.K., making it a critical infrastructure in managing the country’s increasing needs of grid flexibility and stability. CDPQ

Peter van der Velden, former chair of the Canadian Venture and Private Equity Association (CVCA) and Lumira Ventures managing partner, publicly criticized CVCA CEO Kim Furlong for her handling of a recent meeting with international partners in London, U.K. In a September 20 LinkedIn post, van der Velden alleged that “Unfortunately, the meeting was a bit of a miss because the CEO of the CVCA appeared unwilling or unable to advocate for the largest part of its membership.” Van der Velden claimed Furlong failed to: adequately highlight the Canadian venture capital story and its successes; spent more than a third of the meeting providing a broad Canadian economic update when the event was about promoting the Canadian VC opportunity and encouraging foreign investors; and said Canadian pension funds are not backing more domestic VCs because they focus solely on performance, when van der Velden believes other issues are involved. LinkedIn – Peter van der Velden

Toronto-based bitcoin mining company Bitfarms Ltd. and its investor and competitor Colorado-based Riot Platforms Inc. agreed to settle their long-running dispute. Under the terms of the agreement, Andrés Finkielsztain has stepped down from Bitfarms’ board of directors. Bitfarms has appointed Amy Freedman to its board and the board’s governance, nominating and compensation committees, effective immediately. Riot has agreed to withdraw its June 24, 2024 requisition to hold a vote aimed at reconstituting Bitfarms’ board. At a special meeting – to be held no later than November 20, 2024 – shareholders will be asked to approve an expansion of the board from five members to six members, to elect an independent director nominated by the board to serve as the sixth member of the board, and to ratify Bitfarms’ July 24, 2024 shareholder rights plan. Bitfarms said Riot has agreed to vote in favour of these matters. Bitfarms has provided Riot with certain rights (subject to certain exceptions) to purchase shares of the company provided Riot continues to hold 15 percent or more of the outstanding common shares of the company. This settlement between Bitfarms and Riot follows nearly six months of public clashes between the two companies. The tension began in the spring when Riot revealed that Bitfarms had rejected its US$950-million bid to acquire the company. This rejection prompted Riot to issue public statements questioning Bitfarms’ leadership and to gradually increase its stake in the company. In response, Bitfarms attempted to adopt various “poison pill” strategies via shareholder rights plans to prevent Riot from gaining further control. Bitfarms

Toronto-based Propel Holdings Inc., a fintech facilitating access to credit for underserved customers, agreed to acquire QuidMarket, a U.K.-based digital fintech specializing in credit for underserved consumers, for US$71 million in cash. Propel said the acquisition accelerates its growth strategy through global expansion, with a foothold in the U.K. market. The existing management team at QuidMarket will continue to operate the business on a go-forward basis. Propel Holdings Inc.

Montreal’s Behavior Interactive video game studio acquired Vancouver-based Red Hook horror gaming studios, an independent game developer. Financial terms weren’t disclosed. Red Hook studios are the creators of the Darkest Dungeon series, which Behaviour Interactive said has grown from crowdfunded beginnings to become gaming’s most iconic gothic horror franchise. Darkest Dungeon and Darkest Dungeon II, released in 2016 and 2023, respectively, have together sold over 7 million copies. Red Hook comprises 29 team members and will continue to function as an independent studio within Behaviour. Behaviour Interactive

Canada is ranked No. 7 globally in venture capital market activity, but no Canadian cities made it to the top 20 most active urban markets for VC activity, according to Pitchbook’s Global VC Ecosystem Rankings report. Toronto was the closest in 26^th place, followed by Calgary in 61^st and Montreal in 66^th. The U.S. ranked No. 1 as a country with deal value of nearly US$1.26 trillion, followed by China with $544.6 billion. Canada at No. 7 had a deal value of $44.2 billion. San Francisco ranked No. 1 among cities with US$430 billion in venture capital transactions since 2018. New York, No. 2 on the list, completed just under US$180 billion in venture deals over the same period. Beijing came in No. 3 with US$149.8 billion in VC deals. Ottawa and Calgary ranked high globally, No. 8 and No. 12, respectively, based on PitchBook’s “growth score” for cities – a measure of “largely untapped VC regions” that could move up the overall ranks in the future. However, Canada didn’t make it to the top 20 countries ranked by growth score. Pitchbook  

REPORTS & POLICIES

Canada needs to slash greenhouse gas emissions by at least half by 2035, federal advisory group says

The Government of Canada should adopt a target to reduce greenhouse gas (GHG) emissions by 50 percent to 55 percent below 2005 levels by 2035, says a federally appointed advisory group.

The country also needs to develop a Canadian carbon budget and address Canada’s “excess” emissions, the Net-Zero Advisory Body says in a new report.

Under the Paris Agreement to reduce GHG emissions, countries are required to submit national GHG emissions-reduction targets and nationally determined emissions-reduction contributions every five years. Canada’s next nationally determined contribution, outlining a 2035 target, is due in 2025.

However, the target must be established no later than December 1, 2024, under the Canadian Net-Zero Emissions Accountability Act.

In advising on a target, the Net-Zero Advisory Body sought written submissions from 62 experts and partners, and summarized the feedback in a 2022-2023 What We Heard Report.

The advisory body’s new report notes that nine of the warmest recorded years globally occurred in the past decade, and a recent 12-month period was the first to exceed +1.5°C above pre-industrial global temperatures according to some datasets. Evidence suggests these are the warmest global average temperatures since before the last ice age.

In 2022, Canada was the 12^th largest GHG emitter globally in both absolute and per capita terms. By contrast, Canada ranks 37^th in population size, “contributing disproportionately to global emissions.”

According to the United Nations Environment Programme's Emissions Gap Report 2023, current actions by countries will not allow the world to reach the Paris Agreement goal of keeping global warming well below 2°C while pursuing efforts to limit warming to 1.5°C.

The UN estimates that achieving the targets set in all unconditional nationally determined contributions – including Canada’s 2030 target – puts the world on a path to 2.5°C or more warming.

Climate policy is also a competitiveness issue and challenge, the Net-Zero Advisory Body says in its report. “As decarbonizing technologies become increasingly cost-competitive and widespread, Canada cannot afford to be left behind. It is critical that we develop the skills and technologies to succeed in a low-carbon economy.”

Having ambitious targets, policies and increasing investment in those technologies are key steps in that direction, the advisory body says.

The European Union Commission is currently considering a potential emissions reduction target of 90 percent below 1990 levels for 2040, following its 55-percent reduction target for 2030.

The U.K. has already adopted its sixth carbon budget and has a target of 78 percent below 1990 levels for 2035 (equivalent to 74 percent below 2005 levels).

The U.S. has not yet officially established a target for 2035 but has a target of 50 percent to 52 percent below 2005 levels for 2030.

According to Canada’s 2024 National Inventory Report, countrywide emissions climbed steadily between 1990 and 2005. Direct emissions due to Canada’s economic production went from 608 million tonnes (Mt) of carbon dioxide equivalent (CO₂e) in 1990 to 761 Mt CO₂e in 2005 – an increase of 25 percent.

Since 2005, however, Canada’s emissions have stopped increasing, and in 2022, were 7.1 percent lower than in 2005.

Based on Canadian Climate Institute and Environment and Climate Change Canada analyses, and with full implementation of measures, Canada has a chance to reach the lower end of its 2030 target of 40 percent to 45 percent below 2005 levels, the Net-Zero Advisory Group’s report says.

“Key climate policies have been implemented or are being implemented, laying the foundation for long-term reductions in emissions.”

To ensure emissions reductions continue on track, the report says the federal government should develop a national carbon budget that clarifies the total GHG emissions that Canada should not exceed until it reaches its domestic net-zero emissions state by 2050.

The advisory body recommends the domestic carbon budget to be set between 10,198 to 11,034 Mt of CO₂e. The total domestic carbon budget should then be broken down into five-year interim milestones starting with the cumulative emissions that Canada intends to permit between 2031-2035.

The federal government should also develop, alongside this carbon budget, an accounting of Canada’s excess emissions to keep long-term temperature increases to no more than 1.5°C, the report recommends.

Excess emissions are those that can’t be achieved in a “fairness-based” carbon budget (under the Paris Agreement rules) with domestic reductions alone, and would require other efforts like carbon removal and/or financing international emissions reduction.

The advisory body’s analysis shows that even very conservative estimates indicate Canada’s excess emissions through 2050 would be more than 8,400 Mt of CO₂e.

In recommending that the federal government adopt a 2035 target of 50 percent to 55 percent emissions reductions below 2005 levels, the advisory body notes that this target meets the Paris Agreement for countries to increase ambition in reducing emissions and puts Canada on track to meet its 2050 target.

“Meeting the target will require greater ambition on decarbonization from not just the federal government, but also provinces, territories, municipalities and the private sector,” the report says.

The advisory body also recommends that the federal government develop an approach to identify and pursue near- and long-term additional measures that can address Canada’s excess emissions.

Such measures could include enhancing international climate financing (for mitigation, adaptation, and loss and damage), negative emissions (carbon dioxide removal, including natural processes and other biological or chemical processes that can accelerate the removal of carbon from the atmosphere) and internationally financed emissions reductions.

While Canada, like any other country or entity, must focus primarily on reducing or eliminating emissions, the effort to address Canada’s excess emissions must be pursued in tandem and requires analyses of negative emissions options, the report says.

The report concludes: “Putting all the policies in place to achieve the 2035 target is critical and will require action by all actors and not just the federal government.” Net-Zero Advisory Body

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Canada making slow progress on reducing greenhouse gas emissions but still far from 2030 target, says Canadian Climate Institute

Canada’s greenhouse gas emissions are now eight percent below 2005 levels, but still far from the 40-percent reduction target for 2030, according to a report by the Canadian Climate Institute.

Current national emissions are now 702 million tonnes (megatonnes, or Mt), with a modest one-percent drop overall estimated in 2023, marking a small improvement after the post-COVID rebound in emissions, says the Early Estimate of National Emissions report, written by Seton Stiebert and Dave Sawyer.

While some sectors, like electricity, have made significant strides, progress remains uneven, with rising emissions in key sectors like oil and gas and transport offsetting these gains, they say.

“Sustained policy effort in the electricity sector demonstrates that significant progress is achievable, but other sectors need to follow suit and accelerate their momentum to keep Canada on track.”

Economic growth in 2023 pushed emissions up by 8.6 Mt carbon dioxide equivalent from the previous year, according to the report.

However, the impact of climate policy and changing markets, including accelerating clean energy technology deployment, reduced emissions by 14.2 Mt, resulting in an overall net decrease of 5.6 Mt.

Emissions per unit of GDP declined by three percent in 2023, improving on the historical trend of two percent. To get on track, an annual reduction of seven percent is needed.

“While this looks off pace, there is a quickening in the rate of reductions, which signals policy and technology deployment are reducing emissions at an accelerated pace,” the report notes.

Steibert and Sawyer’s five takeaways from their early estimate of national emissions data are:

• Oil and gas emissions continue to rise: 

Oil and gas emissions continued a longstanding trend of annual increases, up one percent from 2022 (+2.2 Mt) and 12.1 percent from 2005 levels. The sector now accounts for 31 percent of national emissions.

The emissions increase was driven by higher production, with natural gas up three percent, conventional oil up three percent, and oilsands bitumen up two percent.

“While the sector has seen modest improvements in emissions intensity per unit of GDP, they have been offset by overall production growth, eroding any meaningful progress.”

• Electricity powers emissions cuts: 

The electricity sector remains a standout, showing a 6.2-percent emissions decline in 2023 and reaching 38 percent of 2005 baseline levels.

This sector’s decarbonization is driven by targeted policies like the large-emitter trading systems and coal phase-outs, as well as dramatic advancements in renewable energy.

• Buildings cool off:  

Emissions from buildings dropped six percent in 2023, largely due to lower residential natural gas consumption, thanks to the warmest winter since 2005.

This latest progress reflects a positive trend, where emissions intensity per capita has dropped more than four percent since 2019, in contrast to the historical rate of just 0.44 percent annually.

This sign of progress in emissions per capita can be linked to population rising significantly faster than building stock. However, the scale of the improvement implies policy and building upgrades are having an effect. 

• Transport emissions rise amid growth:

Transport emissions saw the largest sectoral increase, rising 1.6 percent from 2022, driven by a 27 per cent rebound in domestic aviation while road transport emissions were flat.

Despite this, emissions per capita in the transport sector are dropping by over three percent annually, keeping total emissions below pre-COVID levels, even as the population rapidly grows.

• Heavy industry emissions progress is uneven: 

Emissions in heavy industry dropped two per cent from 2022, but this reduction is uneven across subsectors.

For example, emissions in the mining sector rose, while emissions from lime and gypsum production fell 20 percent. Uncertainty in emission projections remains high due to limited sector-wide data.

“While Canada is seeing some improvements, the overall emissions trend reveals that progress is not happening quickly or evenly enough to put Canada on track to the 2030 milestone, jeopardizing longer-term progress,” the report says.

A key issue is the slow uptake of clean energy, according to the report. Despite the 69-percent drop in electricity emissions intensity since 2005, demand for electricity has not significantly increased, indicating that the shift to electrification is still lagging. 

Similarly, the adoption of low-carbon fuels like biofuels remains minimal. Much of the progress in reducing energy intensity has come from switching from coal to natural gas, but more ambitious steps are needed to expand clean energy sources to meet future demand.

The authors say the report provides an early signal, ahead of the official National Inventory Report next spring, “that governments need to accelerate action to get on the path to Canada’s next major climate commitments, and to keep up with the global energy transition.” Canadian Climate Institute

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Canada’s oilsands producers allocating capital to increase production but making no meaningful investments to reduce emissions: Pembina Institute report

Canada’s oilsands producers are allocating capital to boost production – for the first time since the COVID pandemic – but have yet to make meaningful investments in projects to reduce emissions, according to a new report by the Pembina Institute.

“In terms of emissions, Canada’s oilsands sector is an outlier. Despite many years of pledges from the industry on improvements to environmental performance, its emissions have continued to climb sharply, even as they have fallen in every other oil and gas subsector,” report author Matt Dreis, senior analyst at the Pembina Institute’s oil and gas program, said in a statement.

“Time is now quickly running out for Canada’s largest oilsands companies to deliver on the emissions reduction pledges they originally laid out in 2021 – pledges that they continue to claim they are actively working to achieve,” Dreis’ report says.

The new update in the Pembina Institute’s Waiting to Launch series continues to track the revenues, cashflow and capital expenditure of Canada’s biggest oilsands producers. 

The Pathways Alliance, which represents Cenovus, CNRL, ConocoPhillips, Imperial, MEG Energy and Suncor, maintains that its work to reach net-zero emissions by 2050 has not stopped, but that recent changes to federal greenwashing legislation preclude its ability to publicly disclose that work, the clean energy policy think tank says in the report.

However, the Pembina Institute’s analysis of the companies’ financial results and statements to investors found no indication that capital is being allocated to decarbonization work at a level that would indicate any projects – including the Pathways “foundational” $16.5-billion carbon capture and storage project – have progressed beyond the early stages of the project development process.

This is despite the existence of a suite of incentives to support such investments. For example, the passage in June of the federal Carbon Capture Utilization and Storage Investment Tax Credit triggered final investment decision announcements from other companies on commercial-scale carbon capture projects.

Pembina Institute research shows all six Pathways Alliance companies have instead allocated several billion dollars of capital to projects that will expand their production by tens of thousands of barrels per day over the next few years.

This rush of activity is a further indicator of the continued strong financial position that these companies now find themselves in, building on two successive years of record profits, according to the Pembina Institute’s report.

Canadian oilsands companies remained highly profitable in 2023, recording the second-highest year of profits in the last decade. The release of 2024 Q2 financial results indicates that the sector is on pace for another highly profitable year, enabling companies to reach or be on track to reach their net-debt targets, the report says.

This healthy financial position has triggered some oilsands companies to again return record levels of free cash flow back to shareholders, mirroring significant levels of share repurchases and dividends paid in 2022 and 2023. 

The opening of the Trans Mountain Expansion (TMX) pipeline in May precipitated yet more favourable market conditions, which appears to have compelled companies to shift towards investing in growing production– “but has notably not led to capital also being dedicated to decarbonization work.”

The report also finds that even modest gains in emissions intensity (the amount of carbon dioxide equivalent emitted per barrel produced), which the industry often cites as evidence of its environmental performance, have plateaued and begun to reverse – with average emissions intensity having in fact risen by one percent since 2018.

In absolute terms, since 2005, emissions from Canada’s oilsands have grown by 142 percent, “largely driven by increased oilsands production that has not been accompanied by substantive work on emissions.”

During the same period, emissions from every other oil and gas subsector (natural gas production and processing, conventional oil production, and downstream operations), as well as from other heavy industries, such as electricity production, have fallen, “underscoring the pressing need for coherent regulations on oilsands emissions,” the Pembina Institute says.

“As our analysis shows, the oilsands industry remains highly profitable. It has now enjoyed two back-to-back record-breaking years in terms of profits, with export opportunities likely to remain favourable due to the opening of TMX,” Dreis said.

“These facts underscore the need for coherent regulation that works in tandem with existing incentives to ensure this sector does its fair share to reduce its emissions.” Pembina Institute

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Cost of battery-electric vehicles needs to drop by 31 percent for Canada to meet it EV sales target, Parliamentary Budget Officer says     

The cost of owning a battery-electric vehicle compared with an internal combustion engine vehicle will need to drop by 31 percent for Canada to meet its sales target of 60 percent zero-emission vehicles in 2030, according to a report by the Parliamentary Budget Officer (PBO).

Under Canada’s Electric Vehicle Availability Standard, released by Environment and Climate Change Canada in December 2023, ZEV sales targets are set at 20 percent in 2026, 60 percent in 2030 and 100 percent in 2035.

“Based on our modelling, significant adjustments to domestic market conditions are required to meet the annual ZEV sales targets,” PBO Yves Giroux said.

The PBO anticipates that achieving the ZEV sales targets will lead to an increase in public charging infrastructure, with an increase in Level 2 and Level 3 (fast) charging stations by 33,900 and 4,700 units respectively, compared with the levels expected in 2030 without the standard.

 “However, this supply of public charging stations would be slightly below the estimated needs for 2030, according to a study commissioned by Natural Resources Canada,” the PBO noted.

There are several ways that market conditions could evolve to meet the 60-percent ZEV market share by 2030 as required by the standard, the PBO said. These include faster changes in consumer preferences, unexpected technological advances, new policy measures and price adjustments by auto manufacturers.

Meanwhile, a survey by the Canadian Automobile Dealers Association (CADA), Canadian Vehicle Manufacturers Association, and Global Automakers of Canada found that 40 percent of Quebec respondents would not consider a ZEV for their next vehicle purchase, citing concerns with price, vehicle range and a lack of charging infrastructure. 

Quebec has a regulation requiring 100-per-cent ZEV sales by 2035.

Fifty-two percent of respondents to the survey are opposed to the government’s plan to ban the sale of gasoline-powered vehicles by 2035. Over one-quarter of respondents are strongly opposed.

Three-quarters of respondents believe there’s not enough public charging infrastructure in Quebec to support the government’s ZEV sales regulation targets.

"The dealers are fully committed to the transition towards electric vehicles, but this transition cannot succeed without clear support and appropriate incentives for consumers,” Ian Sam Yue Chi, president of the Corporation des concessionnaires d'automobiles du Québec – which represents 98 percent of Quebec car dealers – said in a statement. “If the government wants to meet its goals, it must ensure that the infrastructure and incentives are in place to facilitate the adoption of ZEVs by all Quebecers." Office of the Parliamentary Budget Officer, CADA

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Canada’s space sector shows “modest growth” following the COVID pandemic, Canadian Space Agency says

Canada's space sector generated $3.2 billion for Canada's economy and over $5 billion in revenues in 2022 while supporting over 25,000 jobs across the country, according to a new report by the Canadian Space Agency (CSA).

In releasing the 26^th edition of the State of the Canadian Space Sector Report 2023 during the Spacebound conference in Ottawa, the federal government announced that the CSA is investing $15 million in 16 Canadian organizations aimed at advancing the next generation of cutting-edge space technologies.

The funding will support 22 innovative projects across various fields, including imaging and quantum technologies, satellite navigation, Earth observation and lunar exploration. Among the projects are groundbreaking innovations that could inform the design of future rover missions.

More than 80 percent of the newly funded projects will be driven by small and medium-sized enterprises, some of which will be working with the CSA for the first time. Businesses from Alberta, British Columbia, Ontario and Quebec received funding.

Since 2008, the CSA’s Space Technology Development Program has awarded $200 million to over 100 organizations for the development of more than 300 space-related technologies to support the future needs of the Canadian space program and the international space community.

The average return on investment for CSA space development programs after five years is $3 in additional follow-on revenues for every dollar invested, according to the new report.

The $3.2 billion contributed by the domestic space sector to Canada’s GDP in 2022 was a 19-percent increase since 2018, the report says.

Space sector revenues totalled $5.08 billion, including $3 billion from domestic sources and $2 billion from exports. Businesses in Ontario and Quebec accounted for the lion’s share of revenues – more than $4.5 billion.

Percentage of revenues generated in various areas were:

• 75 percent in satellite communications.
• 11 percent in navigation.
• Seven percent in Earth observation.
• Four percent in space exploration.
• Two percent in space science.
• One percent in “other” areas.

Among the 25,000 jobs supported by the space sector in Canada, 12,624 direct jobs are highly skilled space-related jobs, of which 67 percent were in science, technology, engineering and mathematics. The sector also supported 12,612 indirect jobs.

Space sector research and development expenditures by 83 companies engaged in R&D reached $593 million in 2022 – up 66 percent since 2018. R&D intensity in space manufacturing is 13 times higher than the Canadian manufacturing average.

Canada’s space sector organizations reported a total of 256 inventions and 63 registered patents, similar to results in previous years.

R&D spending in 2022 was financed through internal sources (e.g. company profits reinvested in R&D) at 79 percent, or $469 million. The remaining 21 percent, or $124 million, was financed through external funding sources (e.g. government grants and contributions).

Space sector organizations derived $213 million (from 30 organizations in 2022) in revenues through the commercialization of externally funded R&D projects. This represents a 25-percent decline from the $283 million in 2018 commercialization revenues.

The upstream segment of the sector accounted for 74 percent of commercialization revenues, while the downstream segment accounted for the remaining 26 percent. Almost all commercialization takes place through companies in the sector.

Almost 200 organizations from across Canada are involved in the CSA’s Annual Space Sector Survey. This includes large companies, universities and research centres, and SMEs.

Ottawa said that since 2015, the federal government has invested more than $9 billion to ensure the vitality of Canada's civil space sector so that Canadians can benefit from advances made possible by satellites, space exploration and other space-related innovation.

The report concludes: “The Canadian space economy experienced modest growth in 2022 and is still recovering from the effects of the pandemic,” when the sector’s total revenues fell to below $5 billion. Canadian Space Agency

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Canada making progress in combatting antimicrobial resistance: Public Health Agency of Canada report

The Public Health Agency of Canada (PHAC) announced the release of the Pan-Canadian Action Plan on Antimicrobial Resistance Year 1 Progress Report.

The report provides an overview of the activities underway and milestones reached with  federal, provincial and territorial partners during the first year of the Pan-Canadian Action Plan on Antimicrobial Resistance.

Antimicrobials, which include antibiotics, antifungals, antivirals and antiparasitics, are essential medications for preventing and treating infections in humans, animals, plants and crops.

Antimicrobial resistance (AMR) happens when microbes evolve and the medications used to fight infections become less effective. As resistance to antimicrobials increases, the ability to successfully treat infections is threatened, which can have serious health consequences for people, animals and plants. 

Key highlights in the report include:

• increasing the ability to monitor antimicrobial resistance and use in Canada through expanding a national AMR laboratory surveillance system for human and animal health.
• publishing the Canadian reserve list for antimicrobial drugs to guide prescribers on which antimicrobial drugs to use sparingly in order to preserve effectiveness.
• investing in developing and sharing national antimicrobial prescribing guidelines at point-of-care to reduce unnecessary or inappropriate use of antimicrobials in human health.
• developing the Antimicrobial Economic Incentives Pilot Project, which will launch later this year to improve access to antimicrobials for people in Canada.
• supporting disease prevention and control in animals by facilitating access to alternatives to antimicrobials, such as vaccines.
• modernizing the Feed Regulations to support the use of innovative products in commercial livestock feed and help reduce the need for antimicrobials.
• advancing AMR research and innovation domestically and internationally, through the Genomics Research and Development Initiative on AMR, the Canadian Academy of Health Sciences Assessment on Antimicrobial Resistance (AMR) and Antimicrobial Use (AMU) in Food Producing Animals, and current engagement on the Joint Programming Initiative on Antimicrobial Resistance.

Antimicrobial resistance is a global crisis with far-reaching consequences, Dr. Theresa Tam, chief public health officer of Canada, and Dr. Mary Jane Ireland, chief veterinary officer of Canada, said in releasing the report.

“Through our collective efforts, we can help ensure that the antimicrobials we count on every day remain effective and are there for both people and animals when they need them – now and for generations to come,” they said. PHAC

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Ottawa creates new organization within ISED to prepare and protect Canadians against future pandemics

The Government of Canada launched Health Emergency Readiness Canada (HERC), a new federal organization within Innovation, Science and Economic Development Canada (ISED) dedicated to protecting Canadians against future pandemics and delivering on Canada’s life sciences and medical countermeasures readiness objectives.

HERC will serve as Canada’s focal point to help mobilize industry to respond in a coordinated approach to public health needs and to support the growth of a domestic life sciences sector, Ottawa said.

This new organization will bridge the gap between research and commercialization, meaning Canadians could get faster access to the most relevant and effective vaccines, therapeutics, diagnostics and other products, including when they need them the most.

Once HERC is fully operational, its key features are expected to include:

• integrated decision-making to build life sciences capacity; HERC will offer an integrated approach across the continuum of discovery, R&D, production and biomanufacturing. 
• strengthened partnerships with industry, academia and international counterparts.
• development and maintenance of a Canadian industrial game plan to mobilize research and industry in the event of a health emergency.
• world-leading innovation to advance next-generation technology platforms.

The government said with the creation of this new agency, Canada joins G7 peers that have created specialized entities to support health emergency readiness, following similar initiatives such as the Biomedical Advanced Research and Development Authority in the U.S. and the EU’s Health Emergency Preparedness and Response Authority.

“By prioritizing our efforts and resources, we are positioning Canada to become a major player in the development of medical countermeasures, ensuring we have the tools necessary to protect Canadians in the face of future health threats, and contributing to global solutions,” François-Philippe Champagne, minister of Innovation, Science and Industry, said in a statement.

However, journalist Paul Wells pointed out in his substack post that HERC doesn’t exist yet, and the announcement of it “caught just about everyone who follows public health policy in Canada by surprise.”

That includes the Public Policy Forum (PPF) that called for a pandemic-preparedness agency last September, he noted. PPF then complained in April that the federal budget contained no provision for a new agency. And then PPF published a second report six weeks ago to keep the heat on.

Wells wrote that he’s concerned a new Conservative government under Pierre Poilievre might not actually create the new agency. As a candidate for the Conservative Party leadership, Poilievre had said he would “ban any and all future vaccine mandates” for federal workers and the travelling public so people could regain their “medical freedom.”

Wells pointed out it’s now more than a year since Health Canada asked Dr. Mark Walport, a distinguished health research administrator in the U.K., to look into the way the Canadian government received science advice during the COVID crisis.

Walport’s panel reported in May. The federal government said the public release of the report would be in summer 2004, but then said the report would be released in September 2024. The report has yet to be released. ISED, Paul Wells substack

THE GRAPEVINE – News about people, institutions and communities

CIFAR appointed three new Canada CIFAR AI Chairs at the Vector Institute. CIFAR also announced that five Canada CIFAR AI Chairs at Mila - Quebec’s AI Institute would have their appointments renewed. The new Canada CIFAR AI chairs are:

• Shuang Li, an incoming assistant professor at the University of Toronto and faculty member at the Vector Institute. Her expertise is in incorporating compositional AI systems into deep neural networks.
• Freda Shi, an assistant professor in the Cheriton School of Computer Science at the University of Waterloo and faculty member at the Vector Institute. Her research focuses on computational linguistics and natural language processing. 
• Victor Zhong, an assistant professor in the Cheriton School of Computer Science at the University of Waterloo and faculty member at the Vector Institute. His research is at the intersection of natural language processing and machine learning, and aims to teach machines to read natural language specifications to generalize to new problems. 

The five Canada CIFAR AI Chairs with renewed appointments are: Marc G. Bellemare, Audrey Durand, Simon Lacoste-Julien, Guillaume Rabusseau and Blake Richards. CIFAR

Research Canada announced the 2024 Leadership in Advocacy Awards, which recognize outstanding champions of health research and health innovation. The recipients are:

• 2024 Leadership in Advocacy Award: Leena Augimeri, a children/youth mental wellness and crime prevention specialist and innovator, chair of the Ontario Youth Justice Task Force, adjunct professor at the University of Toronto and co-founder of the evidence-based SNAP model program and the EARL risk need assessment guide. Her work encompasses nearly 40 years of excellence in research and development for child and youth mental health and crime-prevention. 
• 2024 Organization Leadership in Advocacy Award: JDRF,the leading global organization funding type 1 diabetes (T1D) research. Their advocacy efforts support research priorities at every stage of the pipeline, whether by securing funds for discovery or clinical trials, improving the regulatory landscape by creating new expedited approval pathways, or securing public and private reimbursement for the drugs and devices Canadians living with T1D rely on.
• 2024 Emerging Leader in Advocacy Award: Kaitlin Kharas, previous co-president of the Toronto Science Policy Network and current executive director of Support Our Science. As an exceptional PhD candidate and natural leader, her steadfast commitment to the welfare of graduate students and postdoctoral researchers across Canada catalyzed a monumental shift in Canadian policy (Budget 2024’s significant federal funding for graduate students and postdocs) – one that has not been seen for several decades and a decision that was unanimously praised by the Canadian scientific and academic community. Research Canada

Marlene Puffer has stepped down as chief investment officer of the Alberta Investment Management Corporation (AIMCo), after less than two years into the job. Rather than name a new CIO, AIMCo is dividing the duties between two senior executive managing directors. AIMCo appointed Justin Lord as senior executive managing director, global head of public markets in a newly established leadership role, and he joins the executive team. He will oversee public equities and fixed income. AIMCO also appointed David Scudellari as senior executive managing director, global head of private assets and strategic partnerships in a broadened executive team role. He will oversee AIMCo’s private assets including private credit, infrastructure, real estate and private equity globally. AIMCo manages $169 billion worth of assets on behalf of 17 pension, endowment, insurance and government clients in Alberta. AIMCo

TD Bank announced Andy Bregenzer and Jill Gateman as co-heads of TD’s U.S. commercial banking business. The appointments follow the spring 2024 announcement of Chris Giamo's retirement from TD Bank after 26 years of service. In the newly established positions, Bregenzer will focus primarily on leading all aspects of the regional commercial bank, including small business. Gateman will lead TD Bank's national commercial banking effort, including middle market, sponsor-backed finance and TD's other specialty lending lines of business. Gateman will also continue to partner with TD Securities and TD Cowen to focus on delivering advisory and investment banking services to TD's Commercial Bank clients and prospects. TD Bank

Canada’s anti-money-laundering watchdog terminated a senior intelligence officer earlier this year over allegations of improper handling of a suspicious transaction report, according to documents filed as part of a grievance before a labour board and obtained by The Globe and Mail. The Financial Transactions and Reports Analysis Centre of Canada, or FinTRAC, has accused Barry MacKillop, the agency’s former deputy director of intelligence, of sharing sensitive financial intelligence with an employee. FinTRAC has also accused MacKillop of conducting an unauthorized search on a former director and CEO of the organization. MacKillop, who was terminated from his job in May, has filed a grievance with the Federal Public Sector Labour Relations and Employment Board, seeking $400,000 in damages and that his security clearance and his position be reinstated. The Globe and Mail

Caroline Ellison, who was CEO of FTX-linked crypto hedge fund Alameda Research and star witness in the prosecution of her ex-boyfriend Sam Bankman-Fried, was sentenced in New York federal court to two years in prison and ordered to forfeit US$11 billion. Ellison, who ran the Alameda Research hedge fund affiliated with FTX, agreed to a plea deal in December 2022, a month after the cryptocurrency exchange – once valued at $32 billion – spiraled into bankruptcy. Ellison pleaded guilty to conspiracy and financial fraud charges. Alameda received much of the $8 billion in customer funds looted by Bankman-Fried from FTX. The stolen money was used for Alameda’s trading operation and other purposes. Bankman-Fried was sentenced to 25 years in prison in March and also was ordered to pay $11 billion in forfeiture. He has since appealed his conviction. CNBC

Mira Murati announced her departure as OpenAI’s chief technology officer after six-and-a-half years with the San Francisco-based company that created ChatGPT and Dall-E. Murati briefly served as OpenAI’s interim CEO after the board ousted Sam Altman in November 2023. She later joined the employee push that helped reinstate him. In an internal note Murati shared on X, she said she was leaving “to create the time and space to do my own exploration.” Hours after Murati announced her departure, Barret Zoph, vice-president of research, and Bob McGrew, chief research officer, also announced their exits. Mark Chen was promoted to senior vice-president of research and Matt Knight will assume the role of chief information security officer. X post: Sam Altman

St. Clair College in Windsor, Ont. unveiled a new video game lab, featuring Dell Technologies’ Alienware computers, for both casual players and participants in its varsity and academic esports programs. Housed in the college’s 15,000-square-foot Nexus Esports Arena and broadcast facility – which opened in 2022 at St. Clair’s Windsor student centre – the Alienware Gaming Lab is the first of its kind in Canada. The new gaming lab features 48 new free-play personal computers for novice gamers at St. Clair College and 62 computers to “enhance competitive gaming play for varsity and academy players.” St. Clair students can major in the business of competitive video game playing and, if they’re good enough at the games themselves, compete on the college’s team. Windsor Star

Western University and the Fields Institute for Research in Mathematical Sciences have agreed to create the Fields-Western Collaboration Centre, a new satellite campus. The campus will create the space for workshops, conferences, international researchers, summer schools and a new research hub called the Centre for Network Science. The new Fields-Western Collaboration Centre will be housed in the Western Science Centre, under the School of Mathematical and Statistical Sciences. The Fields Institute, located on the University of Toronto campus, is an incubator for mathematical research, innovation and discovery. The new centre on Western’s campus will drive greater involvement from researchers in Southwestern Ontario. Western University

The University of Toronto Scarborough received a $25-million gift from Myron and Berna Garron to support construction of a new facility that will house health sciences programming and faculty development. The building – which will be named the Myron and Berna Garron Health Sciences Complex in honour of the donors – will house the forthcoming Scarborough Academy of Medicine and Integrated Health (SAMIH). SAMIH, the first hub for educating health professionals in Scarborough and the Eastern Greater Toronto Area and the only medical school in the region, was established to address the critical shortage of family physicians and specialists in the fast-growing area by training health providers who reflect the community. The training will take place in partnership with local hospitals, primary care centres and community agencies. Once the program is fully up and running, SAMIH will have 160 medical students and a combined total of 252 physician assistants, physical therapists and nurse practitioners enrolled. The Myron and Berna Garron Health Sciences Complex, currently under construction, will feature an anatomy lab for medical students, two large classrooms equipped with state-of-the-art technology, a 25-bed clinical skills lab and 10 instructional labs. U of T

The International Business University (IBU) in Toronto launched its Future Talent Research Institute, an initiative aimed at addressing the rapidly evolving needs of Ontario’s workforce and contributing to Canada’s economic future. The Institute will analyze labour market leads and, through IBU’s programs, equip future leaders with the knowledge and skills required to build a sustainable and innovative economy. "Our vision for the Future Talent Research Institute is to bridge the gap between education and industry,” Dr. Artie Ng, PhD, dean of IBU, said in a statement. “As Ontario’s economy continues to evolve to improve productivity and technological innovation accelerates, employers are seeking adaptable, effective and skilled talent. The Institute will serve as a hub for research to enhance understanding of these needs, not only in Toronto and Ontario but across Canada." International Business University

The Université de Moncton’s (UMoncton) Edmundston campus in New Brunswick and the City of Edmundston signed a five-year memorandum of understanding to enhance collaboration in urban forestry training and research. Through this agreement, students in UMoncton’s forestry management program will participate in educational training activities, such as field trips, practical courses, internships and placements in the city’s 700 hectares of forests. The agreement will also support joint research projects in urban forestry, led by UMoncton professors and students who are completing their final theses. UMoncton rector and vice-chancellor Denis Prud’homme said this partnership will provide students with valuable hands-on experiences, preparing them for careers in the growing field of urban forestry. UMoncton

Thompson Rivers University (TRU) in Kamloops, B.C. recently broke ground on its new $22-million Indigenous Education Centre (IEC). The event included a ceremonial groundbreaking, a welcome prayer by an Elder and a student, and an honour song performed by students. The IEC aims to provide a welcoming space and enhanced support to Indigenous students with a community gathering space inspired by Secwépemc summer lodges, along with outdoor classrooms integrating natural elements and dedicated areas for Elders, ceremonial activities and Indigenous research. The IEC was developed in partnership with Tk’emlúps te Secwépemc and designed by Indigenous architect Patrick Stewart. TRU

Dalhousie University in Halifax is leading a five-year national research program, supported by $6.9 million in federal funding, aimed at modernizing Canada’s soil-data infrastructure. The funding, provided through a Sustainable Agriculture Research Initiative grant, comes from the Natural Sciences and Engineering Research Council and Social Sciences and Humanities Research Council, in collaboration with Agriculture and Agri-Food Canada. The grant is the largest-ever to Dalhousie’s Faculty of Agriculture. “With soil carbon, we need a better grasp of where it is, and how much more of it we can store through improved land use and soil management,” said Dr. Brandon Heung, PhD, associate professor of agriculture and lead researcher on the project. The national research project will focus on overcoming the systemic barriers that inhibit widespread adoption of soil surveys and resource monitoring, inlcuding issues such as data fragmentation, high costs of soil analysis and a lack of baseline soil information. The work will include: development of a National Soil Data Inventory; filling of data gaps by using machine learning; and development of the Canadian Soil Spectral Library to reduce the cost of soil analysis by leveraging advances in soil sensing. Dalhousie researchers will collaborate with soil scientists from the University of British Columbia, Simon Fraser University, University of Saskatchewan, University of Manitoba and University of Guelph. Beyond soil science, Dalhousie researchers at the Schulich School of Law and the School for Resource and Environmental Studies will lead a team delving into the social aspects of soil data sharing and governance. The team will provide policy recommendations to government that facilitate data sharing. The Dalhousie-led national team is working with a team of economists from the University of Alberta, University of Saskatchewan, and Carleton University to carry out an economic valuation of soil data and to build an investment case for the long-term maintenance of the soil data infrastructure. Dalhousie University

McGill University researchers have harnessed the power of sunlight to transform two of the most harmful greenhouse gases into valuable chemicals. The research team’s new light-driven chemical process converts methane and carbon dioxide into green methanol and carbon monoxide in one reaction. The team’s findings, published in Nature Communications, describe a novel mechanism rooted in nature’s own blueprint, similar to how photosynthesis enables plants to convert carbon dioxide and water into glucose and oxygen using sunlight. In the researcher’s chemical process, a unique mix of gold, palladium and gallium nitride acts as a catalyst. When exposed to sunlight, the substance triggers a reaction: an oxygen atom from carbon dioxide attaches to a methane molecule, producing green methanol. Carbon monoxide is created as a byproduct. The research could help combat climate change and provide a more sustainable way to produce certain industrial products. The study was supported by the Natural Sciences and Engineering Research Council of Canada, the Canada Research Chairs program, Fonds de recherche du Québec -   Nature et technologies, Canada Foundation for Innovation, the McGill Sustainability Systems Initiative, Axelys and Catalum Technologies. McGill University

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