Discover Finance Montréal’s study Décarbonation et finance durable (Decarbonization and Sustainable Finance)

Measure your emissions, set a target, raise it with your board: for a young financial sector company, decarbonization can feel like one more project on the list.

A new study by Finance Montréal shows that the first step is often smaller than you think, and that it can become a selling point with clients and investors. The study was written for Finance Montréal by Rose des Vents, a sustainable finance consulting firm. The two fintechs featured in the study, Evovest and Borealis GAM, are based at Station Fintech.

Why it matters now

Large clients and institutional investors face increasingly specific climate requirements. These requirements flow down the value chain to the SMEs that serve them. In Québec, the Feuille de route en finance durable (sustainable finance roadmap) published in June 2026 and the upcoming Canadian taxonomy point in the same direction.

On April 8, 2026, Ottawa announced the creation of the Taxonomy and Transition Council, which is to set common criteria for green and transition investments. Québec’s roadmap will be rolled out gradually, with an implementation plan expected in 2026-2027. According to the study, a structured approach helps companies manage risk, keep up with evolving regulatory requirements and build credibility with clients, investors, partners and employees.

Yet according to the Québec Net Positif 2025 Business Transition Barometer, only 22% of Québec businesses have completed a GHG inventory, and fewer than half of them (45%) cover all their emissions, direct and indirect. For an SME that gets moving now, that gap is an opportunity to stand out.

Evovest: start with what you control

Evovest, a Montréal manager specializing in quantitative strategies based on machine learning, did not wait for a perfect method. The company measured its operational emissions, offsets them in full and fully subsidizes public transit for its team. Its target, set for 2030, was reached in 2025.

“For a services company, decarbonizing your operations is simple. I think it’s a mountain in people’s heads, but in reality, it can be done in a morning.”

Carl Dussault, Founder and CEO, Evovest

His advice: use existing frameworks, such as B Corp certification or the Principles for Responsible Investment, as diagnostic tools rather than reinventing everything.

Borealis GAM: climate as a risk data point

Borealis GAM, which combines fundamental research with quantitative tools, integrates climate into the analysis of every security in its portfolio. For the firm, it is a matter of risk management and long-term value creation, not a green label.

“A company that adopts sustainable practices can build a more loyal client base, willing to pay a premium for the products and services it offers. Sustainability is therefore not only an environmental consideration: it is also an economic issue.”

Valérie Cecchini, Managing Partner, Borealis GAM

Three steps to get started

• Calculate your operational emissionsFor a services company, a few hours and an online tool are enough to get an order of magnitude. An imperfect calculation that gets done beats an ideal method that never materializes. To then measure financed emissions, the study points to the PCAF (Partnership for Carbon Accounting Financials) framework as a reference.
• Put the topic on your board’s agendaOnly 37% of Québec businesses discuss climate at the board level. The study recommends integrating climate into strategic planning, internal policies and performance indicators, and training directors and executives on the related risks and obligations.
• Communicate transparentlyPublishing your emissions calculations, policies and exclusion lists builds credibility and guards against greenwashing. Regular tracking of results also helps you adjust your strategy and engage your team.

This study is part of I.M.P.A.C.T., an initiative of six Québec industrial clusters supported by the Government of Québec.