June 13, 2025
Meet the minds behind our work in this series of profile blogs. Every month, we spotlight a researcher who’s asking the right questions, shaping better policy and bringing bold ideas to life—in pursuit of a stronger, cleaner economy.
We kick off this series with Dr. Vasundhara Saravade, a post-doctoral fellow at SPI whose work focuses on how finance can unlock climate action, scale clean innovation and support a just transition. From understanding investor behaviour to finding policy levers that shape markets, her research is helping Canada move closer to a low-carbon future that works for everyone.
Dr. Vasundhara Saravade, post-doctoral fellow at SPI
Vasundhara’s path into the world of sustainable finance started in Mumbai, India and took root in Ottawa, Ont. She moved to Canada in 2012 to attend Carleton University and quickly found herself drawn to climate solutions that offered hope rather than despair.
“There was so much doom and gloom around climate change—I wanted to do something that had a positive impact.”
That search for optimism led her to sustainable finance. She became fascinated by the idea that money—how it's used, moved and invested—could influence behaviour and help shift entire systems toward sustainability.
“Money plays a big role in decision-making. If we want to change how people or companies act, we have to align incentives with their financial goals. It made sense to follow the money.”
Vasundhara is currently a post-doctoral research fellow at the University of Ottawa’s Institute of the Environment and has been cross-appointed to the Smart Prosperity Institute (SPI) since 2024. But her connection to SPI stretches back nearly a decade, beginning when she was a graduate student.
“SPI supported my graduate research and gave me the chance to continue exploring these issues after my PhD. It’s been a long-standing relationship—since 2016 in some form or another.”
Her early work included consulting with Corporate Knights, which led to a connection with SPI through a recommendation by its founder, Toby Heaps. That early exposure to applied research gave her a solid foundation to build on.
“It was clear from the start that SPI values curiosity and rigour. It gave me space to dive into questions that matter.”
Vasundhara’s current research explores how to make sustainable finance tools more effective, credible and accessible. One of her focuses is on Canada’s clean technology sector—particularly the financial barriers that prevent startups from growing, scaling or being acquired.
“We’re seeing great ideas and innovation, but many of these companies struggle to survive beyond the early stages. There’s a clear funding gap, and we need to understand how to build an ecosystem that helps them thrive.”
Another key area of her work looks at sustainable finance instruments like green bonds and sustainability-linked bonds. She’s especially interested in how these tools can be designed and deployed to avoid greenwashing while attracting mainstream investors.
“We need to think beyond green bonds and understand what other tools can help with the transition—especially those that are credible, transparent and inclusive. And we need to make sure the barriers to using them aren’t unnecessarily high.”
At the heart of Vasundhara’s work is one central question: how do we get people to actually put their money where their climate commitments are?
“There’s a lot of talk, but not enough follow-through. These financial tools can’t just be PR exercises. We need them to be credible, effective and widespread.”
She’s particularly focused on unlocking the behavioural and institutional changes needed to make sustainable finance more than a niche practice, and ensuring it supports a just transition.
“We can’t leave everyday people behind. Too many transition strategies are still top-down. If we want lasting change, we have to first think about the people affected and what motivates them.”
Why does this work matter? For Vasundhara, it’s about ensuring Canada doesn’t fall behind in the global race to decarbonize, but also about protecting the country’s economic resilience and quality of life.
“Countries like China are moving fast. If we don’t act, we risk being left behind—economically and environmentally.”
She also notes that the transition to a low-carbon economy isn’t about abandoning resources—it’s about managing them better.
“Critical minerals, circular production and smarter use of resources will be key. Canada can maintain a high standard of living, but only if rather than react to economic or climate change-related disruptions, we plan for the future and build an economy that can withstand shocks.”
In her recent research, Vasundhara studied how labels—like the “green” label on financial products—affect investor behaviour. She found that even people with little knowledge of sustainable finance were swayed by the green label, which has implications for policy and accountability.
“We assume that people who know more about climate change make better choices. But when it comes to financial decisions, it often comes down to: will I make money on this?”
Her findings suggest that labels do shape decisions, but they’re not a silver bullet.
“Marketing plays a big role. The challenge is helping people distinguish between genuinely green investments and those that just appear to be. Returns and impact both have to matter.”
While concerns about greenwashing are valid, Vasundhara wants people to recognize how far sustainable finance has come—especially over the last decade.
“There’s been real progress. Green bonds are growing, the financial sector is changing how it thinks about risk, and climate considerations are entering long-term planning.”
She points out that these shifts signal something deeper: climate is no longer an isolated concern; it’s becoming embedded in how the private sector operates.
“It’s not just about appearing green anymore. It’s about resilience. And when the financial sector starts paying attention, that’s a big deal.”
For Vasundhara, the best part of her job is the freedom to explore questions she cares about—ones that are shaping the world in real time.
“I get to work on what matters to me, and what’s globally relevant. It’s exciting to be part of something that’s evolving so quickly.”
The hardest part? Still having to convince people of the urgency.
“I’ve been studying this for more than ten years. People know climate change matters, but it’s still hard to get them to act, especially when it requires giving something up today to benefit them in the future.”
She believes a key part of that challenge is understanding how people think, what they value and how to frame the message in ways that resonate.
“Not everyone is long-term-minded. It’s like trying to convince someone to save for retirement—it’s hard when the payoff feels far away.”
Outside of work, Vasundhara keeps busy with family life. She has a preschooler heading into kindergarten, a second child on the way and a dog who keeps her on her toes.
“Our hands are full! But it’s a good kind of busy.”
When she does get downtime, she enjoys reading fiction, cooking and traveling.
“Sometimes you need something easy and fun to escape into.”
One of her most memorable adventures took place during an internship at the United Nations Office for REDD+ Coordination in Jakarta, Indonesia, in 2015. While there, she went snorkeling for the first time on an island with a dormant volcano.
“It was a beautiful experience and my first time snorkeling. That trip reminds me of the freedom and spontaneity you have before kids. These days, I do camping, which is fun too—just different!”
Looking ahead, Vasundhara plans to continue researching how to scale up sustainable finance—particularly in clean tech—and how policies can help accelerate the transition.
“The transition is already underway. The question is: how do we make it faster, fairer and more effective?”
Her long-term hope is that sustainable finance becomes a default, not a marketing strategy or one-off commitment.
“Canada is in a unique position. Because of our resource-based economy, there’s huge potential to lead in the low-carbon transition—if we do it right.”
She believes the key lies in deep engagement across sectors: with Indigenous communities, labour groups, manufacturers and more.
“We have the opportunity to build partnerships that don’t just work for Canada—but that can inspire other countries, too.”
Read Vasundhara’s latest work and follow our sustainable finance research. For monthly updates on SPI research, subscribe to our newsletter.
Visit the series’ landing page to read more profiles and check back often; we’re adding new profiles every month.
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