About Inlandsis - Inlandsis Fund
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About Inlandsis

The Inlandsis Fund was established by Fondaction and Coop Carbone in 2017 with a shared commitment to harness markets to address climate change. The Fund is capitalized by Fondaction.

Inlandsis finances carbon emission reduction and sequestration projects in government regulated carbon markets, including low carbon fuel standard programs, in North America. We operate in Alberta, California and Quebec markets, and are expanding into new markets.

Inlandsis offers a unique financing solution, providing upfront financing for capital and operating expenses, as well as carbon project development costs. Inlandsis takes construction, operation and carbon market risk in return for a share of the carbon credits or cashflows from a project. The Fund is comfortable with a variety of financing structures, including prepayments, and is able to quickly close investments. Inlandsis generally provides up to $5 million per project and is open to larger investments.

Our growing portfolio includes over 20 projects in Alberta and the Western Climate Initiative carbon markets in California and Quebec.


Created in 1996, Fondaction is a labour-sponsored fund with more than $1.97 billion in assets under management collected as retirement savings from more than 156,000 shareholders. Fondaction’s direct investments and those made through investment funds support the development of more than a thousand SMEs.

From its inception, Fondaction has been committed to sustainable development. Whether investing in businesses directly or in capital markets, Fondaction always applies the principles of responsible investment.

Coop Carbone is a cooperative with a mission to help its members benefit from carbon markets and reducing greenhouse (GHG) emissions. The Coop is financed by major financial institutions in Quebec, including Fondaction, Desjardins Group, and La Coop féderée (with combined assets of over $260 billion). In addition to its work in carbon markets, the Coop leads multiple Quebec programs in transportation, energy, and agrifood; all with a focus on GHG emission reductions and growing the green economy.


David Moffat – CEO

MBA (Harvard), MES (Yale)

David has 20 years of leadership in environmental markets. At Pacific Carbon Trust, David created and managed one of the largest carbon portfolios in North America. Earlier, David led commercialization of clean energy and water technologies at DEKA R&D Corp. He has also structured conservation real estate transactions for The Nature Conservancy. Earlier, David founded and led an environmental management organization in Africa, and  managed natural resource projects for the World Bank.

Jamie Callendar – VP, Project Investments

P.Eng. (Alberta), BASc. (Waterloo)

Jamie is an environmental engineer with more than 10 years of experience in developing, financing and implementing GHG reduction and environmental technology projects. Previously, at Encana Corporation, Jamie managed a portfolio under the Encana Environmental Innovation Fund (EIF), with total investments of $35 million. Prior to Encana, Jamie was the Director of Technical Services at Blue Source Canada. Jamie is also a past Chair of the PTAC TEREE Committee and the Natural Resources Canada CIPEC Task Force Council Chair for the Upstream Oil and Gas sector.

Mark Netto – CFO


Mark has more than 20 years of experience in senior leadership positions in finance. Most recently Mark led the project finance team at Enerkem Inc., a waste-to-energy company, and was instrumental in securing $150M in additional funding for its first commercial facility. Prior to Enerkem, he served in various capacities at Wavesat Semi-Conductors, IR Photonics and LX Data Fiber Optics.  He started his career at KPMG.

Jean Nolet – VP, Regulatory

BA (Quebec), MEcon (Laval)

With over 20 years in carbon markets and climate change policy, Jean is one of the most experienced carbon experts in Canada and is recognized internationally. An economist, he has extensive work in natural resource economics, environment, agrifood and energy. Earlier, Jean led EcoRessources, which developed carbon projects on three continents and was acquired by Coop Carbone. Jean Nolet is also on the Board of Inlandsis and the CEO of Coop Carbone.

Nathan De Baets – Forestry Specialist


Nathan has over 12 years of experience in climate change, forestry and rural development in Canada, Europe and developing countries. He has completed over 40 forestry and other land use climate projects for clients such as the Climate Investment Fund (World Bank), the European Commission and the IDB. He has provided climate policy and forestry services to Environment Canada, Agriculture and Agrifood Canada, and provincial ministries, as well as many private companies. Proficient with several carbon modelling tools, he has also helped develop forest carbon offset protocols.


Louis Roquet

Chairman, Inlandsis

Throughout his career, Louis Roquet held various positions in the senior public service and in the private sector. Among these positions, he served as CEO of the Société des alcools du Québec (SAQ), CEO of Investissement Québec and Secretary General of the City of Montréal.  He held a senior management position for five years at the Desjardins Group as President and Chief Operating Officer of Desjardins Venture Capital.

David Heurtel

Counsel, Environment, Energy and Climate Change 

David Heurtel currently holds the position of counsel in the Environment, Energy and Climate Change Group at Fasken. He previously served as Quebec’s Minister of Sustainable Development, Environment and the Fight against Climate Change from 2014 to 2017. In that role, he took the lead in modernizing the Environment Quality Act (EQA) and adopting the Water Withdrawal and Protection Regulation (WWPR). He also spearheaded the Politique de protection des sols et de réhabilitation des terrains contaminés and the 2017–2021 action plan under that policy.

Stephan Morency

Deputy Chief Investment Officer, Fondaction

Stephan has more than 15 years of experience as a venture capitalist and entrepreneur specializing in private equity and business performance strategy. He founded two ventures, managing them from inception to divestiture. At Fondaction, Stephan focuses on impact investment, including providing capital to companies and projects in renewable energy, greenhouse gas reduction, smart city innovation, and brownfield redevelopment. He serves on the board of Transition Energétique Québec and several other organizations.

Jean Nolet

CEO, Coop Carbone

With over 20 years in carbon markets and climate change policy, Jean is one of the most experienced carbon experts in Canada and is recognized internationally. An economist, he has extensive work in natural resource economics, environment, agrifood and energy. Earlier, Jean led EcoRessources, which developed carbon projects on three continents and was acquired by Coop Carbone.

Rob Roberti

CFO, Cordelio Power

Rob joined Cordelio Power from its outset in June 2018 as Chief Financial Officer. He is an experienced finance and operations executive with over 25 years in the power and finance industries. As Senior VP, Power Generation with Capstone Infrastructure Corporation, Rob oversaw the company’s gas co-generation, wind, hydro, biomass and solar power businesses. Rob previously served as the CFO and Treasurer of the Clean Power Income Fund and Manager of Finance & Development for Probyn & Company. Rob has advised the Clean Power Income Fund, The Ontario Power Authority and renewable energy developers. He also arranged and placed several hundreds of millions of dollars in project finance.

Michel Péloquin

Portfolio Manager – Major Investments, Fondaction

Michel has over 10 years of experience in corporate finance, specializing in private equity investments and project financing. As a portfolio manager within Fondaction’s private equity team, Michel has developed considerable expertise in tackling climate change by investing in projects primarily in the renewable energy, energy efficiency and carbon market sectors.

Jean-Philippe Brisson

Partner, Latham & Watkins and Board Advisor

Jean-Philippe, a leading environmental lawyer, is a partner in Latham and Watkins Environmental, Land & Resources Department and Co-chair of its Air Quality & Climate Change Practice. He has more than 15 years of experience advising oil and gas, industrial, and financial institution clients on a wide range of energy and environmental matters, including carbon finance, renewable energy, and commodities. Mr. Brisson was previously Vice President in Goldman Sachs’ Global Commodities business where he helped establish Goldman’s US carbon trading desk and worked on a number of private equity transactions.


Evelyn Walker

Principal of ESS GHG Advisory Services

Evelyn brings over 30 years of experience with the energy sector in Calgary, as well as a wealth of knowledge in emissions reductions, international carbon credit transactions, contracts, and project due diligence. Evelyn was formerly the Vice President for Western Canada for The Delphi Group. Prior to joining Delphi, Evelyn was the Director of Risk for Natsource Asset Management Corp. Evelyn also spent 13 years at TransCanada.

Jack McDonald

Partner and CFO at Allotrope Partners

Jack is a finance and commercial professional with over 20 of international experience developing clean energy and emission reduction related businesses. He was CFO and Commercial Director of EcoSecurities and prior to that was a shareholder at Sprott Securities (now Cormark) in the equity capital markets business.

Mustapha Ouyed, P. Eng., B. SC.A.

President, OSC Consultants

A professional engineer with more than 20 years of experience, Mustapha is a recognized expert in industrial environmental management, including GHG emission reductions. He has had the opportunity to work with leading firms in many sectors, including oil & gas, aluminum, steel, manufacturing and bio-economy. Mustapha is a board member of the Quebec Business Council on Environment (CPEQ) and Ecotech Quebec, and was previously President of Réseau Environment, the largest environment specialist association in Quebec.