Climate Insider Brief:
- The Canada Infrastructure Bank (CIB) has invested $100 million in GDI Integrated Facility Services Inc. to fund energy retrofits in ageing buildings across Canada, significantly reducing their environmental impact.
- The retrofit projects aim to reduce greenhouse gas emissions by a minimum of 30% annually, with an average reduction of 37%.
- This investment is part of CIB’s broader initiative, which has committed over $1.2 billion towards financing sustainable retrofits to help Canada reach net-zero emissions by 2050.
PRESS RELEASE – July 09, 2024 – The Canada Infrastructure Bank (CIB) has finalised a $100 million investment with GDI Integrated Facility Services Inc. (GDI) to fund comprehensive energy retrofits in ageing buildings across Canada, significantly reducing their environmental impact.
Strategic Partnership for Sustainability
GDI has established a Special Purpose Vehicle (SPV) to manage the capital costs, incorporating the CIB’s loan alongside equity from GDI and third parties. GDI’s subsidiaries, Ainsworth and Énergère, will spearhead the projects, offering complete turnkey design/build services, from energy audits to system installation and ongoing energy management.
Ehren Cory, CEO of the CIB, stated: “This partnership will enable GDI to accelerate the implementation of turnkey retrofit solutions designed to improve the efficiency of our country’s ageing buildings, which is key to making communities more resilient and sustainable.”
Comprehensive Retrofit Solutions
Each retrofit project will vary in scope, aiming to reduce greenhouse gas emissions by a minimum of 30% annually, with an average reduction of 37% across the portfolio. Measures include fuel switching, HVAC upgrades, and transitioning to renewable power sources like solar, alongside electric vehicle charging and energy storage solutions.
Once completed, these projects are estimated to reduce approximately 44,000 tonnes of GHG emissions per year. Additionally, the initiative is expected to support about 500 jobs in the trades sector.
Minister Sean Fraser emphasised: “No one can reduce the environmental impact of ageing buildings across the country on their own. This requires the public and private sectors coming together. We are proud to announce this agreement today, which will help Canada reach net-zero emissions by 2050.”
Claude Bigras, President & CEO of GDI, added: “We are very excited to work with CIB on their financing program. These investments will enable our clients to reduce their overall greenhouse gas emissions and contribute to mitigating climate change effects in Canada and the world. We will perform turnkey solutions for clients’ buildings to reduce the carbon footprint while enhancing overall energy efficiency.”
CIB’s Building Retrofits Initiative
This investment is part of the CIB’s Building Retrofits Initiative, which has committed over $1.2 billion towards financing sustainable retrofits. Buildings account for around 18% of Canada’s total GHG emissions. Investments from the CIB prioritise and accelerate building retrofits to help meet Canada’s climate change goals.
By funding these retrofits, CIB and GDI aim to make a substantial impact on reducing carbon emissions and promoting sustainable practices in Canada’s infrastructure.
SOURCE: ESG News
Featured Image: Credit: CIB
