Canada Infrastructure Bank and Scotiabank Partner to Accelerate Energy-Efficient Upgrades in Commercial Buildings

Strategic Insights -

A new partnership between the Canada Infrastructure Bank and Scotiabank aims to accelerate energy-efficient upgrades in commercial buildings across Canada. The partnership will provide low-cost, flexible financing to clients of Scotiabank, including owners of commercial, industrial, office, and multi-residential buildings, to undertake upgrades that cut emissions by at least 30 per cent. This collaboration will help reduce energy use in buildings and save owners long-term operating expenses, while also creating jobs and improving the quality of workplace environments for workers.

Key Takeaways:

  • The partnership will provide $100 million in financing to support deep energy retrofits in commercial buildings across Canada.
  • Eligible projects include building envelope improvements, heating and cooling system upgrades, automation and fuel switching, lighting and electrical system upgrades, and the installation of electric vehicle charging infrastructure.
  • The Canada Infrastructure Bank and Scotiabank aim to reduce energy use in buildings and save owners long-term operating expenses by targeting the commercial building sector, which accounts for approximately 18 per cent of national emissions.
  • The partnership will create jobs and help modernize and retrofit assets in commercial buildings across Canada.
  • This marks the Canada Infrastructure Bank's second partnership with a Canadian financial institution under its Building Retrofit Initiative, creating a model for other banks to support small- and medium-sized building owners in accessing retrofit financing.
  • The partnership will enable building owners to move quickly on deep retrofits, with over $1 billion already committed to the Canada Infrastructure Bank's Building Retrofit Initiative.

Statistics:

  • Commercial buildings account for approximately 18 per cent of national emissions.
  • Upgraded buildings are expected to reduce annual emissions by a minimum of 30 per cent.
  • The partnership will provide $100 million in financing to support energy-efficient upgrades in commercial buildings.
  • Over $1 billion has already been committed to the Building Retrofit Initiative.
  • 18 per cent of emissions are attributed to the commercial building sector.

Sources:

  • Canada Infrastructure Bank
  • Scotiabank