CIB’s $47 million investment to support KingSett Capital’s net-zero building transition
- $47 million towards sustainable retrofits in commercial buildings in Toronto and Vancouver
- More than 4.8M square feet of space to be upgraded with low-emitting technologies
- Once complete, an estimated 6,095 tonnes of greenhouse gas emissions (GHG) will be reduced annually
TORONTO – The Canada Infrastructure Bank (CIB) is helping to accelerate the reduction of greenhouse gas emissions from buildings in Toronto and Vancouver. The CIB’s $47 million loan to KingSett Capital will enable green building retrofits in commercial buildings within the company’s portfolio. The buildings are located in each cities’ downtown.
The CIB’s collaboration with KingSett will see the company undertake energy efficiency and decarbonization improvements at scale and will allow them to take on additional carbon reduction measures. Without the CIB’s participation, the retrofits would not have been economically viable.
Each property will have unique upgrades which will enable significant carbon reductions. The overarching implementation strategy of achieving deep energy retrofits includes fuel switching, electrification and upgrades to the buildings’ heating and cooling systems.
Decarbonization and deep energy retrofits are key elements of KingSett’s Sustainability Strategy. The execution of this program will enable KingSett to meet a number of the commitments set out in this strategy, including achieving its near-term science-based target of reducing carbon emissions by 35% by 2027 and reducing carbon emission by 67% by 2035.
The revitalized buildings will significantly reduce the carbon intensity and energy consumption levels, leading to an annual GHG reduction of approximately 6,095 tonnes or 61% across the project portfolio. Once the retrofits are complete, the buildings will be net-zero ready and achieve the Canada Green Building Council’s Zero Carbon Building standard.
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 per cent of Canada’s total GHG emissions, so it is critical that we prioritize, and accelerate retrofitting these assets to be more environmentally sustainable.
The CIB recognizes the importance of retrofitting our country’s aging buildings to make them more resilient, energy efficient, and reduce their carbon impact as we move to a net-zero future. Our $47 million investment with KingSett Capital is an example of how we can work with the private sector to prioritize and accelerate the decarbonization of buildings across the country.
Supporting energy retrofits to existing commercial and industrial buildings go a long way towards reducing greenhouse gas emissions across the country. The investments being made through the CIB’s Building Retrofit Initiative are critical to helping Canada achieve its goal of net-zero by 2050.
KingSett is pleased to partner with the CIB as we continue to advance our Sustainability Strategy. Decarbonizing our assets at the right time, with the right technologies, design and team, creates value economically, environmentally and socially for our stakeholders.
