BMO Retrofits

Sector(s)

Green Infrastructure

Location(s)

Across Canada

Participation

$100 million (financial close)

Partner(s)

Bank of Montreal

Sector(s)

Green Infrastructure

Location(s)

Across Canada

Participation

$100 million (financial close)

Partner(s)

Bank of Montreal

Helping small and medium-sized building owners reduce energy use through retrofits

The CIB is enabling carbon emission reductions by helping participating building owners access financing to support green building upgrades.

An office building with a tree next to it and a blue sky

Canada Green Building Council

Retrofits that prioritize energy efficiency and carbon reductions are not just good for the environment; they increase asset value and attract investors and tenants. This expansion on CIB’s retrofit initiative ensures that small- and medium-sized buildings aren’t left behind. Making Investor Ready Energy Efficiency and Zero Carbon Building standards part of this financing solution provides projects with proven frameworks to support their retrofit ambitions. IREE enables projects to follow a common development and quality assurance process, and ZCB Standards help deliver meaningful carbon reductions that can protect assets from risks associated with the rising cost of emitting greenhouse gases. Together, they will help CIB and its partners drive widespread market transformation.

Thomas Mueller, President and Chief Executive Officer

BMO

As part of our Purpose, to Boldly Grow the Good in business and life, BMO is committed to being our clients' lead partner in the transition to a net-zero world. Greenhouse gas emissions from buildings make up a large share of Canada’s total emissions profile, and there is no path to net-zero without extensive retrofits to buildings that improves energy efficiency. The CIB’s program is an example of the innovative public-private partnerships needed to make progress on Canada’s climate goals, while creating new and effective sustainable finance solutions for Canadian businesses and investors.

Jonathan Hackett, Head, Sustainable Finance and Co-Head, Energy Transition Group

BMO Commercial Bank

We’re proud to serve our clients at the leading edge of sustainable finance innovation in the real estate sector and to be the first financial institution in Canada to offer this unique financing program. Many of our clients have ambitious sustainability goals and we’re excited to support their progress.

Michael Beg SVP & Head, Real Estate Finance

Government of Canada

The Canada Infrastructure Bank’s investment will help more building owners accelerate green upgrades that will have a positive impact on Canada’s objective to reduce greenhouse gas emissions. Undertaking these upgrades will create jobs in the skilled trades and reduce pressure on our electricity grid – exemplifying the opportunity that building a clean economy represents for our workers and our economy.

Hon. Dominic LeBlanc

Fast facts

Enhances building energy efficiency and energy cost savings

Reduces greenhouse gas emissions by at least 30 per cent

Participating building owners, including smaller and medium-sized buildings, who would not typically qualify for CIB loans, can now access financing to accelerate green building upgrades and reduce greenhouse gas emissions.

Through this partnership, low carbon retrofits which qualify for certification under the Canada Green Building Council’s Investor Ready Energy Efficiency (IREE) or Zero Carbon Building standards (ZCB) will have access to a below market loan.

Benefits of CIB’s Involvement

With buildings currently accounting for 18 per cent of Canada’s greenhouse gas emissions, modernizing these assets is critical to meeting Canada’s climate change goals.

We are transforming the retrofits market by leading the way for private financing. Our investment will help finance upfront capital costs of retrofits, which will be repaid through the sharing of energy savings over a period of several years.

Expanding our Building Retrofit Initiative to target smaller buildings helps to accelerate the reduction of carbon emissions across Canada.

Learn more

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