Project Name: Quebec Zero-Emission School Buses
Partner(s): Bus Carriers Federation and Government of Quebec
Location: Province of Quebec
Sector: Public Transit
Participation: Up to $400 million
Description: The CIB and the Federation of Bus Carriers of Quebec (Federation) have signed an agreement for the CIB to enable the purchase of zero-emission school buses (ZEBs) with an investment of up to $400 million. With the CIB’s financing and funding provided by the provincial government, school bus operators in Quebec will be able to purchase approximately 4,000 ZEBs and associated charging infrastructure over next five years.
ZEBs are quieter and are expected to have lower maintenance and fueling costs compared to equivalent GHG-emitting vehicles. By replacing 4,000 diesel fuelled school buses with zero-emission ones, the project will help reducing GHGs by 81,000 tonnes on an annual basis. The buses contribute to the province’s shift toward more sustainable transportation, lowering its carbon footprint while providing a high-quality transit service for students.
The CIB’s financing will work in conjunction with funding provided by the Ministry of Transport of Quebec.
The CIB will finance a portion of the ZEB purchase price and will be repaid from cost savings from the ZEB as measured against costs of an equivalent GHG-emitting bus.
Benefits of the CIB Involvement
The CIB’s zero-emission bus initiative assists transit agencies and school boards transition their fleets to modern, environmentally friendly vehicles. The CIB’s financing, in the form of direct loans, can cover the higher upfront capital cost of ZEBs and charging infrastructure versus diesel buses. The CIB enables partners to take advantage of flexible financing options to modernize their bus fleets on an accelerated basis.
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