LOADING

Type to search

CIB’s $100 Million Loan to GDI Will Cut GHG Emissions by 37% in Aging Buildings

CIB’s $100 Million Loan to GDI Will Cut GHG Emissions by 37% in Aging Buildings

CIB
  • $100M loan from CIB to finance sustainable retrofits across Canada.
  • Projects to cut GHG emissions by at least 30%, supporting 500 trades jobs.
  • Partnership aims to reduce 44,000 tonnes of GHG emissions annually.

The Canada Infrastructure Bank (CIB) has finalized a $100 million investment with GDI Integrated Facility Services Inc. (GDI) to fund comprehensive energy retrofits in aging 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 aging 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 emphasized: “No one can reduce the environmental impact of aging 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.”

Related Article: 90% of Singapore Companies Not Fully Measuring and Analysing Scope 3 Emissions: Schneider Electric

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 prioritize 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.

Topics

Related Articles

LOADING

Type to search

Blog

Image of official Toronto Climate Week logo nad icon in reverse white text over blue background
PwC Survey Finds Rising Pressure and Value in Corporate Sustainability Reporting
IBM Launches API to Embed Emissions Data into Corporate and Vendor Tools
Founder Group to Build $2.76B Solar and Storage Complex in Sarawak
Germany Delivers Nearly $14 Billion in Climate Finance for 2024
Standard Chartered Backs L&T with $700M Sustainability-Linked Trade Financing
MAS Appoints Abigail Ng as New Chief Sustainability Officer
ESG News WEEK IN REVIeW 21 Sept - 28 sept
OXCCU Secures $28 Million to Scale Carbon-to-Fuel Technology for Aviation
Dutch Startup Brineworks Secures $7.3M to Scale Direct Air Capture for e-Fuels
Becky Park-Romanovsky on Building Toronto Climate Week and Canada’s Climate Future
DHL, Hapag-Lloyd Expand Use of Sustainable Marine Fuels to Cut Supply Chain Emissions
EU Pushes Back Supply Chain Deforestation Rules by One Year
California Names 4,000+ Companies Facing Mandatory Climate Disclosures
Levi Strauss and Schneider Electric launch supply chain renewable energy accelerator in India
EFRAG Maps Digital Tools to Advance SME Sustainability Reporting
Watershed Launches AI-Driven Product Footprints to Tackle Scope 3 Supply Chain Emissions
PRI Awards 2025 Spotlight Responsible Investment Leaders
Frontier Launches Rail-Based Carbon Management Platform for Ethanol Sector
UK Signs Contracts for First Commercial Carbon Capture Projects
","session_id":"ep-sess-1760229592-wJcsGsuJ","page_url":"https:\/\/esgnews.com\/cibs-100-million-loan-to-gdi-will-cut-ghg-emissions-by-37-in-aging-buildings\/","post_id":"28312","tracking_enabled":"1","original_referrer":"","has_embedded_content":""}; /* ]]> */