Everything you need to know about energy efficiency in today’s Canada Infrastructure Bank (CIB) announcement
October 1, 2020
News | Press Release
- The Canada Infrastructure Bank (CIB) announced $2 billion in funding to “invest in large-scale building retrofits to increase energy efficiency and help make communities more sustainable,” and “$500 million for project development and early construction works.”
- In other jurisdictions around the world, investment banks, infrastructure banks, and/or “green banks” are leading investments in energy efficiency.
- Efficiency Canada has been calling for the CIB to make building retrofits part of its mandate since 2018.
October 1, 2020, OTTAWA — Coming on the heels of last week’s throne speech — in which energy efficient retrofits were highlighted as a top priority in a broader plan for a clean economic recovery — the Canada Infrastructure Bank (CIB) has announced its intention to invest $2 billion on energy efficient retrofits.
Efficiency Canada’s executive director, Corey Diamond, made the following statement: “Energy efficient buildings are a critical puzzle piece in achieving a net-zero emission future. By adding energy efficiency to its mandate, the Canada Infrastructure Bank is sending a signal that energy efficient buildings have widespread, long term impacts.”
“This is a critical component in scaling activity across the country, while creating jobs and reducing operating costs for building owners, managers and tenants,” added Diamond.
Canada has a mature and sophisticated energy efficiency sector — people and organizations who can help identify building retrofit opportunities. The CIB can work with the sector to bundle projects together for investment. Existing provincial program grants can also be stacked to make it easier for building owners and managers to participate.
The CIB announcement comes exactly a week before Energy Efficiency Day on October 7th, which is celebrated by hundreds of organizations across North America who deliver energy efficiency.
- The Expert Panel on Sustainable Finance called for the CIB to play a role in accelerating, “the development of a vibrant private building retrofit market.”
- The Task Force for a Resilient Recovery and Efficiency Canada recommended a $13 billion public investment to, “expand public-private financing facilities for building retrofits.”
- Other jurisdictions using public investment banks to facilitate building retrofits include Germany’s KfW, The European Bank for Reconstruction and Development, the New York Green Bank, and the Australia Clean Energy Finance Corporation.
- Energy efficiency technologies are Canada’s second highest clean technology export area.
- A 2019 report by Calgary-based ECO Canada found there are 436,000 Canadians working in the energy efficiency sector, and over 51,000 energy efficiency businesses in the country spanning the construction, manufacturing, wholesale trade, professional and business services, utilities, and other services sectors. Most energy efficiency employment comes from small businesses, and cannot be outsourced. Energy efficiency retrofits create jobs throughout the country, while reducing carbon emissions.
Canadian energy efficiency organizations:
Corey Diamond, Executive Director, Efficiency Canada