Ontario Construction News staff writer
The Canada Infrastructure Bank (CIB) is partnering with Scotiabank on a $100-million initiative to help commercial building owners finance deep energy retrofits aimed at cutting emissions and modernizing aging infrastructure.
Funding, part of the CIB’s Building Retrofit Initiative, will provide low-cost, flexible loans to Scotiabank’s commercial real estate clients across Canada. Eligible projects include heating and cooling upgrades, building envelope improvements, lighting and electrical retrofits, automation and fuel switching, and the installation of electric vehicle charging infrastructure.
To qualify, projects must achieve at least a 30 per cent reduction in emissions. Buildings account for about 18 per cent of Canada’s total greenhouse gas emissions, making the sector a key target for climate action.
Scotiabank will identify interested property owners and manage the lending process, including marketing, underwriting and administration. The program is open to owners of commercial, industrial, office and multi-residential buildings.
“This partnership allows us to scale impact by leveraging Scotiabank’s client network and expertise,” said CIB CEO Ehren Cory. “With over $1 billion already committed through our Building Retrofit Initiative, we’re expanding our reach to accelerate building upgrades across the country.”
Chris Manning, Scotiabank’s executive vice-president of Canadian commercial banking, said the partnership will help clients cut energy use and improve building value.
“More energy-efficient buildings typically have lower operating costs and may have a rental premium,” Manning said. “We’re proud to offer access to low-cost financing to assist our clients in modernizing their buildings.”
This is the CIB’s second partnership with a Canadian financial institution under its retrofit initiative. The model is intended to make retrofit financing more accessible to small- and medium-sized building owners.
The initiative is also expected to create jobs and improve workplace environments by upgrading buildings nationwide.
Liberal MP Leslie Church, parliamentary secretary to several ministers, called the partnership a smart investment in Canada’s building stock.
“By unlocking capital for sustainable retrofits, we’re helping to cut emissions, lower energy costs and create good jobs — while building healthier, more resilient communities,” she said.
