Heat recovery, energy sharing projects receive grant funding from Federal and Provincial Governments
VANCOUVER, BC, Feb. 20, 2024 /CNW/ – Cadillac Fairview (CF) and the Honourable Hedy Fry, Member of Parliament for Vancouver Centre, City of Vancouver Representative, are pleased to announce a capital investment exceeding $9.5 million toward the installation of innovative decarbonization solutions at the company’s CF Pacific Centre and Waterfront properties in downtown Vancouver. To support the decarbonization projects, CF has secured funding of $1.5M in incentives from the Federal government’s Low Carbon Economy Fund, along with significant potential incentives from both Fortis BC and BC Hydro.
The decarbonization solutions to be installed across a number of buildings at the CF Pacific Centre and Waterfront complexes include heat recovery, storage, sharing systems as well as domestic hot water electrification. Emission reductions are projected to be up to 3,000 tonnes of CO2 annually upon project completion. Mobilization and design are currently underway, with a completion date targeted for October 31, 2026.
In addition to the carbon emission reductions, the projects are anticipated to deliver significant energy use reductions, estimated at 53,000 gigajoules in annual savings representing notable operational cost savings.
In 2022, CF commissioned a number of comprehensive low carbon transition studies for its Vancouver property portfolio to identify capital projects that would significantly reduce its carbon footprint. The decision to proceed with the decarbonization capital investment following the studies is bolstered by the achievement of Zero Carbon Building (ZCB) certification – a stringent carbon-focused Performance Standard certification developed by the Canada Green Building Council (CaGBC). Seven buildings in CF’s Vancouver office portfolio were awarded ZCB certifications in November 2022, followed by four additional buildings awarded in August 2023.
The projected emission performances of the Vancouver properties are designed to comply with, and exceed, the City of Vancouver’s carbon pollution limits for existing large commercial and multi-family buildings. The City of Vancouver is aiming to cut its carbon pollution from buildings in half compared to 2007 levels by 2030. Similarly, CF is committed to a net zero by 2050 goal and an interim target of 35% emission reduction by 2030 from the 2017 baseline. Reducing emissions from large buildings – such as CF’s downtown Vancouver properties – is expected to make a significant contribution to achieving CF and the City of Vancouver targets.
“CF has a tremendous motivation behind this investment in low carbon technologies, as we mobilize towards achieving net zero emissions across our portfolio. This announcement is about climate leadership — at an industry level, at a local community level, and by government. CF gratefully acknowledges the support provided by the Federal Government and the Province of British Columbia in helping CF accelerate innovation toward a zero-carbon future,” said Rory MacLeod, EVP, Operations, Cadillac Fairview.
“I am pleased to congratulate Cadillac Fairview on these two innovative Heat Recovery and Energy Sharing projects in the heart of Vancouver centre at 700 West Georgia Street and 200 Granville streets,” – The Honourable Hedy Fry, Member of Parliament for Vancouver Centre.
“The climate crisis requires government and the private sector work hand-in-hand to find innovative solutions. The emissions reductions from this project are considerable, equivalent to not-burning 3.3 million pounds of coal every year. Our government is building an affordable and clean future for our kids, one partnership at a time.” – Julie Dabrusin, Parliamentary Secretary to the Minister of Environment and Climate Change and Parliamentary Secretary to the Minister of Energy and Natural Resources
“Organizations, businesses, and corporations across Canada like Cadillac Fairview are using innovative decarbonization solutions to reduce carbon emissions from buildings. Through the Low Carbon Economy Fund, our government partners with climate leaders nationwide to cut emissions and help cities like the city of Vancouver achieve its net-zero targets. Every project we support is bringing us closer to our common goal of building a clean and sustainable future for all,” – The Honourable Steven Guilbeault, Minister of Environment and Climate Change.
To learn more about CF’s Environmental, Social and Governance (ESG) commitments, please visit cadillacfairview.com.
About Cadillac Fairview
Cadillac Fairview (CF) is one of the largest owners, operators, investors and developers of best-in-class office, retail, multi-family residential, industrial and mixed-use properties in North America.
Wholly owned by the Ontario Teachers’ Pension Plan, with assets under management of more than $30 billion, CF manages over 36 million square feet of leasable space at 69 landmark properties across Canada, including Toronto-Dominion Centre, CF Toronto Eaton Centre, Tour Deloitte, CF Carrefour Laval, CF Chinook Centre and CF Pacific Centre.
Driven by its purpose of Transforming Communities for a Vibrant Tomorrow, CF is continually striving to make a positive impact in communities where it operates by promoting social connection, growth, and a sustainable future. Visit cadillacfairview.com for more information.
SOURCE Cadillac Fairview Corporation Limited
