TORONTO – The Canada Infrastructure Bank (CIB) and one of Canada’s leading post-secondary institutions, the University of Toronto (U of T), have signed an agreement which sees the CIB committing up to $56 million toward deep energy retrofit projects.
The CIB’s investment applies to several retrofit projects at the U of T St. George Campus located in downtown Toronto. Projects include switching one of four gas boilers to electric and installing a supplemental steam turbine in the central heating plant; deep energy retrofits of six academic buildings; establishing a local, low-carbon energy source which will supply renewable energy; and implementing green-technology solutions such as carbon capture, energy storage and waste-to-fuel.
The CIB’s financing will help the St. George Campus become climate positive by 2050 and reduce greenhouse gas emissions (GHGs) across the Campus by approximately 50 per cent or 45,000 tonnes carbon dioxide equivalent annually.
Renewing existing and aged utility infrastructure at the St. George Campus will ensure future building performance supporting academic and research excellence and provides new learning opportunities.
This is the first investment with a Canadian university and the second investment under the CIB’s Building Retrofits Initiative, which seeks to achieve significant energy savings from infrastructure owned and/or managed by the public sector.
U of T and CIB are expected to reach financial close in Summer 2023.
We are proud to partner with the University of Toronto and invest in their transition to become climate positive. This is one example of how the Canada Infrastructure Bank can collaborate with academic institutions across Canada to help them achieve their ambitious environmental goals.
Ehren Cory, CEO, Canada Infrastructure Bank
The University of Toronto is a global leader in addressing the urgent challenge of climate change. Our Climate Positive plan will transform the energy sources on our Campuses to ensure we can deliver on our mission of excellence in research and learning for generations to come. We are grateful to the CIB for recognizing and supporting our commitment to Canada’s net-zero targets and to harnessing the innovation of cleantech startups on our Campuses and beyond.
Meric Gertler, President, University of Toronto
U of T is an engine of economic growth and prosperity for its region and for Canada. The demand for university space that supports teaching, advanced research, collaboration with industry, and startups to scale continues to grow. The CIB’s commitment to the university’s deep energy retrofit projects will assist U of T to meet this demand while reducing our carbon footprint and helping build a green economy.
Scott Mabury, Vice-President, Operations and Real Estate Partnerships & Vice-Provost, Academic Operations, University of Toronto
Canadians have been clear - they want their government to deliver real results in our collective fight against climate change. Energy retrofits at the University of Toronto St. George Campus will mean it will actively remove carbon from the atmosphere. This sort of innovation is exactly what we need to build a greener and more sustainable Canada.
The Honourable Karina Gould, Minister of Families, Children and Social Development, on behalf of the Honourable Dominic LeBlanc, Minister of Intergovernmental Affairs, Infrastructure and Communities
Quick Facts:
- To date, the CIB has committed more than $800 million toward building energy retrofits.
- The CIB seeks to invest up to $5 billion into green infrastructure which supports climate change action and sustainable economic growth.
- The CIB’s investments are subject to approval by its Board of Directors.
Learn More:
Media contacts:
Hillary Marshall
Canada Infrastructure Bank
hmarshall@cib-bic.ca
416-427-4945
Philippe Devos
University of Toronto
media.relations@utoronto.ca
416-978-0100