The Canada Infrastructure Bank (CIB) has announced plans to expand its Building Retrofit Initiative through a partnership with Scotiabank.

Combined, the organizations aim to provide $100 million worth of loans to building owners to help finance deep energy retrofits across their commercial real estate assets.

Through this collaboration, Scotiabank clients will have access to low-cost, flexible financing to undertake upgrades that cut emissions by at least 30 percent. Eligible projects include building envelope improvements, heating and cooling system upgrades, automation and fuel switching, lighting and electrical system upgrades and the installation of electric vehicle charging infrastructure.

“Our Building Retrofit Initiative has enabled building owners across Canada to move quickly on deep retrofits,” said CIB CEO Ehren Cory. “With over $1 billion already committed, we’re now expanding our reach to accelerate more building upgrades across Canada. Our partnership with Scotiabank allows us to scale impact by leveraging their client network and expertise.

Buildings account for approximately 18 percent of national emissions. By targeting this sector, the Canada Infrastructure Bank and Scotiabank aim to reduce energy use in buildings and save owners long-term operating expenses.

“Scotiabank is proud to offer access to low-cost financing to our clients and to assist them in modernizing their buildings,” said Scotiabank’s executive vice-president of Canadian commercial banking, Chris Manning. “More energy-efficient buildings typically have lower operating costs and may have a rental premium, increasing the building's value. With this partnership with CIB, we are committed to providing building owners access to low-cost capital for building retrofits investments.”

The partnership marks CIB’s second partnership with a Canadian financial institution under its Building Retrofit Initiative, creating a model for other banks to support small- and medium-sized building owners in accessing retrofit financing.