Green investments and financing
Retrofitting buildings in line with the long-term targets of Calgary’s Climate Resilience Strategy, will significantly reduce emissions and support local job creation in the building industry and related service sectors.
Energy use in buildings makes up about two-thirds of greenhouse gas (GHG) emissions generated in the community. The provincial energy code ensures that new buildings’ energy performance will improve;, however, to meet our GHG reduction target standards, Calgary must improve more quickly than the energy code currently dictates.
A significant portion of the buildings that will exist in Calgary in 2050 have already been built today, therefore,. Eenergy performance of the existing building stock will need to improve through energy efficiency of equipment and energy conservation through improved building envelopes.
Even with a strong economic case for energy efficiency and improved energy performance, many residential and commercial building owners are not investing in better energy performance. Despite the economic benefits, there are other barriers to building or renovating buildings to improve energy performance. The Green Investment & Financing Program aims to tackle one key barrier – access to capital.
What's happening now
Phase 1 Program Design and Feasibility: The City is currently assessing how to design a Green Investment/Low Carbon Finance program, and which proposals already submitted to the Economic Resilience Task Force (ERTF) proposals already submitted are feasible to include.
The team is engaging industry experts and stakeholders to ask the right questions and lay a solid foundation for this critical program moving forward.
The City is actively exploring development of the Clean Energy Improvement Program (CEIP), one of the proposals already submitted to the ERTF. In addition to CEIP, The City is working on research and design of complementary residential financing programs in partnership with Alberta Ecotrust and the cities of Edmonton and Toronto – a report on proposed program design is expected to be completed in early 2022.