Supporting energy efficient upgrades in commercial buildings across Canada
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- Accelerating energy-efficient upgrades in commercial, industrial, office, and multi-residential buildings.
- Each upgraded building is expected to reduce annual emissions by a minimum of 30 per cent.
- Partnership will reduce energy use in buildings and save owners long-term operating expenses.
TORONTO, June 10, 2025 /CNW/ - The Canada Infrastructure Bank (CIB) is expanding its Building Retrofit Initiative (BRI) by forming a $100 million partnership with Scotiabank to finance deep energy retrofits across their commercial real estate clients in Canada. The loans to building owners will support the modernization of their assets and reduce their environmental impacts.
Through this collaboration, Scotiabank clients—including owners of commercial, industrial, office, and multi-residential buildings—can access low-cost, flexible financing to undertake upgrades that cut emissions by at least 30 per cent. 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.
Buildings account for approximately 18 per cent 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 Commercial Banking Real Estate clients can now access low-cost financing to modernize their buildings. Scotiabank will identify commercial property owner clients who are motivated to undertake energy efficiency retrofits. Scotiabank will also market, originate, underwrite, and administer the loans on behalf of the partnership. As a result, there will be upgraded buildings across Canada, intended to improve quality of workplace environments for workers, and additional jobs to modernize and retrofit assets.
This marks the Canada Infrastructure Bank's second partnership with a Canadian financial institution under its BRI, creating a model for other banks to support small- and medium-sized building owners in accessing retrofit financing.
Endorsements:
Our Building Retrofit Initiative has enabled building owners across Canada to move quickly on deep retrofits. 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.
Ehren Cory, CEO, Canada Infrastructure Bank
Scotiabank is proud to offer access to low-cost financing to our clients and to assist them in modernizing their buildings. 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.
Chris Manning, Executive Vice President, Canadian Commercial Banking, Scotiabank
This partnership between the Canada Infrastructure Bank and Scotiabank is a smart, forward-looking investment in Canada's building stock and in the people who work, live, and gather in these spaces every day. 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 across the country.
Leslie Church, Member of Parliament for Toronto–St. Paul's — Parliamentary Secretary to the Secretaries of State for Labour, for Seniors, and for Children and Youth, and Parliamentary Secretary to the Minister of Jobs and Families (Persons with Disabilities)
Learn More:
www.cib-bic.ca
www.scotiabank.com/ca
About Scotiabank
Scotiabank's vision is to be our clients' most trusted financial partner and deliver sustainable, profitable growth. Guided by our purpose: "for every future," we help our clients, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With assets of approximately $1.4 trillion (as at April 30, 2025), Scotiabank is one of the largest banks in North America by assets, and trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on X @Scotiabank.
SOURCE Canada Infrastructure Bank
Media Contacts: [email protected]; Jessica Neal, Manager, Canadian Banking Communications, [email protected]
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