Canada Infrastructure Bank to invest $14.4 million in the City of Edmonton's zero-emission bus program and collaborate on accelerating a building retrofit feasibility study
Partnership supports City's sustainability efforts to reduce greenhouse gas emissions
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TORONTO, June 3, 2021 /CNW/ - The Canada Infrastructure Bank (CIB) and the City of Edmonton (City) are collaborating to reduce greenhouse gas emissions through a partnership that will enable the City to purchase zero-emission buses and complete a feasibility study on municipal building retrofits.
An agreement in principle between the two parties has the CIB investing $14.4 million towards the acquisition of 20 new zero-emission public transit buses (ZEBs).
The new bus purchase will add to Edmonton Transit Service's fleet of 40 zero-emission transit vehicles. The buses contribute to the City's shift toward more sustainable transportation, a lower carbon footprint, and a higher-quality transit service.
Financial savings are estimated to be substantial, as lifetime operating costs for ZEBs could be as much as 40 per cent lower than diesel buses.
The CIB's investment in ZEBs is consistent with the Government of Canada's goal of 5,000 zero-emission buses in the coming years.
Under a separate memorandum of understanding, the CIB will advise the City on its building retrofit initiative, which is designed to improve the energy efficiency of municipal buildings.
The goal of the feasibility study is to find opportunities to reduce greenhouse gas emissions from the City's existing buildings and new approaches to modernizing its assets.
This is consistent with CIB's initiative to provide financing for decarbonization retrofits in publicly-owned buildings towards Canada's climate goals. This investment also aligns with the City's Community Energy Transition Strategy to become carbon neutral by 2050.
Endorsements
The CIB is determined to support Canadian municipalities' climate action and infrastructure renewal. We are proud to collaborate with the City of Edmonton to expand its zero-emission bus fleet and accelerate its municipal building retrofit plan. This will contribute towards improving the quality of life for Edmontonians with cleaner public transit and green public buildings.
Ehren Cory, President & CEO, Canada Infrastructure Bank
The success of our economy, public health, and quality of life all depend on Edmonton making a shift to a low carbon future which is why this investment by the Canada Infrastructure Bank is so crucial. In addition to supporting our economic recovery, this investment in zero-emission public transit and greener buildings helps ensure Edmonton is making tangible gains in its goal to become a competitive, low-carbon City of the future.
Don Iveson, Mayor of Edmonton
Cleaner air, quieter streets, and a planet safe for our kids - that's the goal. In partnership with the City of Edmonton, the Canada Infrastructure Bank is investing to put 20 new zero emission buses on the road and identify opportunities to reduce emissions from municipal buildings through energy efficient retrofits. These important initiatives are a part of the Government's plan to create good jobs, kickstart the economy, tackle climate change, and build more inclusive communities.
The Honourable Catherine McKenna, Minister of Infrastructure and Communities
We are excited to be on the forefront of transit electrification in Canada and to offer Edmontonians a clean, quiet and comfortable ride. Electric buses not only contribute to a more sustainable transportation option for our riders, but also cost savings for taxpayers through lower operating and maintenance expenses.
Carrie Hotton-MacDonald, Branch Manager, Edmonton Transit Service
Quick Facts:
- The CIB's $10-billion Growth Plan includes a commitment to invest in zero-emission buses and building retrofits.
- The CIB's zero-emission bus initiative is $1.5 billion and will assist public transit agencies and school bus operators transition their fleets to modern, environmentally friendly vehicles.
- The CIB seeks to invest up to CAD $5 billion into public transit projects over the long-term that are in the public interest and support Canadian sustainable economic growth.
- The CIB's investment is subject to final due diligence and approval by its Board.
Learn More:
SOURCE Canada Infrastructure Bank
Media Contacts: Simona Ionas, Canada Infrastructure Bank, [email protected], 416-644-4530
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