The Canada Infrastructure Bank and City of Calgary close $165 million investment towards zero-emission buses
Calgary to begin transit overhaul with 259 electric buses, providing a cleaner commuting option
CALGARY, AB, Feb. 1, 2023 /CNW/ - Today, the Canada Infrastructure Bank (CIB) announced financial close on a partnership with The City of Calgary (The City) which will see the CIB invest $165 million towards The City's purchase of 259 zero-emission buses (ZEBs) by 2027. This investment will provide a cleaner commuting option for residents and help The City lower its carbon footprint.
Moving to a fleet of ZEBs supports The City's corporate emission-reduction goals in their 2022 Calgary Climate Strategy, to achieve net-zero emissions by 2050. By replacing 259 diesel buses with zero-emission battery electric buses, greenhouse gas emissions (GHG) will be reduced by more than 10,000 tonnes each year. The City will own and operate the environmentally friendly buses, through its business unit Calgary Transit.
The CIB's investment will cover the higher upfront capital costs of ZEBs compared to diesel buses, helping to accelerate the electrification of Calgary Transit's bus fleet. Financial savings are estimated to be substantial, as lifetime fuelling and maintenance costs for a ZEB could be up to 50 per cent lower than a diesel bus.
Canadian municipalities continue to take action on climate change and the CIB is a key partner to significantly increase access to sustainable public transit. This ZEB investment is another important step towards achieving the Government of Canada's goal of 5,000 ZEBs.
We are proud to partner with the City of Calgary to help increase access to sustainable, modern public transportation. By investing $165 million towards 259 zero-emission buses, the CIB is accelerating Calgary's path to net-zero and is enabling cleaner public transportation for future generations. As part of our mandate, we partner with public transit owners and service providers across the country to provide Canadians with cleaner and faster commutes.
Ehren Cory, CEO, Canada Infrastructure Bank
Our partnership with Canada Infrastructure Bank has been critical to transitioning our fleet to zero-emission vehicles much quicker than we could have done on our own. It is important for Calgarians to know that in making the switch from diesel to electric, the savings in operations will actually cover the cost of the loan. When it comes to climate change, we are committed to bold moves that are both economically and environmentally sustainable.
Jyoti Gondek, Mayor, The City of Calgary
The partnership with the Canada Infrastructure Bank enables us to kick-start the transition of our public transit fleet from diesel to alternative fuels. It will help us lower our environmental impact while continuing to provide the service Calgarians expect.
Sharon Fleming, Director, Calgary Transit
Achieving our goal of net-zero emissions by 2050 requires cutting down greenhouse gas emissions in the transportation sector. The City of Calgary, with the support of CIB's loan, is paving the way towards a cleaner and more sustainable future for its residents by offering greener transit options.
George Chahal, Member of Parliament for Calgary Skyview, on behalf of the Honourable Dominic LeBlanc, Minister of Intergovernmental Affairs, Infrastructure and Communities
Quick Facts:
- The CIB's $1.5 billion zero-emission bus initiative assists transit agencies and school bus operators to transition their fleets to modern, environmentally friendly vehicles.
- The CIB seeks to invest up to $5 billion into public transit projects that are in the public interest and support Canadian sustainable economic growth.
- All CIB investments are subject to approval by its Board of Directors.
Learn More:
SOURCE Canada Infrastructure Bank
Media Contacts: Canada Infrastructure Bank, [email protected]
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