TORONTO—The Canada Infrastructure Bank (CIB) and the University of Toronto (U of T) have signed an agreement which sees the CIB committing $56 million toward deep energy retrofit projects.
The CIB’s funding applies to several retrofit projects at the U of T St. George Campus located in downtown Toronto, stated a July 19 release. Projects include switching one of four gas boilers to electric and installing a supplemental steam turbine in the central heating plant; deep energy retrofits of six academic buildings; establishing a local, low-carbon energy source that will supply renewable energy; and implementing green-technology programs such as carbon capture, energy storage and waste-to-fuel.
The CIB’s financing will help the St. George Campus become climate positive by 2050 and reduce greenhouse gas emissions across the campus by approximately 50 per cent or 45,000 tonnes carbon dioxide equivalent annually.
This is the first investment with a Canadian university and the second investment under the CIB’s Building Retrofits Initiative.
U of T and CIB are expected to reach financial close in summer 2023.
“We are proud to partner with the University of Toronto and invest in their transition to become climate positive. This is one example of how the Canada Infrastructure Bank can collaborate with academic institutions across Canada to help them achieve their ambitious environmental goals,” stated Ehren Cory, CEO of the Canada Infrastructure Bank, in a statement.