CaGBC responds to today’s Canada Infrastructure Bank announcement
On October 1, 2020 at a press conference, Prime Minister Justin Trudeau and the Minister of Infrastructure and Communities, Catherine McKenna, joined Canada Infrastructure Bank Chair Michael Sabia to unveil $10 billion in new infrastructure initiatives.
Designed to create good jobs, build resilient communities, and make the economy more sustainable, the investment includes $2 billion for large-scale building retrofits to increase energy efficiency.
“Today’s announcement from the Canadian Infrastructure Bank is a significant and bold step towards Canada’s low-carbon future and a strong follow up to last week’s Throne Speech,” said Thomas Mueller, President and CEO of Canada Green Building Council (CaGBC). “This investment has the power to kickstart the green economy, and meaningfully lower carbon emissions. Our members and stakeholders in the green building industry are prepared to deliver the low-carbon, energy efficient retrofits that will help Canada reach its climate targets, create jobs and build healthier, more resilient communities. As the Prime Minister said, this is a win-win for all Canadians.”
Since the spring, CaGBC, along with partners, members and allies, has been pushing the benefits of a green recovery. Soon to be released research shows that an investment in green building and progressive policies can achieve 1.5 million green building jobs by 2030. “Ready, Set, Grow,” CaGBC’s recommendations to the government proposed investments in workforce development, zero carbon construction, and in the retrofit economy as a way to reignite the economy post pandemic.
It also encouraged the use of the Canada Infrastructure Bank to kick-start retrofits by stimulating the development of shovel-ready projects, as well as de-risking investment in retrofit projects through approaches that increase confidence, like through the Investor Confidence Project.
With today’s announcement, the government is taking a significant step toward Canada’s low-carbon future. The CIB’s Growth Plan is expected to create approximately 60,000 jobs across the country, including in the clean energy and renewable generation and storage sector, as well as in the construction industry.
We know that infrastructure and construction are the economic engines the country turns to in moments where the economy slows. The recovery from this pandemic will be no different. Under the guidance of Sabia, the CIB is positioned not only to invest heavily, but to be a driving force to unlock private investment for energy retrofits.
The CIB investment as the potential to demonstrate how a pivot toward a resilient, low-carbon future can deliver an innovation-driven, job-rich and vibrant economy for all Canadians.