TORONTO – The federal government and the Federation of Canadian Municipalities (FCM) are investing in initiatives that will help municipalities reach net-zero targets from coast-to-coast-to-coast.
In July, Minister of Natural Resources Jonathan Wilkinson and FCM President Scott Pearce announced an investment of up to $175,000, through the Green Municipal Fund (GMF), to support a “municipal impact investment fund” initiative led by MaRS Discovery District.
A press release announcing the initiative states many small and medium-sized municipalities “are seeking access to the financing, capacity and expertise to undertake retrofit projects of sufficient scale to achieve their climate targets.”
Based on similar European funding models, MaRS’ Climate Action Accelerator to Net Zero (CAANZero) will assist cohorts of municipalities in maximizing their greenhouse gas (GHG) emissions reduction strategies and in accelerating climate action through retrofit projects, including updates to commercial, industrial and residential buildings, wastewater treatment infrastructure and public lighting.
The release states the announcement will help MaRS develop a governance and operational structure for CAANZero, including helping administrators explore approaches to aggregating retrofit projects to attract private capital investment into these projects.
The GMF, administered by the Federation of Canadian Municipalities, is funded through an endowment by the Government of Canada.
“GMF helps local governments switch to sustainable practices faster. Its unique mix of funding, resources and training gives municipalities the tools they need to build resiliency and reduce greenhouse gas emissions,” the release states.
“The Government of Canada is pleased to support the MaRS’ Climate Action Accelerator to Net Zero through the Green Municipal Fund. This important initiative will support Canadian municipalities to accelerate job-creating retrofit projects, while reducing emissions and delivering clean air across the country,” said Wilkinson.
“Municipalities are on the front lines of climate change. The partnership of the Federation of Canadian Municipalities and the Government of Canada through the Green Municipal Fund is helping communities transition to a healthy, net-zero emissions future. With smart investments, and active collaboration, our communities can aspire to a more sustainable and prosperous way of living. I applaud efforts by the MaRS Discovery District as they help lead the way to a sustainable future,” said Minister of Enviornment and Climate Change Steven Guilbeault.
“Whether it be reducing greenhouse gas emissions or retrofitting a variety of buildings, the Federation of Canadian Municipalities is proud to continue supporting projects like the one being announced here today through the Green Municipal Fund. The MaRs’ initiative will help small and mid-sized municipalities achieve their net zero goals. Together in partnership with the federal government, local communities are on the path to greater sustainability and affordability,” said FCM president Scott Pearce.
“Canada will need to spend about $400 billion in the next 20 years to retrofit infrastructure to meet its climate goals and more than half of that infrastructure falls within cities. It’s a huge burden. Through CAANZero, municipalities can access the expertise and financial support they currently lack to quickly identify achievable high-impact projects and get them done,” said MaRS senior director of climate Tyler Hamilton.
