CIB & Johnson Controls commit $100M to decarbonization retrofits

Written on: April 5, 2022 by ICM

The Canada Infrastructure Bank (CIB) and Johnson Controls have signed an agreement that commits more than CAD 125 million ($100.4 million) to accelerate private sector decarbonization retrofit projects across Canada, including CAD 100 million ($80.3 million) toward multi-residential, commercial, industrial and manufacturing buildings by using Johnson Controls’ OpenBlue Net Zero Buildings. CIB’s financing represents 80% and Johnson Controls affiliate, Johnson Controls Capital Canada Inc., represents 20% of the deal.

OpenBlue Net Zero Advisor combines a suite of connected solutions to deliver real-time, AI-driven tracking and reporting of sustainability metrics such as energy, water and waste. Over the next five years, the collaboration is expected to reduce greenhouse gas (GHG) emissions by more than 48,000 tonnes per year, resulting in significant decarbonization of retrofitted buildings. In addition, the projects are expected to create more than 900 jobs in the trade sector. The investment is expected to close in Summer 2022.