The Dream group of companies has obtained $136.6 million in financing from Canada Infrastructure Bank’s commercial buildings retrofit program to be deployed toward the goal of portfolio-wide net-zero greenhouse gas (GHG) emissions by 2035. If achieved, the global portfolio of industrial, office and development properties, currently valued at more than $13 billion, would be 15 years ahead of Canada’s and the Paris Agreement’s 2050 target.
“We believe that we can stop the growth of carbon emissions from our properties and reduce our emissions dramatically,” declares Michael Cooper, chief responsible officer with Dream Unlimited Corp. “It has never been more urgent to act swiftly. We can challenge the historical status quo and transform our business to meaningfully tackle these complex issues and pave the way for a resilient future.”
In Canada, the new retrofit financing will be applied to deep retrofits in 19 buildings in Ontario and Saskatchewan. Under the parameters of the commercial buildings retrofit program, loan recipients must contribute at least 20 per cent equity, and must achieve at least a 30 per cent reduction in GHG emissions across a portfolio of buildings with no less than a 25 per cent reduction in any one building.
“By working with leaders in the Canadian real estate sector, we support economic growth while making our communities greener and more sustainable,” says Ehren Cory, chief executive officer of Canada Infrastructure Bank. “We are proud to collaborate with Dream through its net zero emissions initiative.”
With its 2035 target, Dream Unlimited has also joined the Net Zero Asset Managers Initiative, which now encompasses 220 signatories globally, all focused on hitting net-zero targets by or before 2050. Dream is among the early Canadian joiners to the group that collectively holds USD $57.4 trillion in assets under management.
