RBC plans to invest $35 million over three years to begin upgrading HVAC systems across its network of more than 1,200 retail bank branches in Canada. The expenditure is the first phase of an envisioned 10-year project to cut 70 per cent of the greenhouse gas (GHG) emissions from retail operations through the installation of electric heat pumps and other energy-efficient technologies.
“It is one of our largest opportunities for emissions reduction within RBC’s operations,” says Jennifer Livingstone, vice president, enterprise climate strategy, with RBC. “Progress is needed to reduce emissions that come from the buildings we work in, which largely stem from their heating source.”
Currently, about 40 per cent of the bank’s operational emissions emanate from retail branches. The work is slated to largely commence in 2025, and will initially occur within the 62 per cent of branch locations where RBC either owns the space or has lease agreements to enable the upgrades. Negotiations are also underway with the remainder of the bank’s various landlords.
“We look for ways where both parties can work together in achieving mutually desirable goals,” confirms Jon Douglas, RBC’s global director of sustainability.
RBC is a founding partner of the Climate Smart Buildings Alliance (along with the construction contractor, EllisDon, and developer Mattamy Homes), which aims to draw other industry players into the effort to reduce emissions through electrification, low-carbon building materials, deep retrofits and net-zero new construction. The bank is also now procuring renewable electricity supply equivalent to 100 per cent of its global consumption.
