Reducing Canada’s carbon footprint, one building at a time.

Vancity Community Investment Bank (VCIB), a Toronto-based Vancity subsidiary, has joined forces with many values-aligned businesses over the years to champion climate innovation. But its most recent financial partnership is perhaps one of its most creative alliances.  

By partnering with a leading low-carbon energy developer – Subterra Renewables – and an impact-driven asset manager, investor, and developer – Forum Asset Management – VCIB is helping real estate developers access climate-friendly technology to reduce the carbon footprint of their buildings: using geo-exchange systems for space heating and cooling.

“Geo-exchange is a proven, clean and cost-effective alternative to traditional HVAC,” explains Lucie Andlauer, CEO of Subterra Renewables. “We’re pleased to partner with forward-looking financiers to help make geo-exchange systems a standard building feature going forward.”  

This alliance combines the three partners’ expertise in climate finance, geo-exchange design, installation, and operation to deliver new geo-exchange systems to roughly 5,500 condo units located within multiple developments across southern Ontario.  

By leveraging geo-exchange technology, the buildings are expected to avoid up to 8,500 tonnes of carbon emissions annually. That’s like taking 1,800 cars off the road each year – or planting more than 141,000 trees.

A convenient and cost-friendly solution.

To make geo-exchange projects more feasible and cost-effective, Forum’s and Subterra’s combined services can design, install, own, and operate geothermal systems using a utility model. This helps real estate developers incorporate clean energy into new developments at zero upfront cost.

By owning the geo exchange infrastructure, Subterra can also make things more convenient for tenants by acting as a utility company – which allows residents to pay them directly for their heating and cooling needs without needing to worry about the rest.  

Creativity gets projects “underground”

“VCIB’s approach, where we take the time needed to understand a project and new business models, creates real trust with clients and allows us to build solid partnerships,” says Alfred Lee, Climate Finance Manager at VCIB.  

“Our financing can make all the difference to ensure these types of innovative projects get off the ground—or underground, in this case!”

With this open-minded attitude, VCIB has been able to finance multiple geo-exchange projects in Ontario and British Columbia – helping residents reduce energy consumption and save money in the process.  

“We’re excited to see geo-exchange gain traction in Canada through this financing partnership,” says Jennifer Hutcheon, VCIB’s Vice President. “Financing energy efficient, low-emission technology is crucial in the fight against climate change and necessary to make homes more resilient.”