Dream Unlimited commits to net zero by 2035
Toronto’s Dream group of companies has announced its plans to achieve net zero greenhouse gas emissions across its operations and new developments by 2035—in part thanks to support from the Canada Infrastructure Bank.
The organization, which comprises developers Dream Unlimited Corp., as well as a trust and two REITs, announced on November 30 that it intends to green its entire $13-billion portfolio a full 15 years ahead of the targets set out in the Paris Agreement.
“We believe that real estate can be developed and managed to make positive impacts and make our communities more fair. Real estate is responsible for about 40 percent of global greenhouse gas emissions,” said Michael Cooper, Dream Unlimited’s Chief Responsible Officer. “We believe that we can stop the growth of carbon emissions from our properties and reduce our emissions dramatically.”
Supporting Dream’s goal of achieving net zero greenhouse gas emissions is a contribution of up to $136.6 million from the Canada Infrastructure Bank (CIB) through its Commercial Building Retrofits Initiative. The loan will finance 19 building retrofits across Dream’s portfolios in Ontario and Saskatchewan, built from 1875 to 1992.
Dream will begin decarbonizing and modernizing each building starting in the spring.
“We are proud to collaborate with Dream through its net zero emissions initiative. Our significant investment demonstrates a long-term commitment to expedite large-scale retrofits, which cut greenhouse gas emissions,” said CIB CEO Ehren Cory. “By working with leaders in the Canadian real estate sector, we support economic growth while making our communities greener and more sustainable.”
One of Dream Unlimited’s major holdings and more ambitious projects is the Zibi development, a 34-acre master-planned community that sprawls across the Ottawa and Gatineau sides of the Ottawa River. The project aims to become the National Capital Region’s first net zero community by 2025.
Dream Unlimited recently brought online the region’s first zero-carbon District Energy System, relying on post-industrial waste energy for heating and the Ottawa River for cooling, providing zero carbon heating and cooling to all residents and tenants in the community.
As part of its efforts, Dream Unlimited has become one of the first Canadian companies to sign on to the Net Zero Asset Managers initiative, a group of asset managers around the world aligned with net zero targets of 2050 or sooner.
Dream Unlimited has also signed onto the UN’s Principles for Responsible Investment – an international network of investors working together to implement six key principles to ensure a sustainable global financial system.