Innovation is helping communities to become more sustainable and inclusive. To support Canadians in delivering economic opportunities and clean air, the Government of Canada and the Federation of Canadian Municipalities (FCM) are investing in initiatives that will help municipalities reach net-zero from coast-to-coast-to-coast.
Today, the Honourable Jonathan Wilkinson, Minister of Natural Resources, and FCM President Scott Pearce announced an investment of up to $175,000, through the Green Municipal Fund, to support a "Municipal Impact Investment Fund" initiative led by MaRS Discovery District.
Many small and medium-sized municipalities are seeking access to the financing, capacity and expertise to undertake retrofit projects of sufficient scale to achieve their climate targets.
Based on similar European funding models, MaRS' Climate Action Accelerator to Net Zero (CAANZero) will assist cohorts of municipalities in maximizing their greenhouse gas (GHG) emissions reduction strategies and in accelerating climate action through retrofit projects, including updates to commercial, industrial and residential buildings, wastewater treatment infrastructure and public lighting.
Today's announcement will help MaRS develop a governance and operational structure for CAANZero, including helping administrators explore approaches to aggregating retrofit projects to attract private capital investment into these projects.
The Green Municipal Fund (GMF), administered by the Federation of Canadian Municipalities, is funded through an endowment by the Government of Canada. GMF helps local governments switch to sustainable practices faster. Its unique mix of funding, resources and training gives municipalities the tools they need to build resiliency and reduce greenhouse gas emissions.
