With a mission to inform, empower, celebrate and advocate for British Columbia's current and aspiring business leaders, BCBusiness go behind the headlines and bring readers face to face with the key issues and people driving business in B.C.
Issue link: http://digital.canadawide.com/i/1515520
15 B C B U S I N E S S . C A M A R C H 2 0 24 Still, there are headwinds, he says. In large commercial buildings, HVAC and hot water are responsible for the lion's share of emissions, and while the high-tech solu- tions—including heat pumps, heat recovery chillers and electric boilers—have moved in leaps and bounds, they still have a ways to go, and they require different installation and maintenance processes from those used for fossil fuel-powered systems. Then there's the cost. Retrofits regu- larly cost millions of dollars, and many buildings also have to undergo pricey electrical upgrades to power the new tech. Incentives from governments and utilities, as well as the federal carbon tax, are narrowing that gap, says McNamee, but bigger perks would help speed up the adoption of cleaner tech. "It's been proven on the residential side that if the incentives are there, people are motivated to make a positive change," he says. "The carbon tax is a stick, but there should also be more car- rots if the government wants to get more aggressive in terms of decarbonization." Tummonds agrees that cost is a big barrier to change. Supply chain woes and a high demand for equipment have also pushed up costs and made it tougher to complete upgrades. All 11 of Cadillac Fairview's Vancouver buildings, which together represent 4.4 million square feet, have been certified zero-carbon a full 16 years before the city's 2040 limits kick in. Tummonds says that in countries where climate change is having cata- strophic effects, governments, the public sector and private businesses are all working together toward change. Now she hopes Canadians do the same before it's too late. "Heat domes and drought are going to make us pay attention," she says. "But my hope would be that we don't need to get into crisis situations for all of us to be pulling in the same direction." GLASS CEILING The retrofit geothermal technol- ogy installed at Cadillac Fairview's 777 Dunsmuir development was revolutionary at the time Property management partners for 35 years. Growing in BC, Alberta, California & Pennsylvania. From commercial & industrial to multifamily & single-unit residential, we're one for all. www.martello.group We understand that businesses have diverse needs and require practical, manageable, and intelligent legal solutions in order to succeed. Our industry-leading lawyers work with clients to find the right solutions in select areas of business law, including: • Commercial Real Estate & Development • Corporate/Commercial • Lending/InsolvencyLitigation/ Arbitration/Dispute Resolution • Securities/Corporate Finance/Merger & Acquisitions • Tax/Trusts Practical Solutions