Vancouver: Vancouver is introducing emissions reporting requirements for its largest retail and office buildings as part of a long-term plan to decarbonize by 2040. Starting June 1, buildings 100,000 square feet or larger must comply with new standards aimed at reducing emissions.

While the initiative aims to encourage energy footprint reduction, it may pose financial challenges for some building owners. Damian Stathonikos, president of the Business Owners and Managers Association of B.C., warns that some owners might opt to demolish or redevelop properties rather than bear the high costs of compliance. He estimates that the regulation will affect 30 to 50 buildings.

Cadillac Fairview, a major real estate company, supports the new bylaw, having spent a decade working with the city on decarbonization. The company is investing $9.5 million in projects to reduce emissions, with significant funding from CleanBC, local partners, and the federal Low Carbon Economy Fund.

Experts like Amar Paul of Schneider Electric believe the necessary technologies and financing are available for a substantial portion of the transition, contingent on accessibility and investment from municipalities to reduce costs.

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