The Canada Infrastructure Bank (CIB) and the City of Calgary have entered into a partnership to invest $165 million towards procuring 259 zero-emission buses. These buses, operated by Calgary Transit, will be crucial in achieving the city’s goal of net-zero emissions by 2050. This investment marks a significant step towards the government of Canada’s target of having 5,000 electric buses on the road by the same deadline.
According to CIB, this investment will reduce greenhouse gas emissions by over 10,000 tonnes annually. The bank will cover the upfront capital costs of the zero-emission buses, which are higher than diesel buses, to accelerate the city’s transition to a greener and more sustainable future.
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Ehren Cory, CEO of CIB, stated that the bank is proud to partner with the City of Calgary and provide cleaner and faster commutes for its residents. Jyoti Gondek, Mayor of the City of Calgary, noted that the partnership has been essential in quickly transitioning to zero-emission vehicles and the savings from operations will cover the cost of the loan. Sharon Fleming, Director of Calgary Transit, emphasized that the partnership with CIB will enable the city to lower its environmental impact while continuing to provide top-notch transit services to its citizens.
Finally, MP George Chahal commented that the City of Calgary, with the support of CIB’s loan, is leading the way towards a cleaner and more sustainable future by offering greener transit options. The transition to zero-emission vehicles in the transportation sector is crucial in achieving the city’s goal of net-zero emissions by 2050.