In the News
Energy saving pays off for TDSB
By: Tamara Cherry - Toronto SunBy turning off computers across the city, thousands of children are helping big banks become carbon neutral.
The Toronto District School Board announced a five-year transaction Wednesday that is expected to earn the board $1.7 million in exchange for reducing carbon footprints at nearly 250 schools across the city.
The money comes from the Greening Canada Fund, an initiative created by the Toronto City Summit Alliance last year. It buys carbon credits from bodies such as the TDSB for the benefit of big-bank investors that want to become carbon neutral.
"It's a really exciting marriage of business and this sector. It's really huge," Alliance CEO Julia Deans said after the announcement at Hillcrest Community School, which had its boiler, windows and lights replaced to save on utilities and carbon emissions that could then be sold to investors.
By creating the fund, the Alliance found an opportunity to capitalize on organizations that want to go carbon-neutral and develop a market for carbon credits in Canada. A protocol was developed to quantify carbon credits for energy efficiency projects at Ontario schools.
The money earned from the transaction will go into the board's Environmental Legacy Fund Reserve to finance future environmental projects, board chair Bruce Davis said.
In addition to saving on utilities and cashing in on carbon credits, the board is making money off green initiatives by selling energy captured through solar panels on schools to the Ontario Power Authority.
But not without a price. Over the past 10 years, TDSB has invested more than $38 million in energy reduction projects.
"We like to think that we're leaders in this area," Davis said, pointing to the board's goal to reduce 2006 greenhouse gas emissions by 20% come 2020. "We're doing a lot of cool work. Our eco-school program is being emulated all around the country ... not only is that good work, but here's a really neat financial instrument, a transaction, that allows us to invest in the future."
The Toronto District School Board announced a five-year transaction Wednesday that is expected to earn the board $1.7 million in exchange for reducing carbon footprints at nearly 250 schools across the city.
The money comes from the Greening Canada Fund, an initiative created by the Toronto City Summit Alliance last year. It buys carbon credits from bodies such as the TDSB for the benefit of big-bank investors that want to become carbon neutral.
"It's a really exciting marriage of business and this sector. It's really huge," Alliance CEO Julia Deans said after the announcement at Hillcrest Community School, which had its boiler, windows and lights replaced to save on utilities and carbon emissions that could then be sold to investors.
By creating the fund, the Alliance found an opportunity to capitalize on organizations that want to go carbon-neutral and develop a market for carbon credits in Canada. A protocol was developed to quantify carbon credits for energy efficiency projects at Ontario schools.
The money earned from the transaction will go into the board's Environmental Legacy Fund Reserve to finance future environmental projects, board chair Bruce Davis said.
In addition to saving on utilities and cashing in on carbon credits, the board is making money off green initiatives by selling energy captured through solar panels on schools to the Ontario Power Authority.
But not without a price. Over the past 10 years, TDSB has invested more than $38 million in energy reduction projects.
"We like to think that we're leaders in this area," Davis said, pointing to the board's goal to reduce 2006 greenhouse gas emissions by 20% come 2020. "We're doing a lot of cool work. Our eco-school program is being emulated all around the country ... not only is that good work, but here's a really neat financial instrument, a transaction, that allows us to invest in the future."