LC3 is an initiative that will enable and accelerate urban carbon-reduction solutions, helping Canada meet 2030 and 2050 climate change targets. Climate impacts are being felt most acutely in cities, where half of Canada’s carbon emissions originate from sources such as buildings, transportation, industry and waste.
LC3 is a partnership between seven local centres and the Federation of Canadian Municipalities, and will be operated through EfficiencyOne in Halifax. This partnership will help Canada meet 2030 and 2050 carbon reduction targets.
LC3 will be self-sustaining, safeguarding and leveraging the federal investment announced on March 19th. Rather than spending it down, LC3 will invest the capital on a revolving basis, generating ongoing revenue for grants, projects and operations.
“The urgency for action on climate change has never been greater, and Halifax will play a critical role. We’re pleased with this important strategic investment by our federal government that will help our city to reduce emission and continue to grow the economic and social vibrancy of our city. Its financial support will be a legacy for decades to come,” said Stephen MacDonald, CEO, EfficiencyOne.
Halifax strives to be a climate leader, yet good ideas and one-off pilots often fail to reach mainstream, at-scale implementation for various reasons including risk aversion, challenges accessing capital and markets, and policy barriers.
LC3’s model allows the risk tolerance necessary to remove barriers to new technologies, policies and financial tools to reduce carbon emissions. The federal budget investment will help EfficiencyOne provide strategic grants and incentives, further reduce emissions, and develop local programs for new initiatives such as deep energy building retrofits and renewable energy.
In Nova Scotia, EfficiencyOne will be the host organization that will lead the creation and operation of the Halifax LC3 Centre. EfficiencyOne has robust energy efficiency market knowledge, expertise, and industry capacity in addition to a well-developed network of trade partners, and strong public awareness of – and demand for – energy efficiency programs and services. LC3 will leverage this successful track record to build capacity across Nova Scotia and through the country.
“Climate change will continue to impact Halifax, and that’s why it’s important that we take action and look at solutions to reduce carbon emissions. Our involvement with LC3, powered by yesterday’s announcement, will help to develop and share new local solutions and best practices to reduce carbon emissions,” said MacDonald.