Vancouver is kicking off a decades-long mission to decarbonize its large buildings, targeting zero emissions by 2040. Starting June 1, a new bylaw requires retail and office buildings over 100,000 square feet to report their emissions. While this pushes for greener buildings, many owners might struggle with the financial burden.

Damian Stathonikos, president of the Business Owners and Managers Association of BC, notes that compliance costs could lead some owners to redevelop rather than retrofit their properties. He estimates the law will affect 30 to 50 buildings. Vancouver’s initiative mirrors similar regulations in Europe, the U.K., and parts of the U.S., making it the first in Canada to enforce such limits.

The city aims to provide a clear regulatory roadmap, giving owners time to understand their buildings’ performance, explore incentives, and plan upgrades. Cadillac Fairview, a major real estate player, has been collaborating with the city for a decade, aiming to reduce fossil fuel-generated heat in four waterfront buildings. Their $9.5 million project, supported by CleanBC, local partners, and the federal Low Carbon Economy Fund, highlights the need for government support to make these initiatives feasible.