Dream commits to net zero emissions by 2035

The Dream Group of Companies (“Dream”), including Dream Unlimited Corp., Dream Office REIT, Dream Impact Trust and Dream Industrial REIT, are committed to achieving net zero greenhouse gas (GHG) emissions by 2035, or sooner, for all its operations and new developments, ahead of the global efforts to limit warming to 1.5 degrees Celsius. In particular, Dream Unlimited Corp., Dream Impact Trust and Dream Office REIT are committing to net-zero Scope 1 and 2 and select Scope 3 GHG emissions (operational and development) by 2035, and Dream Industrial REIT is committing to net-zero Scope 1 and 2 GHG emissions (operational) by 2035 and net-zero select Scope 3 GHG emissions (operational and development) by 2050.

To support this commitment, the Canada Infrastructure Bank (CIB) is committing up to $136.6 million to Dream to finance 19 retrofits in Ontario and Saskatchewan in buildings built from 1875 to 1992. It is the first loan under the CIB’s Commercial Building Retrofits Initiative, which uses the Investor Ready Energy Efficiency certification as part of its technical due diligence. Creating approximately 1,500 jobs during the life of the program, Dream will begin decarbonizing and modernizing each building starting in spring 2022.

While getting real estate buildings to net zero is relatively new to the industry, Dream has already brought online the National Capital Region’s first zero-carbon district energy system at our 34-acre master-planned development Zibi, relying on post-industrial waste energy for heating and the Ottawa River for cooling. The system is designed to provide zero-carbon heating and cooling to all residents and tenants in the community.

To hold ourselves publicly accountable, we’ve committed to the public Net Zero Asset Managers Initiative, which is an international group of the largest asset managers covering over US$57.4 trillion in AUM, and to provide annual public updates in our Sustainability Reports.

In order to support the transition to a low carbon economy in an equitable way, we’ve also unveiled a new Social Procurement Strategy that is one of the most ambitious in Canada. By supporting equity-seeking groups and creating new pathways for local, independent and socially responsible businesses our new targets will make the supply chain more diverse and inclusive by 2025.

Dream will need many partners and allies on this journey to net zero and in meeting our Social Procurement commitments. We look forward to robust discussion and engagement with the sustainability community and the thought leadership provided by the CAGBC.

Further details are available in our 2020-2021 Sustainability Report.