{"id":88059,"date":"2024-07-12T12:21:24","date_gmt":"2024-07-12T16:21:24","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/?post_type=rbc_my_money_matter&#038;p=88059"},"modified":"2024-11-29T17:48:07","modified_gmt":"2024-11-29T22:48:07","slug":"this-vancouver-community-could-help-smes-reduce-their-carbon-footprint","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/commercial\/this-vancouver-community-could-help-smes-reduce-their-carbon-footprint\/","title":{"rendered":"This Vancouver community could help SMEs reduce their carbon footprint"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/commercial-insights\/\">\n\t\t\t\t\t\t\t<span>Commercial Insights<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">This Vancouver community could help SMEs reduce their carbon footprint<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Lisa Felepchuk<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/iStock-2156156956.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"Environmental technology concept.\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/iStock-2156156956.jpg 3840w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/iStock-2156156956.jpg?resize=300,169 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/iStock-2156156956.jpg?resize=768,432 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/iStock-2156156956.jpg?resize=1024,576 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/iStock-2156156956.jpg?resize=1536,864 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/iStock-2156156956.jpg?resize=2048,1152 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=This Vancouver community could help SMEs reduce their carbon footprint &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/commercial\/this-vancouver-community-could-help-smes-reduce-their-carbon-footprint\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/commercial\/this-vancouver-community-could-help-smes-reduce-their-carbon-footprint\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published July 12, 2024 \u2022 7 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p><strong>River District is a master-planned community in Vancouver, British Columbia that is showing Canadians new ways to live and recreate. The small- to medium-sized businesses that operate among it are feeling the benefits.<\/strong><\/p>\n\n\n\n<p>On a particularly sunny Thursday afternoon in June, Malcolm Shield is strolling through River District, a sprawling waterfront community along Vancouver\u2019s Fraser River, on his way to grab a coffee. Shield, the VP of Sustainability at Wesgroup Properties, passes numerous businesses along his route. There are shops and services, like River District Dentistry, Everything Wine, Willowbrae Daycare and Spice Wax Bar, and various dining options, including Lucky Taco, Boketto Tea Bar and Sushi Mura. Bufala, an Italian restaurant known for its Napolitan-style, stone-oven pizzas, chose River District to open its third location, making it the most recent eatery to join the neighbourhood.<\/p>\n\n\n\n<p>The list of small- and medium-sized enterprises (SMEs) in <a href=\"https:\/\/www.rbc.com\/newsroom\/article\/?title=building-master-plan-communities-could-help-canada-reduce-ghg-emissions-and-increase-housing\" data-dig-id=\"LP-88059-b7b8a780\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"River District\" class=\"rbc-link-format\">River District<\/a> is only set to grow. The community aims to span 9.3 million square-feet when it\u2019s finished\u2014that\u2019s roughly 138 football fields\u2014and is currently one-third complete. Still, the community\u2019s \u201ctown square\u201d is in full swing.<\/p>\n\n\n\n<p>\u201cIt\u2019s somewhere where many of your needs can be met and it has that sense of place that I think people are often looking for in terms of what it is to live with community in mind,\u201d says Shield.<\/p>\n\n\n\n<p>What makes River District unique from other master-planned communities is that it operates with its own private utility company\u2014River District Energy\u2014rather than relying on a public one, thus allowing more control over how emissions are reduced at a community level. River District Energy is a separate utility business that supplies the space heating and hot water to all of the buildings in the River District community. That means that the individual buildings themselves don\u2019t need the equipment that is traditionally required for heating. There are no boilers or pumps in any of the condos or businesses. Instead, all of that equipment is centralized in one plant, and hot water is distributed to the buildings, which is then used to provide space heating and hot water to the residents and business owners.<\/p>\n\n\n\n<p>River District is working with Metro Vancouver\u2019s Waste-to-Energy Facility, which processes about <a href=\"https:\/\/metrovancouver.org\/services\/solid-waste\/waste-to-energy-facility-district-energy-system#:~:text=Proje%E2%80%8Bct%20overview,25%25%20of%20the%20region's%20waste.\" target=\"_blank\" data-dig-id=\"LP-88059-50767735\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"25% of the region\u2019s garbage\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">25% of the region\u2019s garbage<\/a> (240,000 tonnes) per year, to collect waste heat from the incineration process using a closed-loop piping system.<\/p>\n\n\n\n<p>\u201cHistorically, the heat that gets produced by that process has just been vented into the atmosphere,\u201d says Shield. \u201cWhat we\u2019re going to do is take that waste heat and use it to reduce our use of natural gas by about 90%, so the space heating and hot water for River District will be very low carbon\u2014not quite zero carbon, but pretty close.\u201d<\/p>\n\n\n\n<p>It\u2019s low-carbon, complete communities like these that are helping SMEs take steps to reduce their carbon footprint without much overhead. SMEs are responsible for about half of the <a href=\"https:\/\/www.oecd.org\/coronavirus\/en\/data-insights\/sustainable-smes\" target=\"_blank\" data-dig-id=\"LP-88059-77a4d2bc\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"greenhouse gases (GHGs)\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">greenhouse gases (GHGs)<\/a> emitted by businesses nationally and as such, have been tasked with making changes in order for Canada to meet its <a href=\"https:\/\/www.canada.ca\/en\/services\/environment\/weather\/climatechange\/climate-plan\/net-zero-emissions-2050.html\" target=\"_blank\" data-dig-id=\"LP-88059-a271484e\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"net-zero targets\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">net-zero targets<\/a> by 2050. Without participation from SMEs, which represent 99% of <a href=\"https:\/\/ised-isde.canada.ca\/site\/sme-research-statistics\/en\/key-small-business-statistics\/key-small-business-statistics-2022\" target=\"_blank\" data-dig-id=\"LP-88059-80fbdbe0\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"businesses \" rel=\"noreferrer noopener\" class=\"rbc-link-format\">businesses<\/a> in Canada and employ 88% of people in the private sector, targets could fall short.<\/p>\n\n\n\n<p>\u201cFor most SMEs, the big source of emission is energy use and the building that you\u2019re in,\u201d says Shield. \u201cFor River District businesses, our low carbon utility takes this worry out of their hands. The small businesses don&#8217;t have to worry about it as the building they\u2019re in will be close to zero carbon. It doesn&#8217;t wholly solve the problem, but it\u2019s about making the path easier for SMEs and delivering an off-the-shelf solution for them, so that some of those big challenges, particularly on the building side, they\u2019re taken care of.\u201d<\/p>\n\n\n\n<p>Businesses in River District won\u2019t notice a difference in terms of operations. A wall thermostat that is responsible for setting a room\u2019s temperature, for example, will use heat from River District Energy\u2019s low carbon energy source and will respond exactly as it would if the business were in a strip mall in a different community.&nbsp;<\/p>\n\n\n\n<p>There\u2019s less stress if something goes awry on the building systems side, too. One of the advantages of having River District Energy as the utility is that the responsibility of maintenance stays in-house.<\/p>\n\n\n\n<p>\u201cTraditionally in a building, when boilers need to be serviced, the tenants or owners&nbsp;have to call in an expert for maintenance,\u201d says Shield. \u201cIn our case, it\u2019s the responsibility of River District Energy. You have a professional utility running the space heating and hot water, so it\u2019s no longer the responsibility of the strata to hire the maintenance person. You can take that responsibility away from the strata and by passing it on to our utility, the building and SMEs receive better and faster service.\u201d<\/p>\n\n\n\n<p>The new system is expected to be fully operational by 2026.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Small changes that SMEs can make to support net zero<\/h2>\n\n\n\n<p>The federal government has developed programs that encourage companies to make lasting change. The <a href=\"https:\/\/www.canada.ca\/en\/services\/environment\/weather\/climatechange\/climate-plan\/net-zero-emissions-2050\/challenge.html\" target=\"_blank\" data-dig-id=\"LP-88059-cce56267\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Net-Zero Challenge\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">Net-Zero Challenge<\/a>, for example, aims to support SMEs in building net-zero plans that help transition traditional business practices to greener options, like choosing energy sources that don\u2019t produce or limit GHGs. There are <a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/commercial\/what-does-canadas-net-zero-future-mean-for-your-business\/\" data-dig-id=\"LP-88059-0e99fe35\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"grants and tax credits\" class=\"rbc-link-format\">grants and tax credits<\/a> for these types of upgrades available for SMEs, too.<\/p>\n\n\n\n<p>\u201cTypically small to medium sized companies will look at energy efficiency programs or where they can maximize their grants or government incentives,\u201d says Christine Chiu, Director of Energy Transition at RBC. \u201cThat\u2019s usually across two main categories: grants available from various federal and provincial levels, and also incoming tax incentives.\u201d<\/p>\n\n\n\n<p>Still, the application process can be tedious (that\u2019s where businesses like <a href=\"https:\/\/www.rbcroyalbank.com\/business\/beyond-banking\/government-grants.html\" data-dig-id=\"LP-88059-51d32f48\" data-dig-label=\"GrantMatch \" data-dig-action=\"link click\" data-dig-category=\"LP\" class=\"rbc-link-format\">GrantMatch<\/a> can help) and not everyone qualifies, making it challenging for SMEs to participate in a meaningful way.<\/p>\n\n\n\n<p>\u201cMost SMEs will struggle to put up the kind of investment needed to upgrade to renewable energy sources,\u201d says Chiu, but not all hope is lost. There are day-to-day choices that small and medium sized businesses can take in order to support a low carbon future.<\/p>\n\n\n\n<p>Some companies might start thinking about using solar or other renewable energy sources, or consider subscribing to a renewable energy provider, like <a href=\"https:\/\/bullfrogpower.com\/\" target=\"_blank\" data-dig-id=\"LP-88059-66be9d3d\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Bullfrog Power\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">Bullfrog Power<\/a>.<\/p>\n\n\n\n<p>\u201cFor smaller companies, it could simply be installing smart meters, using LED lighting or switching the lights lower at certain times of day,\u201d says Chiu. \u201cIn certain industries, like trucking fleets or different types of equipment, implementing battery-based equipment can make a change. All of these examples help lower a company\u2019s carbon footprint.\u201d<\/p>\n\n\n\n<p>The majority of Canadian SMEs are in the infancy stage of transitioning to net zero. According to a survey by the <a href=\"https:\/\/www.oecd.org\/coronavirus\/en\/data-insights\/sustainable-smes\" target=\"_blank\" data-dig-id=\"LP-88059-6882095a\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"OECD\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">OECD<\/a>, nearly a quarter remain unclear about what \u201cnet zero\u201d means; and just 10% track their GHG emissions.<\/p>\n\n\n\n<p>Lower-carbon communities like River District are helping change that. The SMEs that choose to do business here will reduce their carbon footprint because of the low carbon utility built into the blueprints at River District. Like Shield says, River District isn&#8217;t completely solving all environmental challenges that SMEs face, but it is taking a more holistic approach to achieving a net-zero future, thus allowing small- and medium-sized businesses to focus on what they do best.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. 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\t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-aac25273-b0fa-4ce2-a83b-5e4348243039\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/commercial-insights\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Commercial Insights<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/esg\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">ESG<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div 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href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/business-stages\/grow-your-business\/\">\n\t\t\t\t\t\tGrow Your Business\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/business-stages\/grow-your-business\/scaling-success-5-strategic-disciplines-for-canadian-businesses\/\" class=\"card-title h4 mar-t-0\">Scaling Your Success: 5 Strategic Disciplines for Canadian Businesses Sustaining International Growth<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"767\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/04\/iStock-1173116341.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"cargo ship at shipping dock\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/04\/iStock-1173116341.jpg 1440w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/04\/iStock-1173116341.jpg?resize=300,225 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/04\/iStock-1173116341.jpg?resize=768,575 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/04\/iStock-1173116341.jpg?resize=1024,767 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a 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The small- to medium-sized businesses that operate among it are feeling the benefits.<\/p>\n","protected":false},"author":80,"featured_media":88061,"parent":57338,"menu_order":0,"template":"","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[574,65],"rbc_content_type":[31],"rbc_audience":[110],"rbc_lob_group":[35],"rbc_difficulty_level":[70],"rbc_mmm_category":[305,391,326],"class_list":["post-88059","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-commercial-insights","tag-esg","rbc_content_type-article","rbc_audience-business-owners","rbc_lob_group-business","rbc_difficulty_level-intermediate","rbc_mmm_category-business","rbc_mmm_category-commercial","rbc_mmm_category-right-sized-business-advice"],"acf":{"contently_publication_id":"","custom_author":"Lisa Felepchuk","rbc_video_header":"","rbc_media_duration":"","rbc_video_keywords":"","rbc_video_description":"","rbc_video_upload_date":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":null,"rbc_toc_for_mmm_action":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - 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