Vancouver adopted the Annual Greenhouse Gas and Energy Limits bylaw, a first in Canada, aimed at decarbonising all the large buildings of the city by 2040. The bylaw applies to retail and office buildings having an area of 100,000 square feet and larger.
Around 200 properties will come under the ambit of this bylaw that requires building owners to measure the amount of energy used by the building and its greenhouse gas intensity. It mandates that large buildings reduce emissions by 50% by 2030 and 100% by 2050.
However, some real estate representatives warn of the dire consequences of the bylaws. Damian Stathonikos, president of the Business Owners and Managers Association (BOMA) of British Columbia mentioned that following the bylaws would be a costly affair and not everyone will be able to afford it.
He said that to comply with the bylaws or risk facing heavy fines, some building owners might end up demolishing the projects or converting to housing projects that will not fall under the ambit of the bylaw.
