Net Zero Action Plan

Our Net Zero Action Plan is built on top of our current platform of energy efficiency and complements the sustainability and resiliency initiatives underway.

$6 billion

of communities that have net zero targets projected for development(1)

54

energy efficiency and fuel switching projects with combined estimated GHG savings of 304 tCO2e/yr. were completed in 2023(2)

25.7 MW(3)

of renewable power capacity, which collectively is estimated to save over 4,600 tCO2e/yr(4)

Our approach

In 2022, we published our Net Zero by 2035 Action Plan to outline the steps we intend to take to achieve net zero by 2035. Our Net Zero Action Plan includes a detailed implementation plan with interim milestones to reduce our Scope 1, Scope 2, and select Scope 3 GHG emissions.

At an organizational level, our Net Zero Action Plan is focused on three key steps:

Step 1: Identify baseline emissions

The first step to reach our net zero target is to understand our existing carbon footprint, also referred to as our baseline emissions. We engaged Purpose Building, a team of Canadian building performance experts, to validate our GHG emission baselines. They worked with us to establish our investment and operational emission boundaries, reviewed our current data, modelled asset-level energy use intensity, assessed our emission sources, estimated our carbon intensity baseline by asset class and estimated future emissions.

Step 2: Develop roadmaps to achieve net zero

For our existing assets, we have developed property-level, net zero emissions roadmaps to identify reduction projects, required investments and timelines to achieve our emission reduction goals. To reach this goal, we will prioritize reduction, sourcing renewably and rebalancing.

Step 3: Establish oversight and transparency

Dream believes in strong governance to oversee commitments and actions. We intend to incorporate the Net Zero Action Plan into relevant employee goals over time and set internal key performance indicators to monitor asset and initiative level progress annually. This will include, as applicable and when available, developing and updating asset-level net zero roadmaps and aligning business plans accordingly.

Net zero and beyond

As we engage with external stakeholders, including our tenants, partners and in our supply chain, we see many opportunities to accelerate our roadmaps to net zero and deliver further positive outcomes. We actively monitor all levels of Canadian government on decarbonization incentives, policy development, thought leadership and regulatory matters. We also monitor and encourage grid decarbonization initiatives, such as installing renewable power and energy storage. We are seeing increasing interest from financial institutions to lend to and invest in net zero developments and businesses. We are working with many innovative consultants and contractors to evaluate, pilot and implement new technologies and processes. These collaborations and engagement opportunities will help us build momentum towards our goals.

Our projected development pipeline of $6 billion in communities targeting net zero will accelerate our ability to achieve portfolio-wide GHG intensity reductions in line with our milestones; as we bring more net zero buildings to market, we will not only learn from them but we will also increase the square footage of our portfolio, without increasing our total GHG emissions. We want to create additional impact through our net zero investments and believe that net zero design, development and operations create opportunities for improving tenant health, increasing community well-being, improving affordability and livability, and boosting the local economy and rate of employment.

Quayside - Toronto, ON

Net Zero Highlights

Ottawa, ON / Gatineau, QC

Zibi Community Utility (ZCU)

Ottawa, ON / Gatineau, QC

Natural Sciences Building

Gordon Wadley. COO Dream Office REIT, Ana Bailao, Head of affordable housing and public affairs, Lee Hodgkinson, Head of Sustainability and Technical Service at a Ribbon cutting in a industrial warehouse at for Dream's Net Zero Commitment
Toronto, ON

CIB Building Retrofit Initiative

Ottawa, ON / Gatineau, QC

Zibi Community Utility (ZCU)

The Zibi Community Utility District Energy System (ZCU) is an equal partnership between Hydro Ottawa and Zibi. It currently provides net zero carbon heating and cooling for all Zibi tenants, residents and visitors in the 34-acre riverfront city. This innovative ZCU is the first in North America to use post-industrial waste recovery in a master planned community, making Zibi the region’s first zero-carbon emission community.

Ottawa, ON / Gatineau, QC

Natural Sciences Building

The Natural Sciences building is a purpose-built eight-storey building for the Natural Sciences and Engineering Research Council of Canada (NSERC) at Zibi, Ottawa. Heating and Cooling for the site is provided by the Zibi Community Utility (ZCU), a zero-carbon district energy system. The building also features a high performance building envelope, a smart LED lighting system, low flow plumbing fixtures, exhaust air heat recovery and indoor air quality sensors to minimize electricity and water use and promote overall wellness. In addition, energy is recovered from the down pitch of the elevator and cycles back to provide energy for the up pitch of the elevator.

Gordon Wadley. COO Dream Office REIT, Ana Bailao, Head of affordable housing and public affairs, Lee Hodgkinson, Head of Sustainability and Technical Service at a Ribbon cutting in a industrial warehouse at for Dream's Net Zero Commitment
Toronto, ON

CIB Building Retrofit Initiative

In March 2022, Dream Office partnered with the Canada Infrastructure Bank (CIB) under the Commercial Building Retrofits Initiative to advance the decarbonization of its existing buildings. Dream Office was the first company to be approved for this funding and received a credit facility commitment of up to $112.9 million to undertake energy efficiency projects at properties in Ontario and Saskatchewan. The CIB awarded Dream Office the financing to support its industry leading net zero commitments. The financing will be used for retrofitting projects aimed at achieving energy efficiency savings and GHG emissions reductions. Using CIB financing provides Dream Office with the opportunity to undertake projects that would not be traditionally financially viable, reduce its cost exposure to decarbonization and support its net-zero commitment. At the completion of the program, the total funding is converted to a 20-year amortizing term credit facility with an amended rate based on the GHG emission reductions achieved.

Social Procurement

We believe in building inclusive communities. Our Social Procurement Strategy aims to create an environment where everyone can feel welcome to fully participate in social and economic life.