The Canada Infrastructure Bank (CIB) has just signed an agreement with the Bus Carriers Federation (Federation) to invest up to $400 million to enable the purchase of 4,000 zero-emission school buses (ZEBs) in Quebec.
The CIB’s long-term investment will cover the higher upfront capital costs of ZEBs compared to diesel buses. The expectation is that the direct economic benefit will be substantial since the lifetime operating costs for ZEBs could be as much as 35 per cent lower than diesel buses.
The Canadian bank says that financing will work in conjunction with funding provided by the Ministry of Transport of Quebec. CIB assures that the funding will be available for bus operators to purchase zero-emission buses. For their part, bus operators will be responsible for procurement, charging infrastructure and maintenance of vehicles.
Ehren Cory, CEO, Canada Infrastructure Bank says: “The Bus Carriers Federation is actively contributing to the shift to electric school buses. We are pleased to partner with the CIB, which will offer a financial product for the benefit of carrier members who are making this important shift for their businesses. Through this agreement, the Federation will support its members by accompanying them throughout the financing process with the CIB.”
The Province of Quebec’s has the goal of reducing GHG emissions by 65 per cent by 2030 and this initiative should help reach this goal. The government of Canada wants to see 5,000 zero-emission buses on roads in the future.
This effort is quite palpable. Just last month Lion Electric received a conditional purchase order for 1,000 all-electric LionC school buses from Student Transportation of Canada (STC). In summer this year, electricity utility company Hydro-Québec launched a pilot project with Autobus Groupe Séguin to support the electrification of school buses in the Province of Quebec.
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