Concert Properties integrates environmental, social and governance (ESG) considerations into how we develop, manage and invest on behalf of our owners. As a result, we are continuously working to improve the sustainability performance of the properties in our portfolio.
From 2018 to 2023, we conducted a pilot project aimed at minimizing gas consumption at five of our commercial and residential properties across Vancouver and Toronto. The project focused on lowering energy consumption and emissions from the building's boilers by testing a product called ‘EndoTherm’. This additive reduces the strain on heating systems, enhancing their efficiency and in turn lowering emissions.
The pilot was undertaken by our property managers, building operations managers and energy analysts in partnership with EndoTherm. In analyzing the data over the five-year pilot period, the results were impressive.
“We achieved an average energy saving of 11.3% and saw a 170,000 kg reduction in CO2 emissions during this period, a substantial environmental benefit. The decrease in emissions also translated into over $40,000 in savings along with carbon tax reductions,” says Sami Obeidat, Director, Operations, Property Management. These greenhouse gas savings are equivalent to the emissions of 38 gasoline-powered passenger vehicles driven for one year.
“This is a cost-effective solution that does not require any mechanical installations or adjustments – highlighting how environmental and economic sustainability can be achieved at the same time. A win-win for both the company and the environment,” says Kerri Jackson, Senior Vice President, Property Management.
With the success of this pilot project, we are excited to expand the use of EndoTherm in our other residential buildings using similar heating systems starting in 2024.