McConnell funding partner, Tapestry Community Capital (Tapestry) supports organizations to bring their socially and environmentally impactful projects to life through community investment.
“Not only is this the first community bond campaign to fund the clean transportation transition in Canada, but it is also now the largest community financing project to date in Quebec,” says Collin-Swartz.
Tapestry’s financial model will contribute to the reduction of GHGs in Quebec and New Brunswick. Since 2014, Quebec GHG emissions have been on the rise. This report from the Government of Quebec (p. 19-21) shows that GHGs from transportation have been consistently rising from 2014 to 2018.
One explanation for this increase is that sales of large combustion engine vehicles – like SUVs and pick-up trucks – have also been on the rise in Quebec, as reported by Radio-Canada. Urban sprawl and land use planning decisions are major drivers of transportation emissions. EVs are one sustainable mobility solution, together with better land use planning, active transportation infrastructure and public transit. For rural communities, the lack of fast-charging stations is an impediment to driving an EV.
Pierre Lussier, President of Earth Day Canada explains that “the Canadian Government has pledged to ban the sale of gas-fueled cars by 2035.” The transition is happening, and Canadians are excited about it. KPGM 2022 auto poll found that seven in 10 Canadians already plan to buy an EV in the next five years.
With the acceleration of EV purchases, the EcoCharge project is addressing an important need for rapid charging infrastructure in Quebec and New Brunswick.
We are pleased to share this good news story for the celebration of Earth Day!