It's a really good question. I'll keep it really short. It's a bit complex. We modelled it, and actually by targeting about 60,000 buildings over the next 13 years leading up to 2030, we get a 30% reduction. It's not everything. It just needs to be more targeted and you need to go deeper. If you do a shallow retrofit, then people won't touch the building again for decades. It is has to go deeper. You have to do it and the technology exists. The technology exists right now to do it at a reasonable cost.
The owners who have done retrofits get the return on investment. There are just certain steps involved that need to be done, such as performance assurance. There needs to be investment. It cannot just be building by building, because the transaction costs are so high. That's why we've been talking to Infrastructure Canada about the Infrastructure Bank and that there needs to be bundled investment, and how we can reduce risk for investors and those types of things. These discussions are already going on.
It is critical that those 50,000 to 60,000 larger buildings of over 25,000 square feet are the ones up for renovation. There are plenty of models on how this can be done and there's the expertise, the contractors, the designers, and the equipment providers. This can be done right now. It's a matter of going over the three barriers. One is the initial cost, so access to capital is very important. Performance assurance is really important as well.
You have to commend the federal government. You're planning to introduce a renovations code by 2022, which will be another piece of the puzzle to move this sector forward.