A CO2 refrigeration system includes a CO2 refrigeration subsystem that provides cooling for a refrigeration load using carbon dioxide (CO2) as a refrigerant. The CO2 refrigeration system further includes a direct CO2 heat exchange subsystem that uses the CO2 refrigerant from the CO2 refrigeration subsystem to provide heating or cooling for a building zone. The direct CO2 heat exchange subsystem includes a heat exchanger that exchanges heat directly between the CO2 refrigerant and an airflow provided to the building zone.
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