$10b Announced in New Funding for Canada Infrastructure Bank
Prime Minister Justin Trudeau yesterday announced an investment of $10 billion in major clean infrastructure initiatives through the Canada Infrastructure Bank's (CIB's) Growth Plan. The Growth Plan will, over the next three years, build new infrastructure that connects more households and small businesses to high speed internet, strengthens Canadian agriculture, and helps to build a low-carbon economy. The new funding is in addition to the initial $35 billion provided to the CIB when it was created in 2017 to provide below-market financing for public-private partnerships. This afternoon, The Globe and Mail reported that Ehren Cory, the President and CEO of Infrastructure Ontario, is expected to be named the new chief executive of the CIB next week. The Growth Plan will invest in five major initiatives:
Clean power ($2.5b): support renewable generation and storage and transmission of clean electricity between provinces, territories and regions, including northern and Indigenous communities, to assist in reducing greenhouse gas (GHG) emissions and help Canada achieve its 2030 and 2050 emission reduction targets;
Broadband ($2b): develop and deliver large-scale, high-impact projects to connect more than 750,000 underserved households and businesses to broadband through (i) partnerships with federal and provincial programs that encourage greater broadband connectivity; and (ii) direct engagement with Internet Service Providers;
Energy efficient building retrofits ($2b): finance upfront capital costs for large-scale energy-efficient building retrofits;
Agriculture infrastructure ($1.5b): invest in high priority agriculture infrastructure projects in western Canada, including 700,000 acres of newly irrigated land, increased food output, improved water resource management, more secure domestic food supply, and export opportunities;
Zero-emission buses ($1.5b): accelerate adoption of zero-emission buses and charging infrastructure, and reduce GHG and operating costs over the long-term by contributing to the government’s goal of 5,000 zero-emission school and transit buses over the next five years.
CIB will also invest $500 million to accelerate long-term investments in high-impact infrastructure projects. The government expects the Growth Plan investment to generate up to 60,000 jobs. Please contact Lisa DeMarco at email@example.com should you wish to discuss the contents of this bulletin.