Thank you very much.
Madam Minister, the budget set aside billions of dollars in funding for climate projects. It was somewhat vague on what projects in particular were meant to be funded, but it was very specific about how the money was meant to flow. It's meant to flow through the Canada Infrastructure Bank, except that the Infrastructure Bank has a pretty terrible record on project delivery.
The PBO, from time to time, has commented that it's not even close to being on track to spending its budgeted amount over the 10- to 11-year life cycle of its initial funding. Where it has had some success, to the extent that it has, it has been partnering with municipalities for the purchase of electric buses. However, that has been outside of its public-private mandate. In that area, which is also what the budget talks about—trying to attract private capital—the bank has simply not been a success.
I'm wondering why your government chose to use an unsuccessful investment vehicle as its principal way to deliver funding for projects that are meant to reduce our greenhouse gas emissions.