Thank you for the question.
I don't accept the premise that we have so little to show, and I'd like to talk about why I say that. In a moment, I will ask John to talk about our investment funnel. I think it's really important.
The PBO—and we will continue to engage with them—has taken a good look at our funnel. I'd like to give you a bit more context for it. I think it's very important to understand.
To your question, first, I think we define success exactly as this committee would want us to. I'm absolutely clear about this. We have one and only one definition of success—to get more infrastructure built faster than it would have been otherwise, to the benefit of Canadians. It's very simple.
We do that with outcomes in mind, four in particular. I mentioned them in my opening remarks, but I'll summarize again: one, reduction in greenhouse gas emissions and movement to a net-zero economy; two, improved connectivity for Canadians, both transit and broadband; three, accelerated economic growth in jobs, creating a path of GDP, like our investment in irrigation and trade infrastructure; and four, investment in participation of and in benefit to indigenous communities.
That's our frame, and that's how we measure results.
I do think we're in a different era. That is true. I think it's really important for the bank—and this has been my push since I joined—that we think in multiple time horizons. There are those transformational, long-term projects that the bank has been engaged in. REM was one of those out the door. As you know, there are a dozen or so other MOUs that are long-term, really important projects. They'll happen, but they do take a while.
The growth plan we launched in October, and certainly my push since becoming the CEO, has been to also focus on the nearer-term types of opportunities—the investment in buses in Brampton, the investment in building retrofits or irrigation projects—that can actually go from a conversation to due diligence, negotiation, term sheet and money out the door in a 12-month cycle.
That's what you're seeing from us. As I've talked about today, we've made three of those actual commitments, with signed term sheets that have gone through our board. It's not just the Alberta irrigation project; it's also Oneida, and we also have a bus deal. Those aren't speculative or prospective; those are real, and we have an additional eight for which we have drafts of term sheets. I've already gone to my board on some of them, so they will happen.
I understand the sense of wanting to see it to believe it, but I'm here to tell you that we have real projects in the pipeline. That puts us in a very different place.
Now, we do continue to advance those longer-term things, but we are also much more active on immediate investments.
If I could, I'll just get John to talk a little bit more about the funnel—