Thank you, Mr. Chair.
I am pointing out to my honourable colleague that I prefaced my remarks at the beginning by saying that this motion is putting at risk the projects that the CIB has identified and we have identified as a government, so on and so forth. What I'm trying to demonstrate is what might be a result of the consequences of passing such a motion, the amended motion and so on.
I just wanted to demonstrate that these projects are projects that are critically important. If we do something to circumvent and prevent this kind of thing from happening, the projects that I'm talking about, then obviously we've failed as a group.
I'll just carry on with a couple of other examples for clean power. When we're talking about CIB investing in clean power generation, transmission and storage over the next three years, a $2.5-billion investment is a major step towards CIB's intention to invest $5 billion into clean power over the medium term.
The CIB's interest in clean power will include renewable generation and storage and investment in interprovincial and territorial transmission that can stimulate the advancement of clean power. In pursing these initiatives, the CIB will work with indigenous communities towards a transition to cleaner power and more reliable sources of power.
These clean power projects are often delayed or not developed because of financing challenges and gaps in the capital structure. To help deliver clean power projects, the CIB will provide low-cost and long-term capital, often pegged to revenue streams that are not typically sufficient for traditional debt and equity investors.
In working with government and project developers on delivering clean power projects, the CIB will structure these investments to increase the use of private sector capital, reduce the weighted average cost of capital generally associated with this and provide certainty on long-term debt and equity returns. It will transfer more construction and operations to the rest of the private sector, so clean power investments will result in a reduction of greenhouse gas emissions and help Canada achieve its 2030 and 2050 emission reduction targets. Therefore, the CIB's investment and participation in these projects are critically important.
A further $500 million for project acceleration has been identified. In addition to the five initiatives described before and as part of the growth plan, the CIB will invest in due diligence and early construction works in order to accelerate high-impact infrastructure projects in which the CIB expects to make a long-term investment.
The objective of the project acceleration is to expedite the studies, technical reports and analysis required to shorten critical paths to construction. Any capital deployed to fund development and early works activities will be structured with a view to rolling these amounts into eventual CIB investments in these projects.
Large infrastructure projects, as we know, take years to plan and develop. Many of the witnesses we've heard at committee talk about CIB and talk about infrastructure projects and development. Anybody who has been involved at the municipal or provincial government level knows that the development of projects like the Lake Erie project takes a lot of considerable planning and cannot be accomplished overnight. They are often years in the making.
Project acceleration can create more immediate employment opportunities and economic growth. We know that, of course. That's why there's investment in $500 million to project acceleration.
Mr. Chair, I'll close up now by saying that the areas I just identified that CIB is focused on.... I've identified some of the areas and opportunities, and I'll go back to my initial opening comment from the previous meeting, which is that by passing a motion like this we're talking about putting at risk some of these projects and all of these jobs that I've referenced, the 60,000 jobs across the country that can be created over the next one, two or three years in the partnerships between CIB, provinces, municipalities and indigenous communities. Some of the people we heard from at committee referenced these.
Ms. Jaczek has already talked about the value of the Lake Erie project and what it means for people in her region, certainly, and for the people in Ontario.
Mr. Chair, thanks for your indulgence and I now turn it back to you. Thank you for the opportunity to be able to present all this important information with regard to the CIB.