Thank you so much, Mr. Chair.
I have had some connectivity issues, so hopefully there will be no interruption.
I think it's really important that everyone realizes that, while this motion is addressing a particular project, the Lake Erie Connector project, if that project gets derailed because of the conditions that Mr. Scheer has put in his amendment and the companies back out of this important project, you're really jeopardizing all the other projects potentially that are lined up waiting for approval and confirmation through the CIB. Therefore, I think it's important to really understand what the priorities and the accountabilities of the CIB are, as they've been very clearly articulated by the minister quite recently to the new chair of the board.
I think we can all recognize that infrastructure does play a critical role in building our country and growing our economy. The Canada Infrastructure Bank is a cornerstone of the Government of Canada's plan to build really transformational infrastructure in the public interest, to create good jobs and to move ambitiously to net-zero emissions by 2050.
The minister, the Honourable Catherine McKenna, Minister of Infrastructure and Communities, has written to Tamara Vrooman, the newly appointed chairperson of the Canada Infrastructure Bank, with an updated statement of priorities and accountabilities. If you've had an opportunity to look up the qualifications of the chair of the board, first of all, Tamara Vrooman is CEO of the Vancouver Airport Authority. The bios of the other board members are all on the website, and they look particularly adept at being the stewards of the Canada Infrastructure Bank. They have very strong resumés in finance and in public procurement opportunities, so I feel that the board is an excellent one.
We heard, as a committee, from Mr. Cory, who is the new CEO. He has an excellent reputation from when he headed up Infrastructure Ontario.
When the minister wrote to Ms. Vrooman, she set out the government's expectations for the bank's activities across five priority areas: public transit, green infrastructure, trade and transport, broadband and clean power. Obviously, it's a huge range of important areas for all of us. The Canada Infrastructure Bank is already making progress in these priority areas as it implements its growth plan, which aims to invest $10 billion over the next three years in strategic initiatives such as zero-emission buses; energy-efficient building retrofits, which is incredibly important and popular, certainly here in Ontario; agricultural irrigation; broadband, which we've been studying in this committee; renewables and energy storage.
Of course, these investments will help grow our economy, create good jobs, build inclusive communities and support Canada's climate goals.
To advance the government's commitment to close the indigenous infrastructure gap—and my colleague, Mr. Rogers, made reference to this—and to support the prosperity of indigenous communities, the government has set a target for the CIB to invest at least $1 billion in total across its five priority sectors with revenue-generating projects that benefit indigenous peoples. Again, we heard from witnesses at this committee what a popular and important aspect this was.
The bank recently announced a partnership for the Oneida Energy Storage project. This is an example of the ambitious projects this new investment target may unlock.
As the government undertakes Canada's first-ever national infrastructure assessment, the CIB will provide advisory services to help identify needs in Canada's built environment, particularly with respect to the role of the private sector and investment community. This speaks, of course, to having that baseline of measuring what we have, where we want to go and what we need to do to get there.
This work will complement the Government of Canada's overall efforts on sustainable infrastructure and building back better, and I do want to quote the Honourable Catherine McKenna, Minister of Infrastructure and Communities, whom we had at our committee just recently. She said:
The Canada Infrastructure Bank has all the key elements in place to deliver jobs, growth and nation-building infrastructure for Canadians that drives us to a net zero future. With new leadership and clear priorities, including a new commitment to identify opportunities to invest in major projects in partnership with Indigenous Peoples, I'm confident the Bank will help drive Canada's economic recovery and build the infrastructure we need for Canada's long-term success.
Why would we ever want to jeopardize an ambitious goal such as the minister has articulated?
As part of the government's historic investing in Canada plan and building a better Canada, the CIB was established as an innovative financing tool to address our country's significant infrastructure needs, and it has been allocated $35 billion to support infrastructure projects across the country and attract investment from private partners to those projects.
The CIB is a Crown corporation that operates at arm's length from government. Statements of priorities and accountabilities are used, however, by ministers to communicate government priorities and expectations to Crown corporations, so while the government sets the priorities for the CIB, the CIB's board of directors is responsible for the organization's ongoing governance and supervision of its business, final investment decisions, forward planning and strategic direction. As I've said, in my view, having reviewed their qualifications, they are eminently able to do so.
Like other federal Crown corporations, the CIB is accountable to the government, Parliament and the public through a corporate plan and annual report. Recently, the CIB announced its growth plan to invest $10 billion over the next three years in infrastructure projects that will help Canadians get back to work, and it's expected to created approximately 60,000 jobs across the country. Of course, this is all related to building back better post-COVID-19.
I think it's worthwhile to look directly at the statement of priorities and accountabilities itself because it provides more insight into how the CIB is charged with attracting private and institutional investment to make tax dollars go further, something that I'm sure our Conservative colleagues are keenly interested in. It also goes into how that mandate would be unfairly impeded by our committee's passing a motion such as the one we are debating today.
I will read the statement of priorities and accountabilities letter from the Minister of Infrastructure and Communities to the chair of the CIB. She says:
As the Minister responsible for the Canada Infrastructure Bank (CIB), it is my pleasure to provide you with this Statement of Priorities and Accountabilities for the attention of the CIB's Board, Chief Executive Officer and management. As the CIB enters the next phase of its development, this letter sets out the Government's priorities to guide the CIB as it delivers on its commitments and develops its Corporate Plans and outlines the CIB's accountabilities to the Government and the public.
We face a health and economic crisis brought on by the COVID-19 pandemic and the Government of Canada is taking strong and quick action to protect the health and safety of Canadians, stabilize our economy and stimulate growth, and [in doing so will] support communities across Canada. Canada's recovery from this crisis will require aligning efforts of all our institutions, and infrastructure will continue to play a vital role in supporting job creation, planting the seeds for long-term growth, promoting inclusivity and building a low-carbon, clean economy. This document builds on the previous Statement of Priorities and Accountabilities dated December 20, 2017, and other guidance provided by the Government, and reflects the evolution of the Government's priorities for the CIB. The CIB can and must play a bigger role at this time of crisis—but also a time of opportunity to build back better—as we focus on safely restarting our economy and responding to changing circumstances in Canada and worldwide.
The CIB was established to ensure that Canadians benefit from modern and sustainable infrastructure through partnerships between governments and the private sector. It does this through its core responsibilities in investment, advisory services and research, that leverage the capital and expertise of the private sector to achieve public outcomes and value for taxpayers.
The CIB helps public dollars go further by investing in revenue-generating infrastructure projects in the public interest and developing innovative financing tools. The goal is more infrastructure built across the country. It is critical that the CIB collaborates with federal, provincial, territorial, municipal, Indigenous and private investor partners to transform the way infrastructure is planned, financed and delivered.
The CIB model is a component of the Investing in Canada Plan, designed to address our country's significant infrastructure needs and the fiscal pressure being placed on government resources. We need to attract new investments from everywhere. Families and businesses want to locate and build where they know infrastructure is modern, clean, and resilient. Canada has an excellent opportunity to be the low-carbon economy that global investors beat a path to—if we keep making smart choices right now.
The Government has allocated, and Parliament has approved, $35 billion for the CIB to fulfill its purpose and functions set out in the Canada Infrastructure Bank Act. The CIB is expected to prudently manage its portfolio so the net fiscal expense tot he Government of Canada will remain under $15 billion. You will find at Annex A the Government's priorities for the CIB's investments, advisory and research responsibilities, as well as guidance on government collaboration.
As a Crown Corporation that operates at arm's length from Government, the CIB's Board is responsible for the organization's ongoing governance and supervision of its business, financial investment decisions and forward-planning and strategic direction, in line with the Government of Canada's priorities. The CIB must be open and transparent with Canadians about its operations, investments and decision-making processes, while respecting the confidentiality of commercially sensitive information.
I think that particular paragraph speaks directly to the motion that we have in front of us and the important issues that many of us have raised with the fact that the motion could very well derail business confidence in the CIB.
It continues:
The Financial Administration Act requires the CIB to submit a Corporate Plan for approval by Treasury Board in order to align with the Government on a strategic vision for the organization, as well as approval of operating and capital budgets so that the CIB has financial authority to carry out its purpose and functions.
There is an Annex B:
[It] details the CIB's accountabilities to the federal government, and the Canadian public, including ensuring that the CIB's investments, advisory and research functions create jobs, grow our economy and increase our competitiveness while creating a cleaner and more inclusive future.
To fully realize its purpose and functions, the CIB should draw on a diverse range of talent and perspectives from across Canada as well as international best practices. This includes continued commitment to diversity of the workforce in
—the organization, the CIB—
and efforts to foster the inclusion of a broad range of voices and views in governance and decision-making. In doing so, the CIB should take into consideration Canada's gender, linguistic, cultural and regional diversity, including the unique perspectives of Indigenous Peoples.
The CIB has an unparalleled opportunity to deliver critical and innovative infrastructure projects that maximize taxpayer value and benefit all Canadians, including demonstrating how partnerships among governments and the private sector create jobs and growth, build a more inclusive society and fight climate change.
[The minister is] committed to support [the CIB] and everyone at the CIB to achieve these goals. [Her] department officials, as well as those in partner departments and central agencies, as always will provide the CIB the support it needs to be successful in meeting the infrastructure needs of Canadians and their communities.
As Mr. Rogers has detailed, the government priorities are many. There are five major areas, and I think again it's worth thinking long and hard about how important these areas are.
Public Transit, including major transit projects, and zero-emission buses with a long-term target of $5 billion in investments.
That's a subject, actually, that the industry, science and technology committee has been hearing a tremendous amount on from witnesses at that committee.
Green Infrastructure, including energy efficient building retrofits, water and wastewater with a long-term target of $5 billion in investments.
Trade and Transport, including trade corridors, bridges, passenger rail and agricultural infrastructure, with a long-term target of $5 billion in investments.
Broadband,
—which we have hear so much about—
including for unserved and underserved community broadband connectivity with a long-term target of $3 billion in investments.
Clean power, including renewables, district energy, storage,...and transmission with a long-term target of $5 billion in investments.
These five areas are absolutely crucial for us in terms of building back better not only for Canada but also for the opportunity to be a real model for consideration going forward.
As the Government undertakes Canada's first-ever national infrastructure assessment, the CIB will be expected to participate in consultations, research and providing advice, particularly on the role of the private sector in identifying Canada's long-term infrastructure needs and priorities. Such an assessment is considered a global best practice, and is critical as our Government moves into recovery planning and charting the path towards net-zero greenhouse gas emissions by 2050.
Now I will focus on the accountabilities:
The CIB is accountable to the federal government and Canadian public through the mechanisms set out in its enabling legislation, the Canada Infrastructure Bank Act, as well as legislation applicable to all Crown Corporations, including the Financial Administration Act, Access to Information and Privacy Act, and Official Languages Act. The CIB is responsible for meeting all of its legal obligations, including responding to the Duty to Consult to Indigenous groups and ensuring that projects have met environmental assessment and other regulatory requirements.
The CIB's annual Corporate Plan should set out how the CIB will invest, provide advice and conduct research in the priority areas, including by detailing investment strategies and ensuring that investments are revenue-generating and in the public interest. The Corporate Plan should explain the total capital and operating budget for the organization, over a five-year period and should continue to describe how the CIB will conduct due diligence and analysis as it manages its resources and investment portfolio, including under adverse investment scenarios.
In order to guide the development of future Corporate Plans, the CIB must work in partnership with Infrastructure Canada to collaborate with public officials across relevant departments and central agencies to inform project development and the parameters of the CIB's financing initiatives. This engagement will allow the CIB to align with policy priorities, avoid overlap with government programs and assess risks associated with CIB investments.
The CIB must remain accountable to the Government and Canadians through its Corporate Plan, which will include plans to achieve the objectives and outcomes through the CIB's activities. This work will involve a Results and Delivery Framework with a clear articulation of the characteristics, thresholds and risks for investment or initiatives. Additionally, the framework should set out the intended outcomes of a particular initiative, such as economic growth or job creation, impacts on diversity and inclusion, and anticipated greenhouse gas emission reductions.
The CIB is required to produce an Annual Report on its operations and activities that is provided to Infrastructure Canada, Treasury Board Secretariat, and that must be tabled in Parliament. The Annual Report must include information on the CIB's finances, an auditor's report and information on how the CIB has met the objectives and achieved the outcomes set out in its Corporate Plan.
As required by the Canada Infrastructure Bank Act, [the minister] will be undertaking a review of the CIB's enabling legislation by mid-2022 to ensure that its provisions and operation enable the corporation to achieve its purpose and functions, and meet the government's policy objectives. This will be an opportunity to review the CIB's impact to-date, consider any landscape changes and lessons learned, and to ensure the CIB remains positioned for success throughout its mandate.
As far as I'm concerned, this statement of priorities and accountabilities is extremely thorough. To a certain extent, it does explain that these are very large projects requiring a huge amount of consultation, consideration and research, and certainly, these are very time-consuming projects to actually deliver, but we're well on the way.
In respect to the Lake Erie Connector project, you may recall from the last meeting we had that it was actually started in 2014, so at this point, to derail it through this particular motion that asks for information to, as far as I'm concerned, absolutely no purpose other than to jeopardize the future work of the CIB as well....
Mr. Scheer has made it very clear how he feels about the CIB, and it seems to me that the purpose of this motion is simply to have this particular Lake Erie Connector project fail, potentially endanger the future of the CIB, and in that way, become almost a self-fulfilling prophecy that Mr. Scheer keeps hopping on that the CIB at this moment in time is a failure.
Therefore, I will certainly not be accepting the amendment or the original motion.
Thank you, Mr. Chair.