Thank you very much, Mr. Chair. I apologize for my delay in joining.
I'm Tamara Vrooman, chair of the Canada Infrastructure Bank, or CIB. I'm also president and CEO of the Vancouver Airport Authority. I'm joining you from my office in Vancouver on the traditional territory of the Musqueam people.
I also served for 13 years as president and CEO of Vancity, Canada's largest commercial credit union. Prior to that, I served as the deputy minister of finance for the Province of British Columbia, secretary to the Treasury Board, and CEO of the public sector employers' council.
I'm here today along with Ehren Cory, CEO of the CIB, and members of his team.
I appear today on behalf of the Canada Infrastructure Bank board, a board that brings a wealth of experience and diversity of perspectives. We have deep experience in such key areas of oversight as human resources, compensation and governance, and have industry-specific expertise in infrastructure, major project financing and public policy. Our responsibilities include approving the corporation's investments, investment portfolio and the corporate plans that set out the bank's strategic direction, as well as its compensation policies, which includes a review of the CEO's performance rating, salary and incentive program. We ensure that the highest standards of corporate governance and board effectiveness are respected.
Canada has an estimated infrastructure deficit of well over $100 billion. In fact, the last period of significant infrastructure investment in our country dates to around World War II. Canadians need infrastructure now, whether it's investing in Canada's electrical grid to support cleaner energy or building better transit in our communities, but our tax dollars are finite. The government cannot pay for all of the infrastructure itself, which is where the help of the private sector comes in. The CIB makes investing in infrastructure in the public interest more attractive to the private sector by using innovative financial tools to de-risk the investment and incentivize the private sector to spend on infrastructure. With impact as its bottom line, the CIB prioritizes consideration of sustainable outcomes that drive investment decisions.
The CIB has made very significant progress with an increase in both the pace and volume of its investments over the last two years. As at the end of this past fiscal year, the CIB has made a total of 46 investment commitments, 42 of which have reached financial close. From coast to coast to coast, the CIB is delivering public good outcomes for Canadians across five priority sectors—clean power, green infrastructure, broadband connectivity, trade and transportation, and public transit. The CIB's investments translate into such public interest outcomes as 5.1 million tonnes in reduced greenhouse gas emissions, 174,000 new daily transit riders, 340,000 more households connected to broadband and benefits to 27 indigenous communities.
The bank has built relationships in its key sectors and is being sought out earlier on potential partnerships. The market now has a better understanding of what CIB does and how to work with us. The Organisation for Economic Co-operation and Development, the OECD, has highlighted the CIB as a leading model for catalyzing private investment and aligning stakeholders to get projects built, particularly to support the post-pandemic recovery and facilitate energy transition.
Budget 2023 provided the CIB with greater focus and clarity on its role in supporting transition to a net zero economy with at least $20 billion for clean energy and green infrastructure investments. The CIB has already been engaging with key project proponents to accelerate action in these areas. The CIB has set an ambitious objective to invest in projects that will achieve 10 million tonnes of annual greenhouse gas reductions by 2025-26.
Since I've been the chair of the Canada Infrastructure Bank, as of January 2021, we have not entered into any contracts with McKinsey consulting. All three contracts that the bank previously entered into predate my arrival. I believe Mr. Cory and Mr. Duguay will speak on the procurement processes in more detail.
Thank you very much to the committee for inviting us. I look forward to participating in these proceedings.
Thank you.