Thank you, Chair.
While I have the floor, I'd like to move a motion that I have had on notice since Friday, January 26.
I move:
Given that,
a. The Canada Infrastructure Bank (CIB) recently admitted that it lost nearly $900,000 in consulting fees on the failed Lake Erie Connector project;
b. The Liberal government has refused to implement this committee’s recommendation to abolish the Canada Infrastructure Bank;
the committee conduct a study pursuant to Standing Order 108(2) on the Canada Infrastructure Bank (CIB) involvement in the Lake Erie Connector project; that the study be comprised of no fewer than three meetings; that the committee invite the Minister of Housing, Infrastructure and Communities, the Chief Executive Officer of the Canada Infrastructure Bank (CIB), the Chief Investment Officer of the Canada Infrastructure Bank (CIB), and the Chief Financial Officer of the Canada Infrastructure Bank (CIB) to appear as witnesses for no less than two hours each; and that the committee report its findings to the House.
Mr. Chair, I'd like to briefly comment on this motion, if I may.
It was recently revealed through an Order Paper question that the Canada Infrastructure Bank lost $900,000 on a failed electricity project, which the opposition members had big concerns about from the very beginning when this project was announced. There were concerns when the government first announced the project, and these concerns were voiced by members of the opposition.
The government announced an investment of $655 million in an underwater electricity project, which, had it been viable, would have brought jobs and investment to my community of Haldimand—Norfolk. It promised billions in GDP from this project and hundreds of jobs in the low-cost energy sector. Ironically, due to interest rates and inflation, which were largely caused by this government's overspending, the project was indefinitely suspended.
No one seemed to know at the time that the project was cancelled until the Conservatives demanded answers from the government. That was several months after the project was cancelled. Even then, we couldn't find any information about the project. We couldn't even find information on the Canada Infrastructure Bank's website.
Now we're finding out, through a written request for information, that Canadian taxpayers paid a lot of money for high-priced consultants and lawyers, and that this project was suspended. Canadian taxpayers reaped absolutely zero benefit from this project, despite spending a substantial amount on consultants and lawyers.
As you know, this committee recommended in a 2022 report that the CIB be abolished. Meanwhile, Canadians continued to see the inappropriate use of taxpayer-funded dollars by this bank, including the ones we're discussing here today in committee.
We also heard in this committee of the Infrastructure Bank's close connections to McKinsey & Company and its problematic overreliance on external consultants.
I believe that increased scrutiny and a timely investigation into this matter are needed to ensure that the bank is not continuing on a path of ill-advised investments and spending on high-priced consultants and lawyers at a time when Canadians can least afford it and many Canadians are finding themselves relying on food banks.
Thank you.