Finance committee  PSP will be managing the growth fund assets separately and will be also managing its existing pension plan assets. The two will be managed independently. There will be a new investment committee set up for growth fund investments. That investment committee will be totally separate and different from the PSP investment committee.

Finance committee  Thank you for the question. PSP will establish a subsidiary to manage growth fund assets, so it will be a separate investment team. That team would be dedicated to the growth fund, while the other remaining PSP teams would be dedicated to the pension fund assets. Obviously, there will be economies of scale by sharing certain corporate functions, but the investment teams, including the investment decisions made by the investment committee will be completely separate and they will be done in a subsidiary of PSP.

Finance committee  As previously indicated, PSP is one of the largest pension investment managers in Canada and has expert investment teams. That was a significant driver to the decision to select PSP to manage the growth fund.

Finance committee  That's correct. The CGF is an investment fund.

Finance committee  That's correct.

Finance committee  Thank you very much for the question. With regard to selecting a fund manager, as was previously indicated, the government's intent was to stand up the growth fund quickly so that it could start making the investments to achieve net zero at the speed and scale required. In selecting PSP Investments, the government considered an experienced and independent fund manager that is currently owned by the government—those were some of the criteria—and in addition, an investment fund manager that has already experienced investment teams so that we could quickly stand up a team in order to invest the growth fund.

Finance committee  That's correct. It was the desire to quickly have an expert investment team ready to make investments in the near term.

Finance committee  That's correct.

Finance committee  I'm saying that one of the benefits of selecting PSP is that it was an existing investment fund that is owned by the government.

Finance committee  Thank you for the question. The Canada growth fund will have the flexibility to invest in many types of projects, companies or technologies. For example, it could be decarbonization projects for industrial companies in the cement, concrete or steel sector. It could also be companies that develop green technologies, such as manufacturers of zero-emission buses.

Finance committee  Thank you for the question, Mrs. Chatel. I will pass along the question on taxonomy to my departmental colleagues who are responsible for that sector. The Canada Growth Fund looks at high-level international standards relating to selection of investments. It reports to the public on certain investment criteria.

Finance committee  Yes, some of our colleagues are working specifically on taxonomy. We can send you a written response on that topic.

Finance committee  As you pointed out, budget 2022 announced the Canada growth fund to catalyze private investments in Canada's clean economy. What the growth fund would do is invest in a way that would absorb risks in order to encourage private sector investment in new technologies, as well as SMEs and various other supply chains, in order to grow Canada's economy at a speed and scale to meet net zero.

Finance committee  I'd be happy to respond in writing.

Finance committee  Thank you for your question. I'm happy to take that back and provide more details on this.