Investing in Canada Is Investing In A Clean, Green Country
Insight How Canada’s Federal Government is collaborating with industry to builder, greener infrastructure for Canada.
Our government entered office with a commitment to build stronger, more sustainable, and more inclusive communities. We promised Canadians a collaborative approach, one whereby we would work with our provincial, territorial, Indigenous, and municipal partners to shape a national plan and trust local decision-makers to identify their priorities within it.
We saw and continue to see infrastructure as the foundation upon which a prosperous society is built. Canada is a vast, diverse country and infrastructure needs range greatly, from clean drinking water and reliable and efficient public transit to accessible broadband in rural and remote communities, affordable housing, and more. Unfortunately, years of underinvestment have resulted in a significant infrastructure deficit across the country. To help address this situation, and ensure that we are building communities where everyone has an opportunity to succeed, our government is making historic investments in our country’s infrastructure.
To date, we have approved and announced more than 3,600 projects with a combined total investment of more than $35 billion. These are investments that will not only create well-paying jobs, grow the middle class, and generate long-term economic growth, but also improve Canadians’ quality of life today and for generations to come.
We are committed to working in partnership with provinces, territories, and municipalities to invest in infrastructure that will build the communities Canadians want and need. Our 12-year, $186 billion Investing in Canada plan will guide these investments and ensure that communities receive the long-term, predictable funding they need.
Over the next 11 years, the Investing in Canada plan will focus on five key areas: public transit, green infrastructure, social infrastructure, rural and northern communities, and trade and transportation corridors. Our objective is to provide our partners with stable and predictable funding and invest in projects that will transform communities across the county, such as light rail transit, renewable power, and early learning and child care.
Despite our historic commitments, it is clear that public funding alone cannot respond to the breadth of Canada’s infrastructure needs. We also know that there is private capital ready and waiting to be invested in Canadian infrastructure. That is why we are creating the Canada Infrastructure Bank (CIB), an arm’s length Crown corporation, which will leverage private capital and invest at least $35 billion in revenue-generating infrastructure projects that are in the public interest. Investments will focus on projects such as public transit systems and trade and transportation corridors. It will also invest in green infrastructure projects, including those that reduce greenhouse gas emissions, deliver clean air and safe water systems, and promote renewable power.
Canada is already a global leader in public-private partnerships, with more than 250 P3 projects currently underway across the country, including some of the largest P3s in North America. Combined, the value of these projects exceeds $122 billion. Much of Canada’s major modern infrastructure has come through the P3 system, including hospitals, transportation projects, and cultural and recreational infrastructure. The CIB will allow us to create even more opportunities for private-public partnerships while funding projects that will transform communities from coast to coast to coast. The CIB is expected to be operational by the end of 2017.
Whether funded through public dollars or private investments, infrastructure is so much more than just concrete and steel. Reliable and high-quality infrastructure is essential to the well-being of our country. As a government, we believe we have a responsibility not only to the Canadians of today but also to those of tomorrow. That is why the Investing in Canada plan is not simply about investing in new infrastructure, but about working collaboratively with our partners to build a greener, more sustainable, efficient, and productive Canada that will prosper and thrive for decades to come.