November 2, 2023 – Ehren Cory, CEO, Canada Infrastructure Bank (CIB), issued the following statement in response to the creation of the Ontario Infrastructure Bank announced today in the Ontario Government’s Fall Economic Statement:
“Today’s announcement that the Government of Ontario will create an Ontario Infrastructure Bank (OIB) is a positive step forward in getting even more infrastructure built in the Province. Ontario isn’t alone; there are a growing number of infrastructure bank-like organizations globally that are focused on creating innovative partnerships between public and private organizations for the purpose of accelerating public-good infrastructure.
The Canada Infrastructure Bank (CIB) is pleased to have consulted with Ontario’s Ministry of Finance and the Ontario Financing Authority on our approach to accelerating Canadian infrastructure. With more than 48 investments nationwide, including more than 25 investments in Ontario, ranging from Canada’s largest energy storage facility and first small modular reactor, to building retrofits and zero-emission buses, we believe there is ample opportunity for us to partner with the newly created OIB. Our model ensures good value for the Canadian taxpayer and is delivering projects from coast to coast to coast. We look forward to working together to build more of the infrastructure needed to get Ontario moving.”
The CIB is investing in infrastructure that will positively impact the lives of Canadians and the long-term strength of our economy. The CIB invests in five key sectors: Clean Power, Green Infrastructure, Trade and Transportation, Public Transit, and Broadband. The CIB also invests in Indigenous Infrastructure and has a mandate to support Indigenous equity participation in projects where the CIB has made an investment. We look for shovel-worthy projects that are stuck and need an innovative financing solution to advance, at a reduced cost to taxpayers. The CIB has made 48 investment commitments across Canada representing $10 billion as of Q1 F2023-2024. Every investment by the CIB is a loan that will get repaid.
Among the more than 25 investments made by the CIB in Ontario which have resulted in $14B in total capital invested by CIB and its partners are:
Durham Region Zero-Emission Buses (ZEB), York Region ZEB, City of Ottawa ZEB, City of Brampton ZEB
Under the Building Retrofits Initiative (BRI): University of Toronto Toronto Western Hospital, Noventa, Modern Niagara, Kingsett, Enbridge Sustain-Blackstone, Dream.
Darlington Small Modular Reactor, Oneida Energy Storage
Markham District Energy, Enwave District Energy
Ontario Rural Broadband
Netmizaaggamig Nishnaabeg Reserve Extension
The Canada Infrastructure Bank really was the ultimate catalyst to make the project (Oneida Energy Storage) a reality. There was some risk associated with doing something new and innovative. When you bring a project that hasn’t been done before, at the scale that we’ve actually progressed, we need help, and we need innovative thinkers to work alongside us. The Canada Infrastructure Bank stepped up and provided financing in an environment that would not have otherwise been accessible for us.
The CIB is like the plumber we need to unclog things and prime the pump so things can really get flowing.
I am proud to announce that the City of Brampton and the Canada Infrastructure Bank have reached financial close on this multi-million-dollar investment towards Brampton Transit. As Brampton Transit purchases up to 450 zero-emission buses for Brampton’s roads in the next five years, our partnership will lead the next level of sustainable transit in Canada. Brampton is a Green City, and together, we will reduce our carbon footprint and improve quality of life for everyone.
Investing in infrastructure is essential to Canada’s long-term economic prosperity, to our quality of life, to combating climate change and to increasing social and economic inclusion. The CIB’s investment priorities align with a number of key municipal priorities, including clean water, broadband connectivity, public transit, and building retrofits.