A SEAT AT THE TABLE

INDIGENOUS PROJECTS
A SEAT AT THE TABLE
Indigenous equity participation in infrastructure is
key to achieving net-zero and reconciliation by John Tenpenny
C
John Tenpenny is the
editor of ReNew Canada.
john@actualmedia.ca
28
ANADA WILL NOT ACHIEVE Indigenous reconciliation or
reach net-zero carbon emissions without Indigenous equity participation.
The First Nations Major Projects Coalition
(FNMPC) is counting on the federal government
to live up to its commitment in Budget 2024 to
establish a national Indigenous loan guarantee program,
outlined in it’s 2023 Fall Economic Statement.
The desire of First Nations to access competitive capital
to facilitate equity ownership in major projects was a
key issue that led First Nations to establish FNMPC as a
non-pro昀椀t in 2017. Since that time, the FNMPC has advocated such a program.
“Achieving Indigenous consent through partnership is
material to the future of the Canadian economy, particularly as we look to advance major projects that will help Canada meet its 2050 net-zero targets. Today’s commitment to
establish a national Indigenous loan guarantee program is
a signi昀椀cant step on our shared path of economic reconciliation and a further unwinding of the economic exclusion
we as First Nations people have been subjected to under
the Indian Act. We want our future generations to have the
same opportunity as all Canadians,” stated Chief Sharleen
Gale, chair of the board of directors of FNMPC, when the
feds made the announcement.
“We remain ready, willing and able to inform on and
share our expertise and knowledge to establish a robust
loan guarantee program to best meet the needs and the
bene昀椀t of all of Indigenous Peoples, and Canada,” added
Gale. “As an initial input, the implementation of a national Indigenous loan guarantee program should provide
strategic investments to increase the capacity of Indigenous
nations to co-develop business deals with the private sector
based on Free, Prior, and Informed Consent. We look to
provide many more insights, as we work towards meaningful economic reconciliation.”
In a recent statement, the FNMPC pointed out that at
the provincial level, similar programs in Ontario, Saskatchewan, and Alberta have had positive impact.
“In September 2022, the Alberta Indigenous Opportunities Corporation (AIOC) played a key role in the landmark
agreement by 23 First Nations and Metis communities to
acquire an 11.56 per cent non-operating interest in seven
Enbridge pipelines located in northern Alberta (valued at
$1 billion). This deal would not have been possible without a loan guarantee from AIOC.
“However, these programs are not accessible to Indige-
RENEW CANADA – MAY/JUNE 2024
(Top) The First Nations Major Projects Coalition led a multi-sector delegation in
Ottawa to advocate for the introduction of a National Indigenous Loan Guarantee.
(Bottom) Canada Infrastructure Bank announced a $100-million loan participation
agreement with the First Nations Bank of Canada. (L to R): FNBC CEO Bill Lomax and
CIB CEO Ehren Cory.
RENEWCANADA.NET

Paperturn flip book