Bill C-245 proposes changes to the Canada Infrastructure Bank Act. The main goal is to refocus the purpose of the Canada Infrastructure Bank (the Bank) and ensure it prioritizes certain investments and infrastructure projects.
Specifically, the bill aims to make sure the Bank invests in projects that are in the public interest, such as those that help reduce or adapt to climate change, or make infrastructure more sustainable. The bill also outlines new priorities for the Bank, including investments from public institutions, all levels of government, and Northern and Indigenous communities. It prioritizes projects that address climate change or are not harmful to the environment.
Furthermore, the bill seeks to ensure Indigenous representation on the Bank's Board by requiring that at least one member be recommended by a First Nations organization, one by an Inuit organization, and one by a Métis organization. The bill also requires the Bank to submit an annual report to the designated Minister on the investments and infrastructure projects to which priority was given. This report must then be tabled in both the House of Commons and the Senate.
Finally, the bill amends the existing legislation regarding privileged information obtained by the Bank.
Spending
The bill affects government spending by refocusing the Canada Infrastructure Bank's investments towards projects that are in the public interest, such as those supporting climate change mitigation or adaptation, or contributing to infrastructure sustainability. It also prioritizes investments from public institutions and different levels of government. The bill doesn't specify the amount of spending, but guides the direction of investments.
Climate
The bill prioritizes infrastructure projects that aim to reduce or adapt to climate change. It also requires the Bank to prioritize projects that are not harmful to the environment. The purpose of the bank now explicitly supports conditions that foster climate change mitigation or adaptation.
Environmental Protection
The bill emphasizes environmental protection by directing the Canada Infrastructure Bank to prioritize infrastructure projects that are not harmful to the environment. This aims to ensure that the bank's investments support environmentally sustainable development.