Canada leads in bringing together G7 Private Sector Investment for International Development
As this year's G7 host, Canada has an opportunity to ensure growth benefits not only Canadians, but also people in need around the world.
Following last week's meetings of G7 Finance and Development Ministers and Central Bank Governors in Whistler, major Canadian institutional investors – led by the Caisse de dépôt et placement du Québec (CDPQ) and the Ontario Teachers' Pension Plan (OTPP) – today launched a leadership initiative for international development, alongside Minister of Finance Bill Morneau and Minister of Environment and Climate Change Catherine McKenna.
The initiative brings together major institutional investors from across G7 countries to help address some of the big challenges that limit growth that works for everyone, including the lack of women in leadership positions; a persistent global infrastructure gap, especially in emerging markets; and the threats to growth posed by climate change. Marc-André Blanchard, Canada's Ambassador to the United Nations, has played a key role in the development of the initiative.
In collaboration with the Government of Canada, this group of leading global institutional investors, led by CDPQ and OTPP, will work together to promote gender diversity in capital markets, create an infrastructure fellowship program to help develop expertise in emerging and developing economies, and take steps to better recognize and report on the financial risks associated with climate change.
According to Bill Morneau, Minister of Finance, “Canadian and other G7 institutional investors can lead by example in mobilizing financial resources to support sustainable development around the world, including initiatives that advance gender equality and deliver critical infrastructure to people and communities in need. I am pleased to see Canada at the forefront of these efforts through its G7 Presidency, and look forward to working with our partners in creating growth that works for everyone.”
Catherine McKenna, Minister of Environment and Climate Change, added, “Climate change is putting both our environment and our economy at risk – but it's also creating trillions of dollars of investment opportunities as global demand for clean solutions grows. Improving our understanding of the economic risks and opportunities we'll encounter as our climate changes is essential as we work to strengthen Canada's economy and create jobs and opportunities for the middle class. Today, I applaud the G7 institutional investors for leading this dialogue and working towards cleaner, more inclusive growth and a more sustainable economy.”
And Amarjeet Sohi, Minister of Infrastructure and Communities, stated, “Investments in infrastructure build stronger, more inclusive and sustainable communities where everyone has access to opportunities. Our government is making historic investments in infrastructure, but we recognize that traditional financing alone cannot close the infrastructure gap our country faces. We need to be innovative in how we conceive of and finance projects, which is why we created the Canada Infrastructure Bank, a new tool that will engage private and institutional investors to build new transformative infrastructure projects across Canada. We welcome the new initiatives put forward today and look forward to future collaborations.”
Department of Finance Canada