On October 1, 2020, Canadian Prime Minister Justin Trudeau announced a plan to position the Canada Infrastructure Bank (CIB) as an important vehicle for a sustainable recovery from the COVID-19 pandemic. The bank will allocate CAD 10 billion within three years to projects that create 60,000 jobs and contribute to a green, low-carbon economy. Priority areas include clean power generation, zero-emissions transport solutions, energy-efficient building retrofits, irrigation, and broadband infrastructure. A share of CAD 500 million is meant to be spent on accelerating infrastructure planning and implementation, such as by providing important feasibility studies and technical guidance.
The earmarked CAD 10 billion for recovery spending is part of CIB’s CAD 35 billion fund for federal investments. Spending on sustainable infrastructure solutions is hence seen as an effective strategy by the Canadian government for economic recovery and to achieve the net-zero carbon emissions target by 2050. This spending strategy will also allow a revival of the CIB, which was already considered for abolishment by political parties because of too few investments since its installation.