Canada has some examples of support for Indigenous projects, but there are no federal programs that provide loan guarantees or tax credits for Indigenous ownership of resource projects.
The Indigenous Infrastructure Bank provides a modest level of funding to assist various projects, primarily focusing on specific areas. However, its current mandate does not encompass the level of support needed to assist in equity partnerships for major projects.
Such a program should be inclusive of all industries such as mining and oil and gas. Self-determination means Indigenous communities should decide what industry to invest in. This aligns with the goals of Canada’s UNDRIP Action plan.
Ownership is Reconciliation. In particular, Indigenous communities are self-determining economic reconciliation in the oil and gas industry through ownership of projects such as:
- $1 billion of Indigenous equity in Enbridge pipelines
- Cedar LNG the first Indigenous majority-owned LNG project
- East Tank Farm ownership represents $500 million of Indigenous equity
Canada should follow other provinces lead and provide affordable access to capital for Indigenous communities investing in responsible resource projects.