Cynthia Hansen, executive vice-president responsible for Enbridge’s natural gas pipeline and midstream business across North America, said most Indigenous groups did not have access to capital due to the absence of loan guarantees from the government, which prevents them from acquiring equity in projects that are often operated on their traditional lands.“It’s not enough to consult with Indigenous groups,” the Texas-based executive said at an event in Toronto last week.
These “creative” methods to get financial support aren’t enough, according to Hansen. She said Ottawa should formulate a national approach to allow communities to choose what they want to invest in.Associations such as the First Nations Major Project Coalition, which represents more than 130 Indigenous groups, have been pushing for a loan guarantee program.
The government’s budget last year allocated more than $100 million over five years to renew and expand the Indigenous Partnerships Office and Indigenous Natural Resource Partnerships Program. The government aims to fund Indigenous projects through these programs. “There is currently no one lending facility that will address that need,” he said. “If Canada wishes to meet its 2030 and 2050 targets, there is a massive infrastructure spend out there that is necessary … all of that crosses Indigenous territory.”Chief Sharleen Gale, who chairs the coalition, said the Indian Act bars First Nations from borrowing against their assets and land.
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Top Enbridge official calls for federal loan guarantee program to support Indigenous investmentA senior Enbridge exec has urged the creation of a federal loan guarantee program for Indigenous groups for better partnerships. Read on.
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