François-Philippe Champagne, the minister of innovation, science and industry, said the proposal would be a win for industry and for the retirement plans because it would speed up the building of plants to service growing demand for electric cars while providing stable returns to pensions.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
It would also help clear a “bottleneck” by accelerating construction of production facilities to process critical minerals that are abundant in Canada such as lithium, nickel, cobalt, manganese and graphite, he said.Article content “If you talk to the major car manufacturers, we’ll need dozens of them,” Champagne said, adding that a single plant could cost $5 billion.
“So what I’ve been trying to discuss with them is whether we can use pension funds where you have patient capital coming in helping to build these asset and then lease them back in order to accelerate and increase capacity.” He suggested Canada has an edge over countries such as Australia with similar labour and environmental standards because it is close to a large automotive hub in the Windsor-Detroit corridor.
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