The 2023 federal budget is using established tools to move the economy in a new green direction.
The budget proposes the introduction of legislation to establish the Canada Innovation Corporation , a new Crown corporation with a mandate to “increase Canadian business expenditure on research and development across all sectors and regions of Canada.” The 2023 budget announced the federal government intends to introduce legislative amendments to enable the Public Sector Pension Investment Board, a federal crown corporation with more than $225 billion in assets, to manage the growth fund’s assets as it begins investing in the first half of 2023. The legislation is planned for fall 2023.
The budget also highlighted the Strategic Innovation Fund , created in 2018 to provide financing for large projects and has “used $6.9 billion in contributions to leverage $67 billion in private investment across 107 projects.”