Senators last night questioned one clause in a 172-page budget bill that would see Finance Minister Chrystia Freeland spend $2 billion on shares of a company that doesn’t exist. The company would draw private investment in green technology, said Freeland..“The green transition, we have to act quickly,” Freeland told the Senate national finance committee. “It is urgent to carry out,” she added..“The green transition will cost a good deal, really a lot, and we need money to fund it,” said Freeland. She did not elaborate, according to Blacklock's Reporter..Bill C-32 An Act To Implement Certain Provisions Of The Fall Economic Statement in part four, division one, states: “The minister of finance may acquire and hold on behalf of His Majesty in right of Canada non-voting shares of a corporation” starting at $2 billion to manage a Canada Growth Fund to promote green technology..“Why create a new corporation?” asked Senator Tony Loffreda (Que.). “Canada needs to be ambitious,” replied Freeland..“It will be managed by professionals,” said Freeland. “We understand we need to have actual investment professionals do this work. It’s going to perform some very sophisticated jobs in the green transition.”.Senator Elizabeth Marshall (Nfld. & Labrador) said the measure was troubling. “It’s really concerning to see $2 billion going out without an explanation,” said Marshall. “I think there were 17 lines there. It leaves it quite open.”.“You’re saying, ‘Give me the $2 billion, I’ll buy some shares,’ but the company doesn’t even exist,” said Marshall. “The company doesn’t exist and you’re giving us all this information verbally.”.“If that’s the mandate of this soon-to-be corporation you’re talking about, why isn’t it in legislation?” asked Marshall. “We’re looking at 17 lines there to justify spending at least $2 billion and then it leaves it wide open for there to be additional appropriations.”.“Two billion dollars with no explanation within the bill over how the $2 billion is going to be controlled,” said Marshall. “The company is not even created. What are you going to buy shares in? There’s no company yet.”.“The green transition is essential,” replied Freeland. The finance minister did not explain why the measure was not detailed in a separate bill..“What it is able to do on a project-by-project basis is de-risk private sector investment in new technology, in exactly the kind of technology we are going to need to build the jobs of the future in Canada and to get the emissions reductions we need,” said Freeland.
Senators last night questioned one clause in a 172-page budget bill that would see Finance Minister Chrystia Freeland spend $2 billion on shares of a company that doesn’t exist. The company would draw private investment in green technology, said Freeland..“The green transition, we have to act quickly,” Freeland told the Senate national finance committee. “It is urgent to carry out,” she added..“The green transition will cost a good deal, really a lot, and we need money to fund it,” said Freeland. She did not elaborate, according to Blacklock's Reporter..Bill C-32 An Act To Implement Certain Provisions Of The Fall Economic Statement in part four, division one, states: “The minister of finance may acquire and hold on behalf of His Majesty in right of Canada non-voting shares of a corporation” starting at $2 billion to manage a Canada Growth Fund to promote green technology..“Why create a new corporation?” asked Senator Tony Loffreda (Que.). “Canada needs to be ambitious,” replied Freeland..“It will be managed by professionals,” said Freeland. “We understand we need to have actual investment professionals do this work. It’s going to perform some very sophisticated jobs in the green transition.”.Senator Elizabeth Marshall (Nfld. & Labrador) said the measure was troubling. “It’s really concerning to see $2 billion going out without an explanation,” said Marshall. “I think there were 17 lines there. It leaves it quite open.”.“You’re saying, ‘Give me the $2 billion, I’ll buy some shares,’ but the company doesn’t even exist,” said Marshall. “The company doesn’t exist and you’re giving us all this information verbally.”.“If that’s the mandate of this soon-to-be corporation you’re talking about, why isn’t it in legislation?” asked Marshall. “We’re looking at 17 lines there to justify spending at least $2 billion and then it leaves it wide open for there to be additional appropriations.”.“Two billion dollars with no explanation within the bill over how the $2 billion is going to be controlled,” said Marshall. “The company is not even created. What are you going to buy shares in? There’s no company yet.”.“The green transition is essential,” replied Freeland. The finance minister did not explain why the measure was not detailed in a separate bill..“What it is able to do on a project-by-project basis is de-risk private sector investment in new technology, in exactly the kind of technology we are going to need to build the jobs of the future in Canada and to get the emissions reductions we need,” said Freeland.
