In Canada’s 2022 fall economic statement the prime minister emphasized the importance of resource development. He also emphasized that, “projects with…
A national program would not only benefit Indigenous peoples, but also the resource sector by de-risking projects and providing investment capital. Indigenous ownership in resource projects can lead to increased community buy-in and support for resource development, as well as more sustainable and responsible resource management through the Indigenous lens of sustainability and long term development.
Similar programs have already been implemented in Alberta, Saskatchewan and Ontario. Alberta’s program, the Alberta Indigenous Opportunities Corporation has the most ambitious funding model with the Alberta government providing up to $1 billion in loan guarantees. Its biggest success involves the monumental Enbridge agreement with 23 Indigenous communities where AIOC provided $200 million in guaranteed loans. While it has made a big impact, demand for loan guarantees far exceeds availability.
Own source revenues — monies that nations earn from resource and other economic projects, rather than get transferred from government — offer the flexibility for communities to self-determine investments that lead to increasingly impactful programs and services for their communities. This investment could lead to increasingly greater socio-economic outcomes and capacity building; in other words, reconciliation.
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