Governments are finally recognizing that First Nations who want to invest in their own opportunities should be supported with financing tools.
In British Columbia, $1 billion has been earmarked for the First Nations Equity Financing Framework; the federal government has brought forward a $5-billion national equity- financing framework.
In Alberta, the Alberta Indigenous Opportunities Corporation (AIOC) has been driving real change and opportunity for years. It is not conceptual; it is a working model.
This work peaked on July 30, 2024, with the announcement of an equity-interest purchase agreement between TC Energy and an Indigenous-owned investment partnership.
This provides for an Indigenous equity interest of 5.34 percent in the NGTL System and the Foothills Pipeline assets, in Alberta, Saskatchewan, and British Columbia, for a purchase price of $1 billion, all backed by the AIOC.
The largest Indigenous equity ownership agreement in Canadian history will see up to 72 Indigenous communities become equity owners in the 25,000-kilometre natural-gas network, with access to long-term revenue sources that will allow them to own their future and create meaningful change.
Since before Confederation, Indigenous people have faced barriers in accessing secure capital needed to invest in our economic development.
While these loan programs are not a solution to the years of inequities we have dealt with, they represent support to help bridge the Indigenous energy gap, while driving the global energy transition at a time when the world needs it most.
Improved access to capital allows Indigenous people to continue investing in these transformative major projects so we can continue doing what we have for years – addressing historical injustices, promoting economic reconciliation, being stewards to our land, and fostering a more inclusive and prosperous future for Indigenous peoples in Canada.
We extend our congratulations to the AIOC, the Indigenous consortium committee, TC Energy, and the government of Alberta for the historic agreement.
In natural gas, First Nations are seeing the potential for economic reconciliation. We are seeing not just an economic transaction, we are seeing the opportunity to own our future.
