Comment assurer la réussite du Fonds de croissance du Canada

The Canada Growth Fund, a "green bank" designed to catalyze private investment in Canada's transition to net-zero, is managed by the federal Crown corporation PSP Investments. The author warns that the Fund's success depends on its ability to operate with a different risk tolerance and set of objectives than PSP's core pension fund management. While PSP focuses on maximizing returns for beneficiaries, the Canada Growth Fund must use concessional financing to support high-risk, innovative clean growth projects that offer broad societal benefits but may lack immediate private profitability. To mitigate the risk of the Fund's policy goals being eroded by a traditional private-return mindset, the author recommends a transparent investment strategy, a diverse range of expertise in climate policy and technology, and clear accountability mechanisms between the Fund, PSP, and the federal government.

• The Canada Growth Fund and PSP Investments have fundamentally different mandates: the Fund is tasked with supporting national economic and climate policy goals to achieve carbon neutrality, while PSP manages assets in the interest of pension contributors and beneficiaries.
• To attract private capital to clean growth projects that are currently unattractive to traditional investors due to high risk or long profitability horizons, the Canada Growth Fund must employ concessional financing and accept higher risks.
• There is a risk that the Canada Growth Fund's policy-driven mission could be undermined by PSP's standard fund management approach, which prioritizes private financial returns over social returns.
• The author recommends that the Fund establish a transparent investment strategy with measurable performance criteria distinct from PSP's core activities, suggesting the Australian Clean Energy Finance Corporation (CEFC) as a model for balancing policy outcomes with financial benchmarks.
• Effective decision-making for the Fund requires a diverse set of expertise beyond traditional finance, including knowledge of carbon markets, climate policy, and the technical learning curves of low-carbon technologies.

APA

Canadian Climate Institute (2023). Comment assurer la réussite du Fonds de croissance du Canada. https://institutclimatique.ca/publications/comment-assurer-la-reussite-du-fonds-de-croissance-du-canada/

Chicago

Canadian Climate Institute. Comment assurer la réussite du Fonds de croissance du Canada. 2023. https://institutclimatique.ca/publications/comment-assurer-la-reussite-du-fonds-de-croissance-du-canada/.

Wikipedia

{{cite report |author=Canadian Climate Institute |title=Comment assurer la réussite du Fonds de croissance du Canada |date=5 July 2023 |url=https://institutclimatique.ca/publications/comment-assurer-la-reussite-du-fonds-de-croissance-du-canada/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{canadianclimateinstitute2023comment, author = {{Canadian Climate Institute}}, title = {{Comment assurer la réussite du Fonds de croissance du Canada}}, institution = {Canadian Climate Institute}, year = {2023}, month = jul, url = {https://institutclimatique.ca/publications/comment-assurer-la-reussite-du-fonds-de-croissance-du-canada/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }