Remarks by the Deputy Prime Minister on the first investment by the new Canada Growth Fund

October 25, 2023 - Calgary, AB

Good afternoon.

I am so happy to be here today. This is a tremendous moment for Canada, for the Canada Growth Fund, for the Public Sector Pension Investment Board (PSP Investments), for Eavor Technologies Inc., and for Alberta. 

I want to first acknowledge that we are gathered on the traditional territories of the people of the Treaty 7 region in southern Alberta and the Métis Nation of Alberta, Region 3.

I am so glad to be back home in Alberta today. It was great to spend some time with the amazing people here at Eavor Technologies in Calgary. I want to thank you for the warm welcome.

I do want to start by taking a moment to thank the amazing team at the Canada Growth Fund and the amazing team at PSP Investments. It is your hard work that has made this announcement today possible. 

And I want to say how nice it is that Rebecca Schulz, Alberta’s Minister of Environment and Protected Areas, is here. She and I worked together on another project that is so important for me—our national system of early learning and child care.   

Fees here in Alberta have been reduced by 50 per cent. That is saving families up to $10,300 per child this year. And Alberta is on track to reach fees of just $10 a day in 2026. This is making such an important difference for families across Canada, across Alberta, and here in Calgary. So, thank you Rebecca for your partnership. 

The great people here at Eavor are doing some incredibly important, innovative work—and in the years to come, that work will be more important than ever for Alberta, for Canada, and for the whole world.

That’s because today, the world’s major economies are moving at an unprecedented pace to fight climate change and retool their economies to build the net-zero industries of today and tomorrow.

Canada has to keep up. And we not only have to keep up—we need to be in the lead.

And we can be. That is why our clean economy jobs plan is making historic investments to build Canada’s clean economy and create a new generation of opportunities for Canadian workers and Canadian businesses.

One of those investments—which I really believe is going to be a game-changer for Canada’s clean economy—is the new $15 billion Canada Growth Fund, whose very first inaugural investment is being made right here, today, in this amazing company.

The Canada Growth Fund is led by some of Canada’s top investors, and it is going to invest in Canadian businesses, help them scale, and support Canadians in attracting our share of the trillions of dollars in private capital that are waiting to be invested in the global clean economy.

This Fund is going to help great Canadian companies, like Eavor, grow and keep their headquarters here in Canada, here in Calgary, and expand around the world from their Canadian base—as Eavor is already doing. And this investment is going to turbocharge that growth. 

So, I am incredibly proud to announce that the Canada Growth Fund’s very first inaugural investment is being made in Eavor—right here in Calgary, here in Alberta.

This $90 million investment is going to help Eavor accelerate the deployment of its world-leading geothermal energy technology, which has the potential to significantly reduce emissions in Alberta, in Canada, and around the world.

Just as importantly, this investment is going to help protect and create great-paying careers for people right here in Calgary and across Alberta.

One of the wonderful things about this company and this technology is that the same skilled tradespeople and engineers who built the oil sands are using those skills to create renewable energy. And I think that is just fantastic. 

So, I am glad that the very first investment by our flagship clean economy investment fund is being made here in Calgary, here in Alberta.

Because our government’s clean economy jobs plan was built with Alberta at its heart.

This province has the resources, the hardworking people, and the expertise that Canada—and the world—needs.

We need Alberta to be at the heart of a strong, growing,  clean economy—one that powers Canada and the world and creates great middle-class careers for people across this wonderful province today and in the future.

I am really delighted  to be here with Eavor today—because as a proud daughter of Alberta, I want the people of Alberta to know that our government believes in this incredible province and the remarkable and talented people who call Alberta home.

Today’s announcement—the first ever by the Canada Growth Fund—is concrete proof of that.

Thank you very much.