First Nations Finance Authority’s Post

A new analysis from Montreal's Institut de recherche et d’informations socioéconomique (IRIS) finds that Caisse de dépôt et placement du Québec (CDPQ)'s public equity investments in the fossil fuel sector resulted in losses of between $10 billion and $20 billion between 2011 and 2021, compared to the returns the pension manager would have generated with a #fossilfree portfolio. The CDPQ limited further losses by divesting oil producers by the end of 2022. While the CDPQ says it's unable to verify IRIS's findings, the Quebec Pension Plan manager believes the analysis confirms that it made the right decision in exiting the oil sector. “In terms of the returns on our overall portfolio, over five years, our investments in renewable energy generated more than 18% while the oil producers in the index made around 8%,” says CDPQ's director of media relations, Kate Monfette. IRIS also notes that CDPQ still has 2.3% of its its total assets invested in 15 companies involved in coal- and gas-fired electricity generation, the transportation of fossil fuels, and oil and gas engineering and drilling services. IRIS believes that the Caisse has serious decisions to make regarding these investments. “For companies that work in fossil fuels (transport, distribution, electricity production, related services) and which are unable to make concrete and rapid progress in the decarbonization of their activities, the CDPQ should opt for divestment, as it did it for oil and natural gas producers,” argues the report's author Eve-Lyne Couturier. Read coverage in La Press here: https://lnkd.in/gW7uHCNM. Find IRIS's analysis here: https://lnkd.in/gRAyy6Zh #cdnpoli #polqc #fossilfuels #pensions #sustainablefinance #climaterisk

Chief Ted Williams spoke at FNFA’s 17th Annual General Meeting about the impactful Mnoyaawgamig Health and Social Services building, which translates to "Place of Well-Being." As commercial banks were unable to provide a financing option that suited the project Chippewas of Rama First Nation, ON turned to FNFA for its affordable financing programs, which are below chartered bank rates. In addition to providing $10.5 million in financing for the project, FNFA also gave Rama’s Chief and Council valuable guidance throughout the construction process. “We saw FNFA as a great opportunity because it’s an Indigenous organization that understands the importance of community projects, whereas the major banks tend to see things in a purely economic light,” explains Chief Williams. “FNFA looked at our community visioning and the scope of this project. I think the most important thing is that the FNFA recognizes these kinds of projects do more for the community than just drive revenues.” FNFA recognizes the unique challenges and opportunities faced by First Nations, and their financial solutions are specifically designed to address these needs. By providing affordable financing and fostering strong partnerships, FNFA plays a vital role in building healthy, safe, and prosperous communities across Canada. #FNFA #StrongerTogether #FinancingYourFuture #MemberForum *** Lors de la 17e assemblée générale annuelle de l'AFPN, le chef Ted Williams a parlé de l'impact du centre des services sociaux et de santé Mnoyaawgamig, qui se traduit par « lieu de mieu-être. » Comme les banques commerciales n'étaient pas en mesure d'offrir une option de financement qui convenait au projet, les Chippewas de la Première Nation de Rama, en Ontario, se sont tournés vers l'AFPN pour ses programmes de financement abordables, dont les taux sont inférieurs à ceux des banques à charte. En plus de fournir un financement de 10,5 millions de dollars pour le projet, l'AFPN a également donné au chef et au conseil de Rama de précieux conseils tout au long du processus de construction. « Nous avons vu dans l'AFPN une excellente opportunité, car il s'agit d'une organisation autochtone qui comprend l'importance des projets communautaires, alors que les grandes banques ont tendance à voir les choses d'un point de vue purement économique », explique le chef Williams. « L'AFPN a examiné notre vision communautaire et la portée de ce projet. Je pense que le plus important, c'est que l'AFPN reconnaît que ce type de projet apporte bien davantage à la communauté que le simple fait de générer des revenus. » L'AFPN reconnaît les défis et les possibilités uniques auxquels sont confrontées les Premières Nations, et ses solutions financières sont spécialement conçues pour répondre à ces besoins. En offrant un financement abordable et en favorisant des partenariats solides, l'AFPN joue un rôle essentiel dans la construction de communautés saines, sécuritaires et prospères dans l'ensemble du Canada.

𝗛𝗮𝗿𝗻𝗲𝘀𝘀𝗶𝗻𝗴 𝘁𝗵𝗲 𝘁𝗿𝗮𝗻𝘀𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝘃𝗲 𝗽𝗼𝘁𝗲𝗻𝘁𝗶𝗮𝗹 𝗼𝗳 𝘁𝗵𝗲 𝗚𝗿𝗲𝗲𝗻𝗵𝗼𝘂𝘀𝗲 𝗚𝗮𝘀 𝗥𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻 𝗙𝘂𝗻𝗱 by Michelle Lee, Matthew Solomon, Chris Grant, Bella Tonkonogy, Jide Olutoke, Stewart Sarkozy-Banoczy, WEDG; Climate Policy Initiative   Created under the U.S. Inflation Reduction Act (#IRA) 2022, the Greenhouse Gas Reduction Fund (#GGRF) is set to provide USD 27 #billion in #grants to mobilize #financing and private #capital to address the #climatecrisis through projects that reduce #GHG emissions in the #UnitedStates. The #funds will be made available to state, local, and Tribal #governments, as well as non-profit #institutions, especially for low-income and disadvantaged communities (#LIDACs).   The #GGRF presents a transformational #opportunity to accelerate progress towards #climatejustice in the United States. This #funding has the potential to go beyond #emissions reduction by supporting #sustainable #community and #economic #development in LIDACs, and enhancing #climateresilience in these #communities that are frequently on the front lines of #climatechange.   The GGRF could help to align #climate, #community, and #financial #actors to establish a virtuous cycle that increases the wealth and resilience of LIDACs while reducing GHG emissions. #Investment in emissions reduction #technologies can jumpstart various benefits for LIDACs, including increased #household #wealth and #health due to low-cost and reliable #renewableenergy, building #electrification, and electrified #transport technologies. Higher #demand for labor and local expertise to build and install #cleantechnologies can boost job creation, thereby promoting wealth creation and economic mobility. Additionally, channeling federal funds through community development financial institutions (#CDFIs) and #greenbanks can increase access to finance in LIDACs, facilitating sustainable economic #development.   Nevertheless, several #challenges must be overcome to enable effective #implementation of the GGRF. These include: ✅ The short timeframe for GGRF disbursement may leave the most disadvantaged communities behind. ✅ The diverse operational capacity and range of experience of CDFIs in climate-related underwriting means that they vary in their ability to effectively absorb and deploy GGRF funds. ✅ Varied experience among green banks of lending in LIDACs creates a need for TA to scale their investments in these communities.   #CPI has identified five #areas of #action that can help the #GGRF achieve its #potential: 🔴 Catalyze private capital at scale 🔴 Standardize definitions, products, and underwriting 🔴 Coordinate and target technical assistance 🔴 Enhance alignment of government efforts at all levels 🔴 Create a sandbox culture of collaboration and learning The download link of the report: https://lnkd.in/dct5eKvk

Couldn't be prouder to share this news! https://lnkd.in/dBZwPtCc Inter-American Development Bank and European Investment Bank (EIB) are supporting #Barbados in a combined effort on innovative climate financing and project preparation that will amplify the #scale and #impact of Barbados' investment in #climateresilientinfrastructure. The guarantees approved totaling US$300 million will be used in a debt-for-climate conversion plan first announced late last year. The plan creates the fiscal space that allows the government to make investments in #resilience that would not be otherwise possible given the current fiscal limitations. This #partnership showcases: ✔ effective coordination and how MDBs are working together as a system with governments to provide #innovativetools to address the challenges and effects of climate change ✔ alignment with the #GlobalGateway Investment Agenda for Latin America and the Caribbean we have been working closely with European Commission as “Team Europe +” since its launching last year. Anabel González Ana María Ibáñez Anton E. Edmunds Emilio Pineda Juan Pablo Bonilla Matias Bendersky Viviana Alva Hart Anderson Caputo Silva Joan Oriol Prats Jennifer Doherty-Bigara Amina Desai Pia Zanetti Jean Eric Theinhardt Sara Vilà Saint-Etienne Pilar Jimenez de Arechaga Carolyn Robert claudia suaznabar Neile Quintero Kristina Eisele Alexandra Almeida Clarissa Santelmo David Mogollon Huerta Heather Bernard Geraldine Garcia Loreto Setien Kristin L. Juan Gorriño Larrañaga Iosu Iribarren Victoria Florez Carla Fernández-Durán Gortázar Heleno Gouvêa Vanessa Molina Medina Diana Montero Melis Isabelle Braly-Cartillier

FNFA AGM attendees heard from Ian Simpson, CEO of Petroglyph Development Group, the economic development arm of the Snuneymuxw First Nation. Mr. Simpson highlighted two successful projects that were financed by FNFA. The first project, the Courtyard by Marriott Nanaimo, BC benefitted from FNFA's attractive financing rates. The FNFA played a pivotal role in bringing this project to fruition, offering over $7 million in financing. This 172-room, nine-story hotel opened last spring and is situated near the conference center and casino, making it a valuable addition to Nanaimo's hospitality sector. The second project, The Village at Stlilup (formerly Sealand Market), showcases the transformative power of FNFA financing. Located on prime waterfront property, The Village at Stlilup offers 30,000 square feet of revitalized leasable space. FNFA's competitive rates, significantly lower than what traditional banks could offer, along with their understanding of First Nations' economic development goals, made this project a much more attractive investment for the Snuneymuxw First Nation. Mr. Simpson's presentation exemplifies FNFA's commitment to empowering First Nations' economic growth. By providing competitive financing and fostering strong partnerships, FNFA plays a crucial role in supporting initiatives that pave the way for a brighter future for First Nations communities. #FNFA #StrongerTogether #FinancingYourFuture #FNFAAGM2024 #MemberForum #EconomicDevelopment *** Le chef Gilbert Dominique de la Première Nation Pekuakamiulnuatsh a souligné l'importance de la planification à long terme pour les générations futures lors de l'AGA de l'AFPN. La solution passe en grande partie par un partenariat solide avec l'AFPN. Le financement de l'AFPN a joué un rôle essentiel en permettant aux Pekuakamiulnuatsh d'investir dans des projets d'énergie renouvelable. En 2016, l'AFPN a fourni 13,3 millions de dollars pour soutenir le projet éolien Namunashu, construit directement sur leur territoire ancestral. Ce premier succès a ouvert la voie à d'autres collaborations. Au cours des années suivantes, l'AFPN a fourni un financement supplémentaire pour trois projets hydroélectriques : Ouiatchouan (17,2 millions de dollars), Mistassini (24 millions de dollars) et Shipiss (6,8 millions de dollars). Les projets Ouiatchouan et Mistassini ont notamment fait l'objet de partenariats avec des municipalités voisines. Le chef Dominique a souligné l'impact positif de ces projets sur la communauté Pekuakamiulnuatsh. Les revenus générés fournissent des ressources importantes pour répondre aux priorités de la communauté, créer des opportunités d'emploi et favoriser la croissance économique. L'engagement de l'AFPN va au-delà de la finance. Elle est un partenaire dévoué qui donne aux communautés des Premières Nations les moyens d'atteindre leurs objectifs à long terme et de construire un avenir meilleur pour les générations à venir. #FinancerVotreAvenir #ForumMembres

⚡💧🌱 Generating clean energy and efficient agriculture in #Armenia. Last week, Agence Française de Développement and National Mortgage Company RCO CJSC celebrated their 10 year partnership and reaffirmed their commitment to a green and just transition in Armenia. 🔹 10 years ago, NMC launched a program, supported by AFD and European Union, to offer vulnerable households low-interest loans so they can better equip their homes and reduce their energy bills to improve their standard of living. Since 2013, about 15,000 beneficiaries have accessed the program. Some of the most vulnerable households can now afford solar panels, solar water heaters and gas heating systems, which can make all the difference in Armenia’s long winters. 🔹 On the other hand, Proparco has granted Acba bank OJSC a $20 million senior loan to support the growth of the bank’s loan portfolio and provide financing to SMEs and individual farmers, who often lack access to the financing required to grow their business. By taking out loans of this type with ACBA, the beneficiaries were able to finance the establishment of new farms or invest in equipment to reduce their energy and water consumption. 👉 See the video below for more details and testimonies. 📽 Hakob Kotolkyan Martin Galstyan, Central Bank of Armenia, European Commission, Mathieu Vasseur, Edmond Vardumyan, Aram Karapetyan, Fanny Delpey, Bérengère Callamand, Lise Enezian, Cyrille Bellier, Cécile Bégard

This is very smart.

A national Indigenous loan guarantee program could mark a significant shift towards equitable economic participation for First Nations. Last week FNMPC members and industry partners travelled to Ottawa to meet with the federal government to discuss details of the program which has the potential to unlock billions in equity investments for First Nations. "We deserve to be recognized as strategic business partners when it comes to protecting our rights and interests and making sure that our communities benefit meaningfully. It should go without saying that trust, collaboration, and respect are valuable." FNMPC represents its 150+ membership across Canada in support with the call for sector-agnostic approaches and project-specific risk assessments for this program to ensure diverse and flexible economic opportunities. Read more at: https://lnkd.in/gQ2Tc8FA Chief Priscilla Mueller, Saik'uz First Nation| Chief Willie Sellars, Williams Lake First Nation| Darrell Beaulieu, DENENDEH DEVELOPMENT CORP.| Andrew John, Miawpukek Mi'Kamawey Mawi'omi (Miawpukek First Nation)|

The First Nations Finance Authority is truly a model for success and underlines the importance of First Nation-led institutions. The First Nations Fiscal Management Act and its institutional structure should be an inspiration for modeling other sectoral self-government initiatives as alternatives to operating under the Indian Act. And Canada should be considering building on these innovations as an alternative to its own out-dated programming - like allowing the FNFA to borrow against annual federal transfers to build much needed housing, infrastructure and other public works now.