Saskatchewan Premier Scott Moe has expressed support for Prime Minister Mark Carney's newly announced national sovereign wealth fund, describing it as a positive initiative for Canada to work together on major projects.
Announcement of the Fund
On Monday, Prime Minister Mark Carney announced the creation of Canada's first national sovereign wealth fund, with an initial endowment of $25 billion. The fund will operate as a Crown corporation, financing significant domestic projects and providing the public with a stake in those investments.
Moe addressed the media later that morning, stating, "We would say that this is a good initiative for our nation." He emphasized the importance of collaboration among all levels of government to achieve the Prime Minister's vision of making Canada the strongest economy in the G7 and an energy superpower.
Provincial Perspectives
Currently, five provinces and territories—Alberta, Ontario, Quebec, Newfoundland and Labrador, and the Northwest Territories—already operate their own sovereign wealth funds. Moe noted that Saskatchewan has previously considered creating its own fund but opted instead to focus on reducing its debt burden.
While welcoming the national fund, Moe stressed the need to address federal policies that he believes hinder industry growth. Specifically, he pointed to the industrial carbon tax and Bill C-69, which he has previously referred to as "the no more pipelines bill."
Call for Regulatory Reform
Moe argued that the current regulatory environment requires restructuring to attract private sector investment. "The opportunity that we have is to really restructure, and I would say fix, some of the wrongs that have been introduced in the regulatory environment to attract that private sector investment and really allow our economy to become all that we know it can become," he said.
The Premier's comments come as part of a broader discussion on how Canada can leverage its resources and economic potential through cooperative federal-provincial efforts. The sovereign wealth fund is seen as a tool to pool resources for large-scale infrastructure and energy projects that could benefit the entire nation.
— With files from National Post's Rahim Mohamed and Jordan Gowling.
