Federal Government Announces Appointment of Ehren Cory as CEO of the CIB, NRCan Launches New $750 Million Fund for Oil and Gas Companies to Reduce Methane Emissions

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Équipe fédérale

Today, the Minister of Infrastructure and Communities, Hon. Catherine McKenna, confirmed the appointment of Ehren Cory as the Chief Executive Officer of the Canada Infrastructure Bank. Mr. Cory will be focused on the CIB’s strategic direction including implementing the $10B Growth Plan (unveiled earlier this month) to accelerate infrastructure investment in Canada.

Before joining the CIB, Mr. Cory worked as President and CEO of Infrastructure Ontario (February 2017 – October 31st, 2020). In this role, he worked closely with his Executive team and with public and private sector partners to build, manage, finance and enhance the value of the Province's infrastructure and real estate assets. In addition to his four years as CEO, he also spent four years with the Agency in executive roles responsible for the successful transaction structuring, tendering, and delivery of billions of dollars in infrastructure projects.

Prior to joining IO, Mr. Cory worked for 15 years as a management consultant, as a partner at McKinsey & Company. Mr. Cory served as a leader in the Public Sector and Capital Projects groups, working with energy, and mining clients in both the public and private sectors on issues including operating strategy, project execution, risk management, and operations transformation.

For more details, please see the backgrounder and news release.

NRCAN Launches Emissions Reductions Fund to Help Oil and Gas Companies Reduce Methane Emissions

In other federal news, Minister of Natural Resources, Hon. Seamus O’Regan, announced today the launch of the $750 million fund for oil and gas companies to reduce methane emissions. The funds were initially announced in April 2020 and will provide primarily repayable funding to onshore and offshore oil and gas firms to support their investments to adopt greener technologies.

Funds will be delivered under two programs: a $675 million onshore program stream which opened for applications as of today, and a $75 million offshore program stream, which will open for application on November 9th. Applications must be led by upstream and midstream oil and/or gas sector companies with projects to reduce or eliminate routine venting of methane rich natural gas from conventional, tight and shale oil and gas operations.

If you have questions, please reach out to the Sussex Federal Energy and Environment Team.

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