Hon. Marc Gold (Government Representative in the Senate): Thank you for your question. The government does not intend to be the long-term owner of the Trans Mountain Expansion Project, and the government will divest its ownership in a way and at a time that benefits all Canadians. The government, indeed, announced that no additional public money will be spent on the project and that Trans Mountain Corporation would secure the necessary funding from third-party sources to complete the project.

I’m advised, colleagues, that the corporation has now secured third-party financing with a group of Canadian financial institutions, and this will be used to fund the project construction costs. As part of this process, the government is providing a loan guarantee to the participating financial institutions, and this is a well-known practice for projects of this size. It does not reflect any new public spending.

This project is in the national interest, and it will make Canada and the Canadian economy more sovereign and more resilient. In that regard, and in all respects, the government remains committed to having good energy projects that fit in with our climate plan.