As to the rationale for this expensive initiative: if projects are commercially viable, the private sector would be willing to make the investments. If they are not, they will likely be money-losing or high-risk ventures, thereby driving down the fund’s return. Regarding resource projects, one of Carney’s goals must be to attract private-sector capital that has been blocked, delayed or discouraged by Liberal government hostility to natural resource projects, especially oil and gas pipelines, totalling almost $670 billion. Now he has to de-risk such projects and, aside from removing regulatory impediments, one obvious way is to throw in some public capital, perhaps in a subsidiary position. The Trudeau Liberals paid $4.5 billion to Kinder Morgan for the Trans Mountain pipeline extension, whose cost then ballooned to $34 billion. Expect more of the same.