Carney’s investment summit courts $100 trillion in global capital
An afternoon panel is scheduled to pitch Canada as a stable destination for energy investment, from pipelines to nuclear power, featuring Ontario Power Generation CEO Nicolle Butcher, Suncor Energy CEO Rich Kruger and a TC Energy Corp. executive.
Sovereign capital in the room
Four state-owned funds from the United Arab Emirates are expected to attend, alongside Norway’s sovereign wealth fund, according to CTV News sourcing. That fund’s relevance to the summit has sharpened in recent days: Norges Bank Investment Management, which oversees the $2.3-trillion fund, told Norway’s finance ministry in a letter made public last week that it wants to cut the government-bond share of its benchmark index to 50% from 70%, with US Treasuries – its single largest holding – absorbing the deepest reduction, from 34.1% to 21.9% of the bond index. Fund governor Ida Wolden Bache and chief executive Nicolai Tangen wrote that a 50% government-bond share “will be sufficient to cover the liquidity needs, including in periods of turbulence in financial markets.” Reuters calculated the shift would remove close to US$80 billion from the fund’s roughly US$215-billion Treasury holdings as of end-June.
The proposal follows a similar pattern among European pension funds: the Netherlands’ ABP fund cut its US Treasury stake by roughly US$12 billion, or about €10 billion, in the year through September 2025.
Deal book behind closed doors
The bulk of substantive negotiation is expected to happen away from the main stage. Provinces and territories have submitted project lists that the Prime Minister’s Office is compiling into a final “deal book,” covering hydroelectricity, oil and gas, critical minerals, ports and data centres, according to CTV sources. Only the prime minister, select ministers and premiers will meet directly with the head of each investor group during breakout sessions.
Among the listed projects: an expansion of the Port of Churchill in Manitoba, linking rail from the Prairies to the Arctic to create a year-round deep-sea port, which Manitoba Premier Wab Kinew is expected to pitch personally; and the Churchill Falls and Gull Island hydroelectric plan in Newfoundland and Labrador, which Carney has described as the “largest clean energy investment in North America,” with potential capacity of 14,000 megawatts and a possible eventual value above $50 billion.
