WEBVTT 00:00:00.170 --> 00:00:03.069 Welcome to Drumbeats, the must -listen -to podcast 00:00:03.069 --> 00:00:05.710 which explains why Indigenous partnerships are 00:00:05.710 --> 00:00:08.689 the key to securing successful outcomes in natural 00:00:08.689 --> 00:00:11.070 resource and infrastructure investment in Canada. 00:00:12.009 --> 00:00:16.670 So today is our second annual summit at the London 00:00:16.670 --> 00:00:19.870 Stock Exchange in the City of London. So as Rob 00:00:19.870 --> 00:00:22.449 and I get ready to go over to the London Stock 00:00:22.449 --> 00:00:25.969 Exchange, we thought we'd share with you some 00:00:25.969 --> 00:00:30.699 of the highlights of last year's summit. Honorable 00:00:30.699 --> 00:00:33.640 Lisa Raitt explores the role of Indigenous communities 00:00:33.640 --> 00:00:37.219 in shaping Canada's shift towards cleaner energy 00:00:37.219 --> 00:00:41.619 sources. She is joined by Tabitha Bull, Terilyn 00:00:41.619 --> 00:00:45.380 Morrison, Chief David Jimmy, Chief Dawn Maracle, 00:00:45.500 --> 00:00:50.579 and Emily Black. I'd invite our panelists to 00:00:50.579 --> 00:00:54.100 grab a glass of water. and get ready to talk 00:00:54.100 --> 00:00:56.960 because, as I said to somebody else, you have 00:00:56.960 --> 00:00:59.359 an impressive panel before you, ladies and gentlemen, 00:00:59.539 --> 00:01:02.140 and they are the ones that should be heard, not 00:01:02.140 --> 00:01:04.159 necessarily me as the moderator. But I do have 00:01:04.159 --> 00:01:06.079 a few questions to start us off this morning. 00:01:06.280 --> 00:01:08.659 The topic, of course, as you see, is about energy 00:01:08.659 --> 00:01:11.379 transition and Indigenous leadership in Canada. 00:01:11.480 --> 00:01:13.180 And as you've heard from the High Commissioner, 00:01:13.420 --> 00:01:16.879 it's a really important... aspect of Canadian 00:01:16.879 --> 00:01:19.859 economy right now is thinking about energy transition 00:01:19.859 --> 00:01:22.120 and what it means and where we're going to go 00:01:22.120 --> 00:01:24.879 from there. And the only way to get to energy 00:01:24.879 --> 00:01:27.260 transition and where we want to get to, which 00:01:27.260 --> 00:01:31.040 is net zero by 2050, is through Indigenous lands. 00:01:31.280 --> 00:01:32.900 And that's why it's so important that we have 00:01:32.900 --> 00:01:35.560 Indigenous leaders and representatives here to 00:01:35.560 --> 00:01:38.379 make sure that we understand what the important 00:01:38.379 --> 00:01:40.780 aspects are of engagement, but more importantly, 00:01:40.859 --> 00:01:42.980 what the opportunity is for investment in Canada. 00:01:45.120 --> 00:01:49.299 that indigenous reconciliation, economic reconciliation, 00:01:49.299 --> 00:01:52.859 and the path that we are on now is impervious 00:01:52.859 --> 00:01:56.299 to changes in politics. Is that something investors 00:01:56.299 --> 00:01:59.859 can have a bit of comfort from, that at least 00:01:59.859 --> 00:02:05.040 we're all on the same page? I think we talk a 00:02:05.040 --> 00:02:07.340 lot, and the government, all governments talk 00:02:07.340 --> 00:02:10.719 a lot about economic reconciliation, but a lot 00:02:10.719 --> 00:02:13.870 of the measures that we're seeing are actually 00:02:13.870 --> 00:02:17.530 rights -based, closing the gaps. You know, when 00:02:17.530 --> 00:02:20.169 we talk about clean water and the number of First 00:02:20.169 --> 00:02:22.490 Nation communities who don't have clean drinking 00:02:22.490 --> 00:02:26.610 water and haven't for many, many years. Or, you 00:02:26.610 --> 00:02:29.990 know, settlements on residential schools and 00:02:29.990 --> 00:02:32.810 day school settlements and Jordan's principle, 00:02:32.990 --> 00:02:34.650 which I know I'm throwing at a lot of Canadian 00:02:34.650 --> 00:02:38.530 terms, but to me that's not economic reconciliation. 00:02:38.569 --> 00:02:41.759 That is... Closing the social economic gap. That 00:02:41.759 --> 00:02:44.719 is like human rights. And if we're going to talk 00:02:44.719 --> 00:02:46.939 about economic reconciliation, we have to talk 00:02:46.939 --> 00:02:49.919 about prosperity. Like, where is the investment 00:02:49.919 --> 00:02:53.500 beyond us closing the gap? And that's when, you 00:02:53.500 --> 00:02:56.080 know, things like the loan guarantee get us there. 00:02:56.180 --> 00:03:00.099 But I don't think governments are really thinking 00:03:00.099 --> 00:03:02.939 about prosperous Indigenous communities. They're 00:03:02.939 --> 00:03:05.539 thinking about closing the gaps. Okay. Terry 00:03:05.539 --> 00:03:08.949 Lynn? Well, I think that one thing is clear is 00:03:08.949 --> 00:03:11.449 that Indigenous people in Canada are here and 00:03:11.449 --> 00:03:14.930 are not going anywhere. We have our rights. We 00:03:14.930 --> 00:03:17.389 know them. We're getting stronger and more organized. 00:03:18.429 --> 00:03:21.310 Despite what the political landscape may be, 00:03:21.469 --> 00:03:24.050 I think it's just a good way to do business by 00:03:24.050 --> 00:03:29.189 involving Indigenous people because that's just 00:03:29.189 --> 00:03:31.210 the right thing to do, I guess, for lack of better 00:03:31.210 --> 00:03:35.389 words. And, you know, having experienced different 00:03:35.389 --> 00:03:38.810 leaderships and governments throughout my career, 00:03:39.009 --> 00:03:43.810 I think that the message is always the same. 00:03:43.889 --> 00:03:45.770 We're here, we're not going anywhere, so the 00:03:45.770 --> 00:03:48.289 best thing to do is just partner with us. Chief 00:03:48.289 --> 00:03:53.069 Jimmy? I think Tabitha's bang on. The success 00:03:53.069 --> 00:03:55.810 of Indigenous nations across the country and 00:03:55.810 --> 00:03:58.930 Canada are not a result of relationships with 00:03:58.930 --> 00:04:02.669 the government. They are a result of resilience. 00:04:02.830 --> 00:04:05.770 They're a result of understanding and trying 00:04:05.770 --> 00:04:07.889 to build on what they have in front of them. 00:04:08.090 --> 00:04:10.830 And I think it's thinking outside the box from 00:04:10.830 --> 00:04:15.710 small individual businesses to large... Yihau's 00:04:15.710 --> 00:04:18.389 community of Tsutina, you know, massive economic 00:04:18.389 --> 00:04:22.089 development going on. Myself and Chief Epp, you 00:04:22.089 --> 00:04:24.910 know, in the commercial retail space. So, you 00:04:24.910 --> 00:04:28.250 know, we've got 800 ,000 square feet of commercial 00:04:28.250 --> 00:04:30.509 retail space. And between our communities that 00:04:30.509 --> 00:04:33.069 have been built out for shopping centers, we've 00:04:33.069 --> 00:04:38.689 seen close to $800 million in... development 00:04:38.689 --> 00:04:41.290 projects just within our stallo territory so 00:04:41.290 --> 00:04:46.449 I think the result of of prosperity and and kind 00:04:46.449 --> 00:04:50.529 of where we are has been based on not giving 00:04:50.529 --> 00:04:52.910 up and I think the government is recognizing 00:04:52.910 --> 00:04:56.829 and based on the closing the gap and and the 00:04:56.829 --> 00:05:00.269 wins that we've had legally all contribute to 00:05:00.269 --> 00:05:03.449 it sure there are policy and there's there's 00:05:03.449 --> 00:05:06.410 work to be done and we're seeing you know undrip 00:05:06.889 --> 00:05:10.230 kind of coming on board, but then the implementation 00:05:10.230 --> 00:05:12.670 is a completely different story. So it's great 00:05:12.670 --> 00:05:14.889 to have the announcements, which feel good, sound 00:05:14.889 --> 00:05:18.410 good, but implementation is so key. And I think 00:05:18.410 --> 00:05:21.730 we're just slowly getting to those places. And 00:05:21.730 --> 00:05:24.930 we work with whichever government is in power. 00:05:25.170 --> 00:05:28.370 And we're always very cautious of that. I would 00:05:28.370 --> 00:05:30.750 say even on engagement with the current federal 00:05:30.750 --> 00:05:35.439 government, we are now being mindful that We 00:05:35.439 --> 00:05:37.500 want to engage with the Conservative government 00:05:37.500 --> 00:05:40.100 because if there is a change and the pipeline 00:05:40.100 --> 00:05:42.620 is not sold within this time frame, we're going 00:05:42.620 --> 00:05:44.439 to have to engage with the next government. So 00:05:44.439 --> 00:05:47.620 recognizing and ensuring that we're covering 00:05:47.620 --> 00:05:50.040 all bases. Important to maintain the relationship, 00:05:50.079 --> 00:05:54.279 but I just want to acknowledge the resilience 00:05:54.279 --> 00:05:56.720 of our previous leadership that have really forged 00:05:56.720 --> 00:05:59.110 the way for us to be up here sharing today. And 00:05:59.110 --> 00:06:02.269 I note that former Chief Billy Morin is the conservative 00:06:02.269 --> 00:06:04.750 candidate now in the Edmonton area. I don't know 00:06:04.750 --> 00:06:08.949 quite what his riding is. Chief Dan. Well, we 00:06:08.949 --> 00:06:11.149 have to, I guess, work with whatever government 00:06:11.149 --> 00:06:13.649 is there. But I think Indigenous people need 00:06:13.649 --> 00:06:16.089 to be continuously involved in shaping what government 00:06:16.089 --> 00:06:20.810 policy is on the policies that affect us and 00:06:20.810 --> 00:06:23.829 our ability to grow and prosper. It's a stated 00:06:23.829 --> 00:06:25.769 goal by all governments, but there has to be 00:06:25.769 --> 00:06:29.589 accountability. success is being achieved. But 00:06:29.589 --> 00:06:33.050 government policy can also, they need to recognize 00:06:33.050 --> 00:06:36.769 that investors will want long -term certainty 00:06:36.769 --> 00:06:38.769 and stability of their investments, that they're 00:06:38.769 --> 00:06:40.949 going to get a good return, that debts can be 00:06:40.949 --> 00:06:43.810 paid back. And so we're seeing more of that emerge 00:06:43.810 --> 00:06:47.250 now with the way that energy contracts are being 00:06:47.250 --> 00:06:50.949 developed with the ISO. And so when Doug Ford 00:06:50.949 --> 00:06:54.449 came on the scene to run for Premier, he was 00:06:54.449 --> 00:06:56.810 very much against green energy, wind and solar, 00:06:56.870 --> 00:06:59.410 but now they're embracing that. And so there's 00:06:59.410 --> 00:07:01.449 a change in government policy, recognize that 00:07:01.449 --> 00:07:04.209 there's a long -standing neglect of the energy 00:07:04.209 --> 00:07:07.389 sector keeping up with the pace of population 00:07:07.389 --> 00:07:11.129 growth and economic demand for power. And so 00:07:11.129 --> 00:07:13.470 there's plenty of opportunity, and I think no 00:07:13.470 --> 00:07:15.370 matter what government is there, they're going 00:07:15.370 --> 00:07:19.019 to recognize that. all of the critical infrastructure 00:07:19.019 --> 00:07:22.579 is necessary to promote economic growth and prosperity 00:07:22.579 --> 00:07:24.839 in the country, whichever part, regardless of 00:07:24.839 --> 00:07:27.839 whichever party it is. And so it's foundational 00:07:27.839 --> 00:07:30.100 in helping the government achieve its goals. 00:07:30.720 --> 00:07:33.980 There seems to be a lot of harmony now with decarbonization 00:07:33.980 --> 00:07:38.300 and not emitting energy sources of energy production. 00:07:38.500 --> 00:07:40.759 So there's a lot of commonality in their policy 00:07:40.759 --> 00:07:42.379 now, which is going to be good for the economy. 00:07:44.110 --> 00:07:46.990 Robert Brandt shares some insight on navigating 00:07:46.990 --> 00:07:50.490 Indigenous consultation and consent in Canada. 00:07:52.029 --> 00:07:55.350 Some of the things that hit me, my colleague 00:07:55.350 --> 00:07:59.149 Dan Bornstein, who practices in this area in 00:07:59.149 --> 00:08:02.990 Toronto, we were talking about timelines for 00:08:02.990 --> 00:08:07.730 projects, and in our experience, people starting 00:08:07.730 --> 00:08:09.689 out projects, how long does it typically take 00:08:09.689 --> 00:08:13.420 in Canada to get something approved? The main 00:08:13.420 --> 00:08:15.860 indicator of length of time is whether you have 00:08:15.860 --> 00:08:18.579 the Indigenous communities on side. There's one 00:08:18.579 --> 00:08:20.759 answer if you've got those Indigenous communities 00:08:20.759 --> 00:08:23.579 on side. There's a totally different answer if 00:08:23.579 --> 00:08:27.259 you don't yet. And so that just highlighted how 00:08:27.259 --> 00:08:30.600 important that is. It'll speed up the process. 00:08:31.560 --> 00:08:33.919 We talked about a movement to have Indigenous 00:08:33.919 --> 00:08:38.360 communities act as regulator in impact assessment 00:08:38.360 --> 00:08:43.759 cases, and that's a growing trend. We talked 00:08:43.759 --> 00:08:47.639 about the importance of UNDRIP and Lauren from 00:08:47.639 --> 00:08:49.980 Anglo and some others were talking about the 00:08:49.980 --> 00:08:54.659 fact that whatever the law is, the fact is that 00:08:54.659 --> 00:08:58.279 Indigenous communities have almost a veto now 00:08:58.279 --> 00:09:02.039 over developments that are going to occur in 00:09:02.039 --> 00:09:04.820 their territories. So in a lot of cases, although 00:09:04.820 --> 00:09:09.600 UNDRIP is not the law in all parts of the country, 00:09:09.799 --> 00:09:14.090 there's an effect of practice that is implementing 00:09:14.090 --> 00:09:17.990 those principles already. We talked about the 00:09:17.990 --> 00:09:24.350 duty to consult, so there's the UNDRIP principles, 00:09:24.590 --> 00:09:26.889 but the courts, Canadian courts, have established 00:09:26.889 --> 00:09:29.610 a duty to consult, and when does that start? 00:09:29.889 --> 00:09:36.190 And some court cases are pushing that duty earlier 00:09:36.190 --> 00:09:39.769 and earlier in the process, and Indigenous groups 00:09:39.769 --> 00:09:42.490 going to challenge. Suggesting that the duty 00:09:42.490 --> 00:09:45.750 to consult should start at that earliest stage, 00:09:45.830 --> 00:09:51.029 an investment decision stage, not just an authorization 00:09:51.029 --> 00:09:54.809 stage decision by a government, but the decision 00:09:54.809 --> 00:09:59.090 to make an investment in a project. We talked 00:09:59.090 --> 00:10:02.470 about, in our experience, McCarthy's and Anglo 00:10:02.470 --> 00:10:07.600 and Dadco working other... Outside of Canada 00:10:07.600 --> 00:10:09.100 and other parts of the world, there's nothing 00:10:09.100 --> 00:10:12.700 similar to what is happening in Canada in terms 00:10:12.700 --> 00:10:17.820 of equity participation and structures. And we 00:10:17.820 --> 00:10:21.059 were questioning why, why Canada, why is Canada 00:10:21.059 --> 00:10:24.860 leading the way? And that sounds like the subject 00:10:24.860 --> 00:10:28.220 of an article or a paper or a book maybe. But 00:10:28.220 --> 00:10:30.960 some of the ideas were the reconciliation process 00:10:30.960 --> 00:10:34.679 that's underway in Canada helps that. Court decisions, 00:10:34.860 --> 00:10:38.220 legislators have stepped back in a lot of situations 00:10:38.220 --> 00:10:42.500 from defining what Indigenous rights really mean. 00:10:42.600 --> 00:10:47.059 Canadian courts have stepped in and some significant 00:10:47.059 --> 00:10:52.860 decisions have bolstered Indigenous rights and 00:10:52.860 --> 00:10:55.100 prompted some of these structures that are being 00:10:55.100 --> 00:10:59.919 created to get things done. Jonathan Davey shares 00:10:59.919 --> 00:11:02.519 some key takeaways. regarding the investment 00:11:02.519 --> 00:11:07.440 landscape in Indigenous business sectors. Myself, 00:11:07.440 --> 00:11:10.519 and I was joined by Scott Munro and Lynn Parsons, 00:11:10.519 --> 00:11:13.700 who you saw up here earlier today. We were navigating 00:11:13.700 --> 00:11:17.539 Indigenous investment with professionals. And 00:11:17.539 --> 00:11:19.159 I'm going to give you four themes and two things 00:11:19.159 --> 00:11:23.120 to remember. Four themes are Section 89 is not 00:11:23.120 --> 00:11:25.460 your friend. That's Section 89 of the Indian 00:11:25.460 --> 00:11:29.740 Act. Cash is like water. The line that brings 00:11:29.740 --> 00:11:33.299 us light. and the value of FMB certification. 00:11:33.759 --> 00:11:35.700 So I'll briefly go through all four of those. 00:11:35.779 --> 00:11:37.519 So the first one is Section 89 of the Indian 00:11:37.519 --> 00:11:40.919 Act is not your friend. Something that we kind 00:11:40.919 --> 00:11:43.299 of assume, I think, sometimes for knowledge when 00:11:43.299 --> 00:11:45.539 talking to different audiences is just why it's 00:11:45.539 --> 00:11:47.539 so difficult to access capital sometimes for 00:11:47.539 --> 00:11:50.340 indigenous groups, primarily First Nations. And 00:11:50.340 --> 00:11:52.100 if you look at Section 89 of the Indian Act, 00:11:52.259 --> 00:11:55.299 you'll recognize that any asset that's on reserve 00:11:55.299 --> 00:11:58.000 can't be used as collateral. So it really undermines 00:11:58.000 --> 00:12:01.789 the traditional concept of equity on reserve. 00:12:02.250 --> 00:12:05.169 And so that really acts as a barrier. And sometimes 00:12:05.169 --> 00:12:08.850 we just, we start talking about opportunity and 00:12:08.850 --> 00:12:11.230 we start talking about restrictions without acknowledging 00:12:11.230 --> 00:12:13.870 really one of the biggest roots of it, I'd say. 00:12:14.330 --> 00:12:16.309 So in order to combat that, it's always a good 00:12:16.309 --> 00:12:17.769 question to ask when you're looking at major 00:12:17.769 --> 00:12:19.970 projects or investment opportunities, is the 00:12:19.970 --> 00:12:23.340 opportunity on reserve or off reserve? If it's 00:12:23.340 --> 00:12:25.200 on reserve, you might have restrictions that 00:12:25.200 --> 00:12:27.879 are under the Indian Act or associated legislation. 00:12:28.159 --> 00:12:30.860 If it's off reserve, it's probably not. And it 00:12:30.860 --> 00:12:33.240 focuses on something else, which takes us to 00:12:33.240 --> 00:12:37.059 point two, which was caches like water. So when 00:12:37.059 --> 00:12:38.899 you have so many restrictions, it puts this great 00:12:38.899 --> 00:12:42.679 emphasis on cash flow on reserve or cash flow 00:12:42.679 --> 00:12:45.240 within communities. And when you think about 00:12:45.240 --> 00:12:47.659 it, the analogy that was used, which I think 00:12:47.659 --> 00:12:50.500 is pretty apt, is that water will flow where 00:12:50.500 --> 00:12:53.330 there's the least resistance. And so if you think 00:12:53.330 --> 00:12:55.029 about that from a First Nations perspective, 00:12:55.330 --> 00:12:58.269 there's this great focus on own source revenues 00:12:58.269 --> 00:13:01.330 being generated in cash security and financial 00:13:01.330 --> 00:13:03.809 assets, but you need to have the structures in 00:13:03.809 --> 00:13:06.830 place. So look for nations that are scheduled 00:13:06.830 --> 00:13:09.509 under the Indian Bands Revenue Money Order or 00:13:09.509 --> 00:13:12.470 that have FMB certification or that manage their 00:13:12.470 --> 00:13:14.490 funds in such a way that reduce federal oversight 00:13:14.490 --> 00:13:17.149 so that there's no monies being remitted back 00:13:17.149 --> 00:13:20.629 to the Consolidated Revenue Fund in Ottawa, Ontario. 00:13:22.000 --> 00:13:24.399 And in order to illustrate that, Lynn brought 00:13:24.399 --> 00:13:26.799 up a great example of the Wate transmission line, 00:13:26.980 --> 00:13:30.500 which translates into, under its traditional 00:13:30.500 --> 00:13:33.159 name, the line that brings light. And this was 00:13:33.159 --> 00:13:37.179 a group of 24 First Nations that came together 00:13:37.179 --> 00:13:39.620 for a hydroelectric transmission project, which 00:13:39.620 --> 00:13:43.399 will serve as 17 First Nations. We're teaming 00:13:43.399 --> 00:13:45.860 up with Fortis, an energy group, or utility group, 00:13:45.919 --> 00:13:49.340 pardon me. the 24 nations will have ownership 00:13:49.340 --> 00:13:52.580 over the line. And it's a major project that's 00:13:52.580 --> 00:13:55.039 really brought utility to the First Nations, 00:13:55.120 --> 00:13:57.320 but it's shown as a great example of equity. 00:13:59.139 --> 00:14:02.279 And when we say, well, who leads something like 00:14:02.279 --> 00:14:04.039 that, that took us to our final point, which 00:14:04.039 --> 00:14:07.299 was the value of the First Nation Financial Management 00:14:07.299 --> 00:14:09.399 Board certification, which is Scott's group. 00:14:10.120 --> 00:14:13.519 If you voluntarily subject yourself to an audit 00:14:13.519 --> 00:14:16.220 of how you manage your cash flow and your financial 00:14:16.220 --> 00:14:18.759 systems, not only do you get access to the First 00:14:18.759 --> 00:14:20.440 Nation Finance Authority and the First Nation 00:14:20.440 --> 00:14:23.919 Tax Commission, you also really make yourself 00:14:23.919 --> 00:14:25.559 appealing to different financial institutions 00:14:25.559 --> 00:14:27.340 who may be looking to lend you money based on 00:14:27.340 --> 00:14:31.019 a risk rating. So when you look at Section 89 00:14:31.019 --> 00:14:34.360 is not your friend, cash is like water. the line 00:14:34.360 --> 00:14:36.399 that brings us light in the value of F &B certification, 00:14:36.919 --> 00:14:39.460 there's two things that I think every investor 00:14:39.460 --> 00:14:41.240 outside of Canada should know about working with 00:14:41.240 --> 00:14:44.860 indigenous groups. And the first is, one, look 00:14:44.860 --> 00:14:46.740 for that First Nation Financial Management Board 00:14:46.740 --> 00:14:49.100 certification. You're going to find a really 00:14:49.100 --> 00:14:51.379 strong management group behind it. It's going 00:14:51.379 --> 00:14:53.600 to be a great partner. And two, if you think 00:14:53.600 --> 00:14:56.559 about the example of Watte, look at where indigenous 00:14:56.559 --> 00:14:58.879 groups are coming together for an economic purpose. 00:14:59.899 --> 00:15:01.620 Because when you see those groups come together, 00:15:01.860 --> 00:15:04.460 capital is often needed. And that's where it's 00:15:04.460 --> 00:15:06.500 usually a great opportunity to have some foreign 00:15:06.500 --> 00:15:11.120 investment. Fred de Blasio discusses how partnering 00:15:11.120 --> 00:15:14.120 with Indigenous communities can shape policies 00:15:14.120 --> 00:15:17.820 and practices in renewable energy and how best 00:15:17.820 --> 00:15:22.480 to navigate Canada's energy transition. Well, 00:15:22.539 --> 00:15:25.820 our topic was navigating the future, energy transition 00:15:25.820 --> 00:15:29.139 and indigenous perspectives. And two of my co 00:15:29.139 --> 00:15:31.460 -conspirators were Terry Lynn and Bernd, amongst 00:15:31.460 --> 00:15:35.960 others. I think, I guess there are five messages 00:15:35.960 --> 00:15:38.480 we wanted to leave behind. The first one is that 00:15:38.480 --> 00:15:40.759 Canada is the world's largest emerging market 00:15:40.759 --> 00:15:44.320 with no emerging market risk. And that's something 00:15:44.320 --> 00:15:47.139 to really... let's sink in because it's key. 00:15:47.639 --> 00:15:50.600 Capital does not like risk and so if you can 00:15:50.600 --> 00:15:53.639 avoid all the emerging market risks then that's 00:15:53.639 --> 00:15:58.139 a huge benefit to your investors. First Nations 00:15:58.139 --> 00:16:02.500 support responsible underlined development and 00:16:02.500 --> 00:16:05.279 that means we have to share our knowledge and 00:16:05.279 --> 00:16:06.960 we will accept the knowledge that is shared with 00:16:06.960 --> 00:16:09.399 us but it's a two -way bilateral communication. 00:16:10.350 --> 00:16:13.549 And when that happens, we get to listen to each 00:16:13.549 --> 00:16:17.110 other's wisdom. And the benefits we bring in 00:16:17.110 --> 00:16:19.649 partnership with large proponents is that you 00:16:19.649 --> 00:16:22.289 get social license and you get speed to market 00:16:22.289 --> 00:16:24.649 because of one of the unique elements of the 00:16:24.649 --> 00:16:27.210 Indian Act, which is in large part not particularly 00:16:27.210 --> 00:16:30.590 kind, but we've managed to be able to figure 00:16:30.590 --> 00:16:32.490 out a way where we could take advantage of it. 00:16:32.789 --> 00:16:36.110 And the last bit is something that I think is 00:16:36.110 --> 00:16:39.090 quite obvious but is required, and that's that... 00:16:39.950 --> 00:16:43.590 We have to develop our economies. And in so doing, 00:16:43.669 --> 00:16:46.330 the economic engine will pull the social cart. 00:16:46.570 --> 00:16:50.490 And that's for folks in our communities, but 00:16:50.490 --> 00:16:53.730 also for all Canadians. And so by partnering 00:16:53.730 --> 00:16:57.769 with First Nations, we have the opportunity to 00:16:57.769 --> 00:17:00.649 make economic reconciliation a reality. And that's 00:17:00.649 --> 00:17:05.809 a tide that allows all boats to float. Chief 00:17:05.809 --> 00:17:08.589 David Jimmy on the discussion of how energy projects 00:17:08.589 --> 00:17:11.789 and Indigenous leadership can work together to 00:17:11.789 --> 00:17:14.309 balance economic interests with environmental 00:17:14.309 --> 00:17:18.769 responsibility. Our table was tax and energy, 00:17:18.950 --> 00:17:23.769 myself, Chief Epp, and Emily Black. And we covered 00:17:23.769 --> 00:17:26.470 all kinds of ground at our table because there 00:17:26.470 --> 00:17:29.769 were a lot of questions just in general. um trying 00:17:29.769 --> 00:17:31.730 to understand you know what are some of the major 00:17:31.730 --> 00:17:34.950 energy projects in canada what's the relationship 00:17:34.950 --> 00:17:38.150 for the nations and you know how do you engage 00:17:38.150 --> 00:17:43.309 um in and full disclaimer here like you know 00:17:43.309 --> 00:17:47.609 you have a very very small representation of 00:17:47.609 --> 00:17:51.029 indigenous nations here today in comparison to 00:17:51.029 --> 00:17:54.029 what we have across the country this is uh you're 00:17:54.029 --> 00:17:56.069 only hearing a few stories you're only hearing 00:17:56.069 --> 00:17:59.269 from a few different territories but it is You 00:17:59.269 --> 00:18:01.470 know, if we think of 600 plus communities and 00:18:01.470 --> 00:18:04.170 you go to a national assembly where all of our 00:18:04.170 --> 00:18:06.569 chiefs are gathered, you've got over 600 chiefs 00:18:06.569 --> 00:18:10.569 in a room trying to discuss issues. So by no 00:18:10.569 --> 00:18:12.569 means are we speaking on behalf of everyone here 00:18:12.569 --> 00:18:18.130 today. Lots of discussion around the tax charge 00:18:18.130 --> 00:18:21.289 that Chief Hepp was involved in. and and just 00:18:21.289 --> 00:18:23.490 thinking about how that benefits communities 00:18:23.490 --> 00:18:25.630 and thinking about the opportunities that can 00:18:25.630 --> 00:18:29.769 actually result in that from having a you know 00:18:29.769 --> 00:18:32.910 finally a benefit coming back that should have 00:18:32.910 --> 00:18:35.490 been in existence prior but also how you can 00:18:35.490 --> 00:18:39.460 leverage that tax charge to be engaged in other 00:18:39.460 --> 00:18:43.480 energy projects, equity opportunities, how you're 00:18:43.480 --> 00:18:46.579 able to use that as the security to secure financing, 00:18:46.799 --> 00:18:50.200 and what that means to communities, being able 00:18:50.200 --> 00:18:52.539 to give back, being able to think about all of 00:18:52.539 --> 00:18:56.480 the challenges that we face, and for those communities 00:18:56.480 --> 00:18:59.160 that have no resources and no opportunities to 00:18:59.160 --> 00:19:02.539 generate own source revenue. Being able to benefit 00:19:02.539 --> 00:19:05.720 from a tax charge actually gives them some of 00:19:05.720 --> 00:19:07.759 the means to help their community members and 00:19:07.759 --> 00:19:10.619 all those forms of support from education, healthcare, 00:19:10.980 --> 00:19:15.960 housing, the list goes on. So just so many benefits 00:19:15.960 --> 00:19:19.019 from everyone coming together to work in that 00:19:19.019 --> 00:19:22.859 scale. Understanding smaller scale and engagement. 00:19:23.099 --> 00:19:25.920 So we spent a bit of time talking about the differences 00:19:25.920 --> 00:19:29.759 of individual communities versus, so what are, 00:19:30.640 --> 00:19:34.880 you know result of Indian reservations and the 00:19:34.880 --> 00:19:37.880 restrictions around your jurisdiction within 00:19:37.880 --> 00:19:40.299 those parameters versus traditional territories 00:19:40.299 --> 00:19:44.660 and so you know we think about our tax administration 00:19:44.660 --> 00:19:47.539 we think about our Land Management Act and and 00:19:47.539 --> 00:19:50.000 how we're able to implement those laws or enact 00:19:50.000 --> 00:19:55.579 laws only are confined to the reserve and so 00:19:56.160 --> 00:19:57.940 this is where the discussion took place about 00:19:57.940 --> 00:20:01.720 critical mineral strategy and other larger development 00:20:01.720 --> 00:20:05.579 opportunities for collective communities we talked 00:20:05.579 --> 00:20:09.579 about political capital so this was a a good 00:20:09.579 --> 00:20:12.200 discussion raised and talking about sometimes 00:20:12.200 --> 00:20:14.059 the difference when you're looking at large -scale 00:20:14.059 --> 00:20:17.569 projects the evaluation of the of the project 00:20:17.569 --> 00:20:20.549 versus the actual purchase price in some cases 00:20:20.549 --> 00:20:23.029 when we come to the table as nations willing 00:20:23.029 --> 00:20:26.109 and able there is a level of political capital 00:20:26.109 --> 00:20:28.369 that comes with that that that comes with de 00:20:28.369 --> 00:20:31.430 -risking projects that comes with thinking about 00:20:31.430 --> 00:20:33.549 permitting and engagement for those territories 00:20:33.549 --> 00:20:35.490 that actually have their own process in place 00:20:35.490 --> 00:20:40.029 and so in some cases it's almost impossible to 00:20:40.029 --> 00:20:42.789 try and find the true number as far as evaluation 00:20:42.789 --> 00:20:46.450 goes for political capital but Sometimes it's 00:20:46.450 --> 00:20:48.309 the delta between the purchase price and the 00:20:48.309 --> 00:20:50.849 valuation. So you can see a sort of discounted 00:20:50.849 --> 00:20:55.470 amount on that. We talked a little bit about 00:20:55.470 --> 00:20:57.970 the loan guarantee and the challenges there. 00:20:58.609 --> 00:21:01.769 You know, how government can essentially make 00:21:01.769 --> 00:21:03.529 things a little tougher than they need to be 00:21:03.529 --> 00:21:06.690 by creating too many levels of bureaucracy before 00:21:06.690 --> 00:21:09.130 you can actually get approval with projects. 00:21:10.049 --> 00:21:13.569 And a really great question towards the end was, 00:21:14.680 --> 00:21:17.819 It was framed in the way that the nations are 00:21:17.819 --> 00:21:20.380 getting stronger, the opportunities are getting 00:21:20.380 --> 00:21:24.720 greater, and at some point, the financial power 00:21:24.720 --> 00:21:27.980 that's going to come with a collective effort, 00:21:28.200 --> 00:21:30.640 what does that look like as far as having influence 00:21:30.640 --> 00:21:33.880 with government? And how can we amalgamate ourselves 00:21:33.880 --> 00:21:37.559 in a way that is influential? And we admitted, 00:21:37.680 --> 00:21:40.500 I think, as having two chiefs at our table, that 00:21:40.500 --> 00:21:43.609 sometimes we can be our own worst enemies. And 00:21:43.609 --> 00:21:46.250 sometimes our differences we can't set aside 00:21:46.250 --> 00:21:49.430 because people want to hold their cards close. 00:21:49.990 --> 00:21:52.490 They don't want to share. They don't want to 00:21:52.490 --> 00:21:54.769 have the open discussion about what overlaps 00:21:54.769 --> 00:21:57.390 can mean and how they can actually benefit more 00:21:57.390 --> 00:22:00.569 communities. So we need to do some work internally 00:22:00.569 --> 00:22:04.789 and think about the world of these financial 00:22:04.789 --> 00:22:07.849 and project opportunities versus the world of 00:22:07.849 --> 00:22:10.920 the... rights and title approach, and they both 00:22:10.920 --> 00:22:12.839 have to be working together. So those are just 00:22:12.839 --> 00:22:16.680 a few thoughts. Thank you. Hal Eagletail provides 00:22:16.680 --> 00:22:20.079 insights on navigating Indigenous business environments 00:22:20.079 --> 00:22:23.779 and leveraging community resources for long -term 00:22:23.779 --> 00:22:28.559 prosperity. So ours was regenerating land and 00:22:28.559 --> 00:22:33.319 community energy and land use. I was with Tabitha 00:22:33.319 --> 00:22:38.740 and Chief Don. So basically, what I interpreted 00:22:38.740 --> 00:22:42.420 at the beginning was that before the coming of 00:22:42.420 --> 00:22:47.240 European people 500 years ago to Canada, the 00:22:47.240 --> 00:22:50.779 First Nations had the most intricate free trade 00:22:50.779 --> 00:22:55.140 from North to South America. Our economy thrived 00:22:55.140 --> 00:22:58.660 and existed. And when the European people came, 00:22:58.940 --> 00:23:01.539 they took our trade routes. They took our commodities. 00:23:01.599 --> 00:23:04.420 They put in their dollar value from our bartering 00:23:04.420 --> 00:23:09.740 system. And what we need to do today as First 00:23:09.740 --> 00:23:13.400 Nations is reactivate our traditional trade. 00:23:13.980 --> 00:23:20.140 And having joint ventures and collectively working 00:23:20.140 --> 00:23:24.619 together will help us reactivate. So every nation 00:23:24.619 --> 00:23:27.359 in Canada, 634 nations, need to take an inventory. 00:23:27.799 --> 00:23:30.240 What do they have to bring to the table? Agriculture, 00:23:30.720 --> 00:23:34.299 horticulture, oil and gas, forestry, fisheries. 00:23:34.990 --> 00:23:40.509 And the UK, two months ago, we came and visited 00:23:40.509 --> 00:23:43.630 Parliament, and they want to do reconciliation 00:23:43.630 --> 00:23:46.710 with First Nations directly, have sovereign -to 00:23:46.710 --> 00:23:49.769 -sovereign trade. So First Nations signed treaty 00:23:49.769 --> 00:23:52.670 with Great Britain. We have the Union Jack on 00:23:52.670 --> 00:23:58.250 our flags to respect that. And this is the Parliament's 00:23:58.250 --> 00:24:01.799 interpretation of reconciliation. So if they 00:24:01.799 --> 00:24:04.900 do decide to have a free trade directly with 00:24:04.900 --> 00:24:08.240 First Nations, this is where we need to reactivate 00:24:08.240 --> 00:24:10.920 our trades to work collectively to go after the 00:24:10.920 --> 00:24:14.940 big UK contracts, whether it's in agriculture, 00:24:15.380 --> 00:24:18.039 horticulture, oil and gas, textiles, or whatever. 00:24:18.980 --> 00:24:23.279 But I also told Parliament, you have to ratify 00:24:23.279 --> 00:24:27.619 the Jay Treaty. This is the treaty between Canada 00:24:27.619 --> 00:24:31.259 and U .S. to have the free flow of First Nations 00:24:31.259 --> 00:24:35.680 because we never had any borders in place. So 00:24:35.680 --> 00:24:38.900 U .S. gratified it. Great Britain has to ratify 00:24:38.900 --> 00:24:41.900 it so that we can have this free flow and we 00:24:41.900 --> 00:24:44.920 can get our First Nations in the U .S. to come 00:24:44.920 --> 00:24:47.980 into the free trade market with us on a global 00:24:47.980 --> 00:24:51.259 market and global stage. So looking forward to 00:24:51.259 --> 00:24:55.690 that. Thank you. Final thoughts from Bernt Christmas, 00:24:56.089 --> 00:25:00.349 Chief Derek Epp, Scott Munro, and Fred de Blasio 00:25:00.349 --> 00:25:04.190 on Indigenous Partnerships in Canadian Infrastructure 00:25:04.190 --> 00:25:09.589 today. We have time for sort of one final thought 00:25:09.589 --> 00:25:12.690 from each panel member. So maybe we'll start 00:25:12.690 --> 00:25:15.910 with Bernt this time. Yeah, I think the thought 00:25:15.910 --> 00:25:21.269 is for people that come here for this particular 00:25:21.269 --> 00:25:24.400 conference, Basically, we're open for business. 00:25:25.000 --> 00:25:28.460 Please come and see us. There's an infinite number 00:25:28.460 --> 00:25:32.619 of opportunities in Canada to partner with our 00:25:32.619 --> 00:25:35.900 communities, and you'll be pleasantly surprised. 00:25:36.380 --> 00:25:43.319 There's lots to go around, so to speak. Yeah, 00:25:43.539 --> 00:25:46.000 I think, great point, and echo that, and just 00:25:46.000 --> 00:25:49.000 maybe acknowledging now we have the tools to 00:25:49.000 --> 00:25:51.059 play the games. And now we have the tools to 00:25:51.059 --> 00:25:54.039 be a part of the economy and we are open for 00:25:54.039 --> 00:25:56.500 business and come to Canada. I think there's 00:25:56.500 --> 00:26:02.359 a lot of opportunities. I would say that as investors 00:26:02.359 --> 00:26:07.619 demand more accountability from a sustainability 00:26:07.619 --> 00:26:11.160 perspective and from an ESG perspective, there's 00:26:11.160 --> 00:26:14.240 a great upside to partnering with First Nations 00:26:14.240 --> 00:26:17.019 and Indigenous peoples because that's inherent 00:26:17.019 --> 00:26:20.809 in who we are. We never used the word ESG or 00:26:20.809 --> 00:26:25.130 sustainability, but that's the way we have always 00:26:25.130 --> 00:26:29.589 approached everything from a sustainable perspective. 00:26:29.690 --> 00:26:32.269 We don't think in short term. We think about 00:26:32.269 --> 00:26:35.269 long term, and we think about how to only take 00:26:35.269 --> 00:26:39.009 what we can that doesn't prevent future generations 00:26:39.009 --> 00:26:42.809 from being impacted negatively. So that's sustainability 00:26:42.809 --> 00:26:45.809 to me. So I think there's great opportunity to 00:26:45.809 --> 00:26:49.170 see more Indigenous inclusion in sustainability 00:26:49.170 --> 00:26:51.609 standard setting and sustainability requirements. 00:26:51.829 --> 00:26:55.089 So think about that as you're looking to inform 00:26:55.089 --> 00:26:57.170 investors, because I think you'll get a positive 00:26:57.170 --> 00:27:00.509 reaction if you're able to demonstrate that your 00:27:00.509 --> 00:27:03.109 work and your investing decisions are taking 00:27:03.109 --> 00:27:05.609 into account the expectations of Indigenous peoples 00:27:05.609 --> 00:27:08.190 from a sustainability perspective. And I think 00:27:08.190 --> 00:27:12.650 you'll be rewarded for it. The legal framework 00:27:12.650 --> 00:27:17.170 in Canada has changed its material. It's a powerful 00:27:17.170 --> 00:27:21.029 tool. It's not a veto, but let's call it maybe 00:27:21.029 --> 00:27:24.259 a quasi -business veto. The total addressable 00:27:24.259 --> 00:27:27.440 market of the opportunities is absolutely massive. 00:27:27.859 --> 00:27:31.480 And so I really encourage everyone to lean in 00:27:31.480 --> 00:27:34.059 and take the journey to Canada and engage with 00:27:34.059 --> 00:27:36.720 our First Nations and our First Peoples across 00:27:36.720 --> 00:27:39.460 the country. You'll find it a very welcoming 00:27:39.460 --> 00:27:41.839 place. I think you'll find that our value system 00:27:41.839 --> 00:27:45.660 is really something to be proud of. And as Scott 00:27:45.660 --> 00:27:48.259 just mentioned, when it comes to ESG, we were 00:27:48.259 --> 00:27:51.380 the originators of ESG. We've been living that 00:27:51.380 --> 00:27:54.519 since time immemorial. And so if you lean in 00:27:54.519 --> 00:27:56.119 and those three things are important to you, 00:27:56.160 --> 00:28:01.259 then you've got a lot of room to grow and to 00:28:01.259 --> 00:28:04.180 make incredible investments across the country 00:28:04.180 --> 00:28:07.799 and make really economic reconciliation a reality. 00:28:09.200 --> 00:28:11.599 We hope you enjoyed listening to some of the 00:28:11.599 --> 00:28:14.799 highlights from the 2024 summit. And today is 00:28:14.799 --> 00:28:17.680 going to be an even more exciting day. And we 00:28:17.680 --> 00:28:20.789 can't wait to share with you. some of the conversations, 00:28:21.029 --> 00:28:24.430 insights and people we're meeting today. Be sure 00:28:24.430 --> 00:28:26.529 to share, subscribe and leave a review on your 00:28:26.529 --> 00:28:29.190 favorite podcast channel. Thanks for listening 00:28:29.190 --> 00:28:31.089 to Drumbeats. Until next time.