Scotiabank commits $100B in capital for Canadian projects

Key Takeaways:

• Scotiabank launched the Scotia Growth Institute to guide long-term productivity and competitiveness strategies across Canadian and North American markets.
• The bank committed over $100 billion in capital and $50 million in workforce training funds to support domestic major projects, high-growth industries, and artificial intelligence development over five years.
• Former trade diplomat Ambassador Kirsten Hillman was appointed Lead Strategic Advisor to lead the institute’s external advisory committee.

The Whole Story:

Scotiabank has launched the Scotia Growth Institute, a strategic advisory platform aimed at enhancing long-term competitiveness, productivity, and economic growth across Canada and North America. Concurrently, the financial institution committed over $100 billion in financing, underwriting, and investment over the next five years to fund domestic projects in key growth sectors.

The newly formed institute will provide data-driven insights and policy guidance to business leaders, markets, and government decision-makers. To lead its external advisory mandate, Scotiabank appointed Ambassador Kirsten Hillman—one of Canada’s leading experts on trade and international economic affairs—as Lead Strategic Advisor. Among its initial deliverables, the institute released an analytical tracking tool evaluating Canada’s major infrastructure and industrial project pipeline against national economic targets.

“Every day, we hear from our clients and partners about the challenges and opportunities shaping the future of their businesses and the broader economy,” said Scott Thomson, President and CEO of Scotiabank. “The decisions we make today around investment, productivity, and competitiveness will influence that future for generations to come. The Institute will examine where Canada can accelerate, and what it will take to turn the country’s strengths into lasting prosperity.”

Ambassador Hillman emphasized the strategic focus of the initiative: “Canada does not lack ambition or opportunity. What is needed is sharper analysis, practical solutions, and a clear understanding of where we can compete and lead. I am proud to be joining the Scotia Growth Institute to lead its external advisory group and help bring together evidence and expertise to support this critical work.”

The bank’s $100-billion financial commitment will focus on strategic sectors identified through the federal government’s Major Projects Office and national economic development frameworks. Additionally, Scotiabank will deploy $50 million through its ScotiaRISE initiative to fund workforce training programs focused on high-growth industries, artificial intelligence, and technology innovation to address emerging labor market shortages.

One of the first reports from the institute evaluated Canada’s nationwide infrastructure and economic expansion pipeline one year after the enactment of the Building Canada Act and the establishment of the Major Projects Office (MPO). The analysis established a bottom-up baseline for a combined national project inventory totaling $1.148 trillion (aggregating Natural Resources Canada’s $637 billion dataset, ReNew Canada’s $341 billion dataset, and the MPO’s $342 billion ledger across 18 Major Projects and nine Transformative Strategies, minus overlaps).

Key investments and sectors highlighted include the $35.2B–$43.7B West Coast Oil Pipeline (WCOP), the $60B–$90B Alto High-Speed Rail corridor, the ~$70B Labrador Trough clean power and critical minerals corridor, and $33B for LNG Canada Phase 2.

The report noted that while early leading indicators such as foreign direct investment (FDI) and capital intentions show positive momentum, it cautions that Canada faces a steep “expenditure wall” concentrated between 2027 and 2031 (peaking at over $40 billion annually in 2028–2029), which will heavily test skilled trades availability, supply chains, cost containment, and execution.