Ontario is doubling its transmission grid by 2040 through Indigenous equity partnerships - and doing it faster than jurisdictions still treating Indigenous engagement as compliance.

In this episode of Drumbeats, Matthew Jackson, Vice President of Indigenous Partnerships and Business Development at Hydro One Networks Inc., reveals how Canada's largest transmission company completely transformed its approach to Indigenous partnerships. The result? First Nations are now actively advocating to government for Hydro One's transmission projects in their territories.

Matthew leads partnership strategy at Hydro One, which operates over 90% of Ontario's transmission infrastructure across a territory five times the size of the United Kingdom. With a multi-billion-dollar capital investment programme and 14 transmission projects underway, Hydro One has implemented 50-50 equity ownership structures with Indigenous communities - proving that genuine economic

How do indigenous communities actually access Europe's £400 billion sustainable bond market? Part 2 provides the implementation roadmap.

Aude Rajonson from London Stock Exchange Group explains the preliminary steps debut issuers must take: creating sustainable bond frameworks with trusted advisers, identifying community priorities that align with ICMA principles, and engaging European impact investors who control 90% of global sustainable bond fund assets.

The flexibility is remarkable. Investment grade and high yield both qualify. Canadian dollars are accepted. Tenors are agnostic. The requirement is adequate disclosure in your prospectus for the investor base you're targeting.

Europe sits at the forefront of sustainable finance with sophisticated appetite for social and environmental outcomes. For indigenous communities addressing infrastructure gaps with measurable impact, this episode provides the step-by-step guidance for accessing concentrated European capital.

Essential listening for indigenous communities exploring international markets and institutional investors evaluating partnership opportunities.

The London Stock Exchange's sustainable bond market represents $400 billion in securities across 16 currencies, serving 1,200+ debt issuers from 90+ countries. But can Canadian Indigenous communities actually access these markets?

In this first of two episodes, Aude Rajonson, Head of Fixed Income Origination at the London Stock Exchange, answers this question definitively. She explains how the London Stock Exchange's sustainable bond market works for debut issuers.

We asked the critical questions: What's the minimum deal size? Do you need ratings? Can you issue in Canadian dollars? The answers remove common barriers. The London Stock Exchange has no minimum size requirement - $10 million private placements to $500 million public benchmarks all qualify. Canadian dollar issuance is fully supported. Ratings are common but not mandatory. Fee structure is upfront only, no annual costs.

Beyond practical access, Aude explains how the sustainable bond market evolved over ten years from pure green bonds to include social bonds (healthcare, education), sustainability-linked bonds, and innovative structures responding to community needs.

Part 2, which releases next week, explores specific innovations like blue and green bonds and the practical steps for debut issuers to access these markets.

Essential listening for institutional investors with sustainable finance mandates and Indigenous communities exploring international capital markets.

In this landmark episode of Drumbeats, we step beyond Canada for the first time to explore how Canadian Indigenous partnership models are transforming investment approaches worldwide. Juan Dumas, co-founder and partner at Meliquina, shares extraordinary insights from mediating disputes across Latin America - revealing patterns about project risk that fundamentally challenge conventional investor thinking.

Juan's career began in 1999 mediating environmental and social disputes in Argentina before moving to Ecuador, where he spent years resolving conflicts between development finance institutions, energy companies, and Indigenous communities. Working on renewable energy projects across Guatemala, Mexico, and Honduras, he encountered a pattern that would reshape his entire career: intense community opposition to projects with minimal environmental impact. When Juan asked community leaders privately whether they would build these projects themselves, every single one said yes.

The conclusion was unavoidable: communities weren't opposing projects because of environmental concerns - they were frustrated about being excluded from economic opportunities happening on their own territories. This realisation led Juan and his partner Michelle Haig (formerly in private equity renewable energy investment) to establish Meliquina, applying Canada's equity partnership model to Latin American renewable energy development.

For institutional investors evaluating Canadian opportunities - or infrastructure projects anywhere with Indigenous considerations - this conversation provides essential strategic intelligence. Juan's argument is compelling: when presented with equity partnerships, investors should ask "how well was this partnership structured?" because well-designed community involvement from scratch represents the strongest possible indicator of project success.

Links mentioned in the episode:

Drumbeats with Matt Jamieson

https://www.youtube.com/watch?v=lzlmth1MWG0

UK PACT

https://www.ukpact.co.uk/

Mark Magnacca and co-host Rob Brant analyse Canada's Prime Minister Mark Carney's first federal budget hours after delivery, focusing on Indigenous-specific provisions and infrastructure investment opportunities for UK and continental European investors.

Rob details three critical Indigenous economy initiatives: legislation enabling First Nations Finance Authority to lend directly to special purpose vehicles, building on their recent $500 million bond raise; pilot bonding programmes helping Indigenous contractors access defence procurement despite Indian Act collateral barriers; and mechanisms allowing First Nations to monetize transfer payments for capital investments.

The budget positions Canada to attract a trillion dollars in private capital over five years through doubling non-US exports, establishing a Critical Minerals Sovereign Wealth Fund, increasing defence spending substantially, and embedding Indigenous Advisory Council oversight in the Major Projects Office.

For institutional investors seeking practical intelligence on Canadian project finance and Indigenous partnership structures, this episode provides essential analysis connecting budget policy to actual deal flow. Subscribe to Drumbeats for continuing coverage as Carney's provisions translate into investable opportunities across Canadian sectors.

Links:

The Globe and Mail

https://www.theglobeandmail.com/politics/article-carney-federal-buget-2025-deficit/

Andrew Coyne

https://www.theglobeandmail.com/canada/video-opinion-andrew-coyne-says-carneys-budget-misses-the-mark/

Shannon Proudfoot

https://www.theglobeandmail.com/politics/opinion/article-federal-budget-2025-carney-manifesto-of-no/

Campbell Clark

https://www.theglobeandmail.com/politics/opinion/article-federal-budget-2025-carney-liberals-didnt-meet-expectations/

Adam Radwanski

https://www.theglobeandmail.com/business/article-carney-federal-budget-2025-climate/

Financial Times

https://www.ft.com/content/f67f453c-ff20-4991-9df4-7bfeb9cefacf

The Wall Street Journal

https://www.wsj.com/economy/canada-delivers-targeted-spending-public-sector-job-cuts-to-jolt-economy-98a3a10a

In this episode, Mark Magnacca and co-host Rob Brant are joined by Michael McPhie, Executive Chairman and Founding Partner at Falkirk Consulting. Michael previously served as President and CEO of the Mining Association of British Columbia, Chair of Ridley Terminals, and Chair of the British Columbia Institute of Technology.

He explained how Indigenous partnership quality determines project velocity in Canadian resource development. Falkirk contributed to Osisko Development Corporation's $700 million Cariboo Gold Project environmental assessment, accomplished in three years instead of a decade or more, through engaging Indigenous communities from the beginning.

Michael's insights are captured in "Weaving Two Worlds," co-authored with Christy Smith of the K'ómoks First Nation. The conversation explored why you cannot legislate trust but must build it through authentic relationships, and how Indigenous-company alignment with government accelerates regulatory approvals whilst removing political risks that damage project economics.

To get a copy of Weaving Two Worlds: Economic Reconciliation Between Indigenous Peoples and the Resource Sector go to this link: https://a.co/d/crUvdlH

In this Drumbeats episode, Mark Magnacca and Rob Brant are joined by Dallas Smith, President of Na̲nwak̲olas Council and former Chair of Coast Funds. Smith shares his journey from growing up between urban Vancouver and his North Island community to becoming a leader in Indigenous governance and economic development. He reflects on the $435 million Coast Funds model that has protected 3.1 million hectares of the Great Bear Rainforest while generating lasting economic opportunities. The conversation explores Indigenous-driven tourism, the potential of nation-to-nation trade, and how Indigenous-led financing frameworks are shaping sustainable investment and prosperity for future generations.

In this episode, Mark Magnacca and co-host Robert Brant are joined by Catherine Pennington, Director of Indigenous Advisory Services at KPMG. Catherine shares her path from social work to the energy sector and explains how Indigenous relations are shaping the success of major corporate projects. She highlights KPMG’s Truth and Reconciliation Action Plan, and KPGM's services specializing in Indigenous equity, commercial structuring, and financing. Catherine also speaks to the increasing demand for skilled Indigenous relations professionals, the relevance of international models for Canada, and the vital role of Indigenous participation in infrastructure and energy projects, unlocking more than $30 billion in private investment.