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Globe says Microsoft, rivals hear Ottawa mulls AI boost

2024-12-13 08:34 ET - In the News

See In the News (C-MSFT) Microsoft CDR (CAD Hedged)

The Globe and Mail reports in its Friday, Dec. 13, edition that Ottawa is considering making up to $15-billion available to encourage major Canadian pension funds to invest in green energy-powered data centres for artificial intelligence. The Globe's James Bradshaw writes that this proposal was discussed in private consultations ahead of the fall economic statement. The federal government is mulling investment incentives to encourage Canada's largest pension funds, which manage over $2.4-trillion, to invest more domestically to boost economic growth. This year has seen a national debate on whether these funds invest enough in Canada, fuelled by calls from senior business leaders for changes in rules to promote domestic investment. However, pension fund leaders oppose any measures that would mandate such investments, emphasizing their need for independence and the ability to invest globally for optimal returns while managing risks. The government's end goal is to attract capital to Canada by inviting pension funds to make more big-ticket investments in the country, according to a fourth unnamed source. Ottawa is considering designating the development of green-powered AI data centres as a national priority.

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