{"id":27871,"date":"2026-05-22T21:52:11","date_gmt":"2026-05-22T21:52:11","guid":{"rendered":"https:\/\/www.rbc.com\/en\/?post_type=rbc_tl&#038;p=27871"},"modified":"2026-05-22T21:52:12","modified_gmt":"2026-05-22T21:52:12","slug":"trade-zone-canadas-infrastructure-comeback","status":"publish","type":"rbc_tl","link":"https:\/\/www.rbc.com\/en\/thought-leadership\/the-trade-zone\/trade-zone-canadas-infrastructure-comeback\/","title":{"rendered":"Trade Zone:\u00a0Canada\u2019s\u00a0infrastructure\u00a0comeback\u00a0"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<p>Also in this edition:&nbsp;The Power of Siberia 2 and implications for Canada&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-54b5ba3a1df01a128715e78554f1d9b1\" id=\"h-a-canadian-first\">A Canadian first<\/h2>\n\n\n\n<p>A year into&nbsp;Prime Minister Mark&nbsp;Carney\u2019s trade diversification push, global infrastructure investors are registering the signal.&nbsp;The Global Infrastructure Investor Association (GIIA)&nbsp;Spring 2026 survey\u2014covering leading infrastructure funds across North America and Europe\u2014ranks Canada #1 for investment attractiveness, ahead of the U.S. and Germany.&nbsp;It\u2019s the first time Canada has finished atop the annual&nbsp;survey. Here are the&nbsp;highlights:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Global infrastructure fundraising hit a&nbsp;record&nbsp;US$289&nbsp;billion&nbsp;in 2025. LP allocations are rising further in 2026\u2014but capital is concentrating, with the top 10 managers capturing 40% of total commitments. Commitments above&nbsp;$2&nbsp;billion&nbsp;are increasing&nbsp;most sharply.&nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Battery storage topped North American sector rankings for the first time. Regulated gas improved materially. Geopolitical risk is now priced&nbsp;in&nbsp;individual&nbsp;transactions: supply chain exposure, policy durability, and counterparty strength are deal-level considerations.&nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Canada\u2019s pension funds\u2014CPPIB, OMERS, Ontario Teachers\u2019,&nbsp;PSP\u2014sit at the intersection of that capital and those relationships. Their sovereign co-investment networks across Asia, the Gulf, and Europe are the intermediation&nbsp;layer&nbsp;global allocators.&nbsp;<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>The&nbsp;world&nbsp;is noticing the shift in Canada, but&nbsp;it wants to see evidence of&nbsp;intent and action.&nbsp;The&nbsp;federal&nbsp;government&nbsp;will&nbsp;get a chance to&nbsp;bolster&nbsp;the&nbsp;case&nbsp;for Canada&nbsp;at the&nbsp;Canada Investment Summit in Toronto this September.&nbsp;<\/p>\n\n\n\n<p>\u2014<strong>&nbsp;Shaz Merwat,&nbsp;Energy&nbsp;Policy Lead<\/strong>&nbsp;<\/p>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-df887e8b38de2ab3212c73344fde0da4\" id=\"h-look-what-s-trending-nbsp\">Look what\u2019s trending&nbsp;<\/h2>\n\n\n\n<p>In \u2018<a href=\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/insights\/surging-gold-prices-inroads-to-foreign-markets-cushion-canadas-exports\/\" data-dig-id=\"LP-27871-a5051657\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Surging gold prices, inroads to foreign markets cushion Canada\u2019s exports\" class=\"rbc-link-format\">Surging gold prices, inroads to foreign markets cushion Canada\u2019s exports<\/a>,\u2019&nbsp;RBC Economics notes&nbsp;that&nbsp;\u2018gold exports&nbsp;to the U.K. surged by a nominal&nbsp;$17 billion, or 76%, in 2025\u2014making gold Canada\u2019s second-largest export after crude oil\u2014significantly cushioning declines in other goods.\u2019&nbsp;<\/p>\n\n\n\n<div id=\"everviz-I3SN-7pzX\" class=\"everviz-I3SN-7pzX\" data-view=\"graph\"><\/div>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-88b2df6e11cccaa770de96ecbc9f02c7\" id=\"h-chokepoint-power-of-siberia-2-stuck-on-price-nbsp\">Chokepoint: Power of Siberia 2 Stuck on Price&nbsp;<\/h2>\n\n\n\n<p>It wasn\u2019t a headline agenda item of the&nbsp;Xi\u2013Putin summit&nbsp;this week, but the&nbsp;Power of Siberia 2, a long-stalled pipeline that would carry Russian natural gas east to China, inched back into the spotlight&nbsp;as a result of the two leaders high-profile meeting.&nbsp;<\/p>\n\n\n\n<p><strong>What is&nbsp;being proposed?<\/strong>&nbsp;<\/p>\n\n\n\n<p>A 2,600-kilometre&nbsp;pipeline&nbsp;carrying up to 50&nbsp;billion cubic&nbsp;metre&nbsp;per year&nbsp;of gas, nearly&nbsp;<a href=\"https:\/\/www.aljazeera.com\/features\/2026\/5\/20\/what-is-the-power-of-siberia-2-pipeline-that-russia-china-are-planning\" data-dig-id=\"LP-27871-98a21327\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"on par with the capacity\" class=\"rbc-link-format\">on par with the capacity<\/a>&nbsp;of the now idle Nord Stream 1, from Siberia\u2019s Yamal gas fields through Mongolia to China.&nbsp;&nbsp;<\/p>\n\n\n\n<p><strong>What\u2019s&nbsp;the&nbsp;holdup?<\/strong>&nbsp;<\/p>\n\n\n\n<p>For one thing, price.&nbsp;Beijing wants roughly&nbsp;<a href=\"https:\/\/www.upi.com\/Top_News\/World-News\/2026\/05\/20\/Russia-summit-gas-pipeline-deal-not-finalized\/7361779277200\/\" data-dig-id=\"LP-27871-05d32eef\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"12\u201313 cents per cubic metre\" class=\"rbc-link-format\">12\u201313 cents per cubic metre<\/a>, near Russia\u2019s domestic rate; Moscow wants double. The summit ended with warm words but no price&nbsp;or project&nbsp;timeline.&nbsp;<\/p>\n\n\n\n<p><strong>If it did come to be, how would it alter Chinese demand for non-Russian imports?<\/strong>&nbsp;<\/p>\n\n\n\n<p>An overland gas pipeline sidesteps maritime chokepoints China\u2019s seaborne LNG must run through, such as the Strait of Hormuz, where tensions have left oil and gas tankers stranded for weeks (two Chinese tankers&nbsp;<a href=\"https:\/\/www.aljazeera.com\/news\/2026\/5\/20\/chinese-supertankers-exit-hormuz-as-trump-vance-talk-up-iran-deal\" data-dig-id=\"LP-27871-6b45d3ee\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"passed&nbsp;through Hormuz\" class=\"rbc-link-format\">passed&nbsp;through Hormuz<\/a>&nbsp;this week). A direct pipeline link to Russia would displace gas that China might otherwise pull from global LNG markets, with potential downward pressure on prices.&nbsp;<\/p>\n\n\n\n<p><strong>Implications for&nbsp;Canada\u2019s&nbsp;LNG ambitions?<\/strong>&nbsp;<\/p>\n\n\n\n<p>According to Robert Johnston at the University of Calgary, Canada\u2019s gas story lies <a href=\"https:\/\/thehub.ca\/2025\/09\/12\/robert-j-johnston-russia-and-chinas-gas-mega-deal-shouldnt-stop-canada\/\" data-dig-id=\"LP-27871-101a8e3e\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"closer to home\" class=\"rbc-link-format\">closer to home<\/a>. More Russian gas east would push U.S. and Qatar LNG cargoes toward the same Asian buyers Canada is courting, impacting prices as LNG Canada&#8217;s second phase ramps up. But with an image of geopolitical stability and strong emissions credentials (Russian gas has an emissions intensity 50% higher than Canada&#8217;s gas) the decisive variable for Canada&#8217;s LNG ambitions&#8211;the rollout of major projects&#8211;is domestic execution rather than economics.<\/p>\n\n\n\n<p>Additionally, energy importers are increasingly wary of relying heavily on one geography, especially after Russia weaponized natural gas exports to pressure Europe as it ramped up its war in Ukraine, and Middle East suppliers are being hemmed in by the Strait of Hormuz blockade. Canada offers largely apolitical, stable supply in a fragmented world with disrupted energy trade flows.<\/p>\n\n\n\n<p>\u2014<strong>&nbsp;Vivan&nbsp;Sorab,&nbsp;Clean Tech Lead<\/strong>&nbsp;<\/p>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-90be578205097f80f6fbcf43f906129e\" id=\"h-the-week-that-was\">The week that was<\/h2>\n\n\n\n<p id=\"h-the-week-that-was\"><strong><a href=\"https:\/\/www.theguardian.com\/world\/2026\/may\/21\/oil-markets-nearing-red-zone-as-holiday-season-nears-warns-iea-chief\" data-dig-id=\"LP-27871-7eef33ab\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"IEA\" class=\"rbc-link-format\">IEA<\/a>&nbsp;warns oil markets nearing \u201cred zone\u201d by late summer<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>International Energy Agency Executive Director Fatih Birol warned oil markets could enter a \u201cred zone\u201d by July-August, with 14 million barrels per day disrupted, inventories falling, and no meaningful new Middle East supply entering the market amid the Iran crisis.&nbsp;&nbsp;<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p><strong><a href=\"https:\/\/www.ft.com\/content\/8d3f89fa-c39b-44c3-b22c-607e22b62e29?syn-25a6b1a6=1\" data-dig-id=\"LP-27871-83e80b9c\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"China\u2019s\" class=\"rbc-link-format\">China\u2019s<\/a>&nbsp;renminbi payment system sees record surge<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>China\u2019s Cross-Border Interbank Payment System (CIPS) processed a record average daily value of RMB920.5 billion (US$135.7 billion) in March, briefly peaking at RMB1.22 trillion and&nbsp;nearly 42,000&nbsp;transactions in a single day&nbsp;representing&nbsp;a surge in energy trade outside the U.S. dollar system.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p><strong><strong><a href=\"https:\/\/www.ft.com\/content\/a08e5619-6bd2-4e2c-9393-c6dd7e8f2a17?syn-25a6b1a6=1\" data-dig-id=\"LP-27871-be8808e3\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Brussels\" class=\"rbc-link-format\">Brussels<\/a>&nbsp;advances implementation of U.S. trade pact<\/strong>&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>EU lawmakers and member states reached a provisional agreement to implement last year\u2019s U.S.-EU trade arrangement, including safeguards allowing Brussels to suspend tariff reductions if Washington&nbsp;maintains&nbsp;steel and aluminum duties above agreed levels beyond 2026.&nbsp;&nbsp;&nbsp;<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p><strong><strong><strong><a href=\"https:\/\/www.reuters.com\/business\/aerospace-defense\/european-parliament-approves-new-eu-foreign-investment-rules-2026-05-19\/\" data-dig-id=\"LP-27871-6273a9af\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"EU\" class=\"rbc-link-format\">EU<\/a>&nbsp;approves expanded foreign investment screening powers<\/strong>&nbsp;<\/strong><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>The European Parliament approved new foreign investment screening rules covering sectors including AI, semiconductors, quantum, aerospace, energy, and critical infrastructure, broadening scrutiny over third-country investment across the bloc.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p><strong><strong><strong><a href=\"https:\/\/www.canada.ca\/en\/employment-social-development\/news\/2026\/05\/governments-of-canada-and-nunavut-partner-to-support-tariff-impacted-workers-and-strengthen-the-workforce0.html\" data-dig-id=\"LP-27871-6f5ece57\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Ottawa\" class=\"rbc-link-format\">Ottawa<\/a>&nbsp;and Nunavut launch tariff-response workforce program<\/strong>&nbsp;<\/strong><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>The governments&nbsp;announced more than $1.5 million in funding for marine-sector training and employment&nbsp;supports&nbsp;tied to tariff-related economic disruption.&nbsp;&nbsp;<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p><strong><strong><strong><a href=\"https:\/\/www.cbc.ca\/news\/canada\/manitoba\/trade-representative-india-9.7206041\" data-dig-id=\"LP-27871-a194a923\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Manitoba\" class=\"rbc-link-format\">Manitoba<\/a>&nbsp;opens trade office in India amid diversification push<\/strong><\/strong>&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Manitoba announced plans to&nbsp;establish&nbsp;a trade office in India as provinces continue pursuing direct commercial relationships abroad and reducing reliance on the U.S. market.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p><strong>\u2014Thomas Ashcroft, Global Policy Lead<\/strong>&nbsp;<\/p>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Plus: The Power of Siberia 2 and implications for Canada <\/p>\n","protected":false},"author":89,"featured_media":27887,"parent":0,"menu_order":0,"template":"","meta":{"_acf_changed":false,"disable_focal_point":false,"featured_image_focal_point":{"x":0.49,"y":0.5},"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"rbc_tl_category":[207],"rbc_tl_tag":[],"class_list":["post-27871","rbc_tl","type-rbc_tl","status-publish","has-post-thumbnail","hentry","rbc_tl_category-the-trade-zone"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Trade Zone:\u00a0Canada\u2019s\u00a0infrastructure\u00a0comeback\u00a0 - RBC<\/title>\n<meta name=\"description\" content=\"Plus: The Power of Siberia 2 and implications for Canada\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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