Today InBC Investment Corp (InBC), the Province’s newest Crown corporation, declared itself open for business and launched its investment policy statement to guide investment decision-making.
Developed through the StrongerBC Economic Plan, the Province is providing InBC with $500 million to invest in venture capital funds and growing companies that demonstrate a measurable impact in driving climate action, innovating for the future, advancing reconciliation and elevating inclusive communities in B.C.
“Fostering innovative ideas and solutions is crucial to growing our economy, and creating more sustainable, inclusive and quality jobs and opportunities for British Columbians,” said Ravi Kahlon, Minister of Jobs, Economic Recovery and Innovation.
“InBC investments are about optimizing not just financial returns, but also generating social, economic and environmental returns for generations to come.”
With its investment policy statement launched, InBC expects to start investing in venture capital funds this fall and in businesses by spring 2023. The policy statement outlines policies, values and the corporation’s triple-bottom-line mandate to support people, profit and the planet.
“We are a strategic investment fund that focuses on valuing people, planet and profit as part of our decision-making process and long-term impact,” said Jill Earthy, chief executive officer, InBC. “Our purpose is to catalyze a more sustainable and inclusive future for B.C. through investment in innovation of both traditional and emerging sectors.”
InBC investments will be a patient, long-term source of capital to better support B.C. companies, create good jobs and develop inclusive, innovative technologies, products and services.
With this innovative strategy, InBC will influence positive systemic change by incorporating diversity, equity and inclusion, as well as environmental, social and governance values into every investment decision.