On November 4, 2025, Canada released a prudent, investment focussed Canada Strong Budget 2025 (“Budget 2025”) that is in line with the global energy transition in all major global economies other than the U.S. In doing so, it has: (i) accepted and embraced the country’s innate nature as a climate-forward, responsible energy, mineral, and nature resource producer with strong Indigenous rightsholders; and (ii) put in place the investment structures and tax incentives to go beyond resource production and lead in the knowledge economy. As with all government announcements, the success of the Budget 2025 strategy will rest on implementation, particularly the speed with which the government, Indigenous rightsholders, and cooperative provincial and territorial governments can manifest the changes outlined in the 2025 Budget. The thrust of the new approach has tell-tale signs of a good investment finance strategy with new infrastructure and resource development funds, tax incentives, and necessary regulatory backstops. It is focussed on economic, infrastructure, and climate outcomes rather than aspirational targets (which Canada has repeatedly missed). Fiscal discipline is reflected in a downsizing (10%) of the public service largely through attrition, AI, and elimination of open positions that can be filled by same. Key climate, energy, and Indigenous elements of Budget 2025 include: Climate Action. Budget 2025 introduces new and proposed funding to support climate action, alongside the formal elimination of federal consumer carbon pricing (see our earlier bulletin here) and other program adjustments and reallocations, including: Direct Delivery Stream for Adaptation and Infrastructure. $6B over ten years, beginning in 2026–27, for a Direct Delivery Stream under Housing, Infrastructure and Communities Canada, to support regionally significant projects related to climate adaptation, retrofits, and community infrastructure. Biofuels Production Incentive. $372M over two years for a Biofeuls Production Incentive to Natural Resources Canada to establish a production incentive for biodiesel and renewable diesel producers (starting in 2026). Elimination of…