Paying for results: Outcomes-based financing looks to the next chapter

New geothermal heating units in the Peguis First Nation in Manitoba haven’t just generated savings but have improved heating for homes in the community, and also spawned a small industry in the community. Many of the units were paid for through an innovative tool called outcomes-based finance.Heating homes in the Fisher River Cree Nation in central Manitoba has long been labour-intensive and costly.

The outcomes fund led the $5.1-million geothermal program at Fisher River and nearby Peguis First Nation, which brought together Indigenous nonprofit Aki Energy, Canada Mortgage and Housing Corp., and Efficiency Manitoba to install the units. The group formed the foundation to offer Indigenous partners research and education, and to seek ways to improve economic and health conditions in communities. Raven is also planning installations of solar panels and ground-source heat pumps for other reserves.

Typically, governments offer rebates to homeowners for energy-saving technology, but houses on reserve are community-owned, making financing more complicated. OBF is designed to help as governments struggle to spend efficiently, especially on tightly focused items. Some of its iterations include pay-for-success models and social impact bonds. The latter was first used in Britain in 2010, and since then, investors have plowed US$722-million into 275 projects serving over two million beneficiaries.

“There’s always an issue with Indian Affairs and because there’s only so much money that they have available it doesn’t go around to every place that needs it,” he said. “It’s a priority list they have for every community inSome government-run programs work for Indigenous people, and there is no need to replace them all, Mr. Cyr said, “but over the past two centuries, governments created the reserves system and supported residential schools, so they can’t be expected to get everything right.

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