Cenovus says it will be putting $50 million towards homes in Indigenous communities including the Cold Lake First Nations. The energy giant made the announcement in a release on Thursday.
The funding will come as $10 million over five years to build about 200 new houses in places like the Cold Lake First Nations, Beaver Lake Cree Nation and Heart Lake First Nation.
“Investing in Indigenous communities near our operations and ensuring they share in the benefits of resource development has always been part of how we do business. Today, we see an opportunity to step up and do more,” said Alex Pourbaix, Cenovus President & Chief Executive Officer. “We can’t solve the Indigenous housing crisis by ourselves, but through this initiative, we have the opportunity to significantly improve the lives of many families currently living in overcrowded and unsafe conditions.”
The plan came about as the company celebrated its 10th anniversary. Depending on the success of the initiative the company says it may consider extending the program to 10 years with a total investment amount of $100 million.
Cenovus has two oilsands operations in northeastern Alberta: Christina Lake and Foster Creek.