But Moe says if Prime Minister Mark Carney really wants to unlock investments in major projects, then the government should walk back a number of environmental policies he says are getting in the way.

Carney says the fund will be used to invest in major Canadian industrial projects across a variety of sectors and that it would receive a $25 billion endowment to start.

The prime minister says he expects the fund to support projects that come with national benefits, but Moe says ditching Ottawa's impact assessment process and signing a new agreement on industrial carbon pricing would go a lot further in boosting the economy.

The premier also says his province has discussed creating its own sovereign wealth fund, but a string of recent deficits has stopped the idea from getting off the ground.

Moe says it's a concern that Carney will need to work through as well, considering Ottawa is projecting deficits of more than $50 billion for the next five years.

"I think that would generally be a concern of Canadians. However, the broader thought of having a sovereign wealth fund, I think, is a good discussion to have," Moe told reporters in Regina Monday.

"If it's going to truly be effective and be able to apply dollars into it that are not coming from being loaned from a bank or an institution, you're only going to do that through the growth of your economy."

This report by was first published April 27, 2026.