In the first of this two-part conversation, Riccardo is joined by a familiar trio—Emily Moore, Pouya Zangeneh, and Rob Patterson—for a wide-ranging and refreshingly candid unpacking of Montreal’s REM (Réseau express métropolitain) project and the structure behind it.
The REM is a modern driverless transit system, but that’s not where its innovation lies. Rather, the panel suggests, what’s unique is its governance and financing model: CDPQ Infra (a subsidiary of CDPQ, Quebec’s largest pension fund) acts as developer and financier for the multi-billion-dollar, revenue-backed public transit asset. The three infrastructure experts explore what makes this arrangement so unusual, what conditions were required for it to work, and whether it’s replicable outside Quebec’s distinctive political, legal, and trust environment.
The conversation digs into the often-overlooked “plumbing” of mega-project delivery: who holds accountability, who makes decisions, how consultation is structured, and why separating operations from development can change outcomes dramatically. Come back next week for part two, which delves into the long-horizon decisions behind the REM and how risk, regulation, and ownership shape mega projects.
Key Takeaways:
- The governance and legislative conditions that helped set the REM up for speed and results;
- Why the trust factor may be the silent enabler that makes this model politically viable;
- Why CDPQ Infra’s role as developer raises new questions about public vs. private delivery;
- What “risk” means when a pension fund is behind a project (and what happens if things go badly);
- Why project success often depends on the separation of owners and operators from developers.
Quote:
“Success comes from splitting the money from the project from the operational program, and I think they’ve done that really, really well.” - Rob Pattison
The conversation doesn’t stop here—connect and converse with our community via LinkedIn:
- “Montreal’s REM Project: Executive Summary of Replicable Elements”: https://drive.google.com/file/d/1PEyOyfVgetRiN8sGJ_07QfM9U7wFcFKo/view?usp=drive_link
- Season 3 panel on Public-Private Partnerships, Part 1: https://navigatingmajorprogrammes.transistor.fm/s3/56;
- Season 3 panel on Public-Private Partnerships, Part 2: https://navigatingmajorprogrammes.transistor.fm/s3/57
- Follow Navigating Major Programmes: https://www.linkedin.com/company/navigating-major-programmes/
- Read Riccardo’s latest at www.riccardocosentino.com
- Follow Riccardo Cosentino: https://www.linkedin.com/in/cosentinoriccardo/
- Follow Emily Moore: https://www.linkedin.com/in/emily-moore-7483311/
- Follow Pouya Zangeneh: https://www.linkedin.com/in/pouya-zangeneh-00537026/
- Follow Rob Pattison: https://www.linkedin.com/in/robsdoor/