Infrastructure is a vital component of efforts to meet the UN Sustainable Development Goals (SDGs) and has particular importance in mitigating the impacts of climate change. Yet the Global Infrastructure Hub estimates that of the US$ 94 trillion needed to meet global infrastructure needs by 2040, there will be a $US 15 trillion investment gap.
The severity of this is compounded by the loss in current investment due to governance issues. The IMF estimates that inefficiencies result in a 30% loss, whilst in low-income countries this loss can reach 50%. Furthermore, during Covid-19 many governments have rapidly increased expenditure on healthcare infrastructure using emergency procurement measures to do so, risking corruption and inefficiency in the process.
CoST - the Infrastructure Transparency Initiative works globally with government, the private sector and civil society to heighten transparency, participation, and accountability in public and privately financed infrastructure. Through this approach, CoST has enabled better quality construction, greater trust in decision-makers and significant cost savings across its 19 member countries. Its impact stories range from saving US$ 460 million in Thailand to closing a corrupt institution in Honduras to rectifying serious project issues in Uganda.
This event will expand on how CoST and similar initiatives can meet infrastructure governance gaps and global investment needs, paying particular attention to how a multistakeholder approach influences change in complex political environments.
Speakers: Professor Richard Calland (University of Cape Town; Cambridge Institute for Sustainability Leadership), Evelyn Hernandez (CoST) and Professor George Ofori (London Southbank University; CoST Board).
Chair: Dr Armando Castro (University College London)