According to the latest report of the International Federation of Consulting Engineers – FIDIC (“Fédération Internationale Des Ingénieurs-Conseils“), global infrastructure projects will need at least $ 7 trillion a year to respond to the growing problems caused by climate change and the effects of the COVID-19 virus. FIDIC’s first “State of the World” report, entitled “Time to $ Tn-vest”, recommends an innovative and massive global response to increase infrastructure investments to adequately address climate challenges, and in particular the challenges posed by in the era of the “corona” pandemic.
Particular attention was given to the declared goals of the UN in terms of sustainable development, noting that if radical reforms in terms of infrastructure development are not undertaken as soon as possible, the fulfillment of the sustainable development agenda will be jeopardized
It has been observed that at the moment, not only is there a need for trillions of dollars to meet existing needs, but there is a need for trillions of dollars to achieve sustainable development goals but also to start the entire world economy, slowed down by the COVID-19 pandemic.
In this regard, FIDIC has made three key recommendations:
1. Renew the global effort to improve infrastructure spending to meet the investment challenge facing the world.
2. Create global financial mechanisms to support sustainable investments and end all carbon-based investments and fossil fuel combustion.
3. Improve annual monitoring globally to ensure that infrastructure investments and maintenance costs are indeed undertaken in a sustainable way to fill the investment gap caused by years of underinvestment.
Filip Živanović, Attorney at Law