Opinion | How developing nations can get the infrastructure they need
- There is no shortcut to efficient, climate-resilient infrastructure projects that attract investors, and pathways include country reforms and global cooperation
- But countries must first chart their own paths and signal for change; only then can the World Bank step in to help secure financing
The global crises we are facing have brought us to a pivotal moment in development that demands our immediate, urgent attention.
We are only eight years from 2030, but a clear path to achieving the 17 sustainable development goals remains elusive. Infrastructure cannot be separated from climate action – it is the biggest contributor to emissions but also a sector that offers some of the greatest opportunities for decarbonisation. There is no quick fix. Instead, the global community needs a coherent, long-term strategy to develop more infrastructure of better quality.
What can be done? Above all else, develop consensus among governments, the private sector and the global community on four key actions: make every dollar count, establish a supportive, enabling environment backed up by political commitments, create investment opportunities, and embrace the imperative of joint action.
These actions are critical and mutually reinforcing. They represent the building blocks for increasing private investment in infrastructure and laying the foundations for post-crises recovery.