The Edge of Risk Menu 搜索
New thinking on corporate risk and resilience in the global economy.

Building Climate-Resilient Infrastructure in the Post-Pandemic World

With the global economy facing its最深处economic contraction since the Second World War, many governments are looking to infrastructure development to reinvigorate growth. Investments in infrastructure have the potential to boost productivity, facilitate trade and generate widespread multiplier effects that can aid economic recovery. As public sector support for infrastructure development and adaptation grows, new opportunities are likely to emerge for private infrastructure owners and operators — both in the construction of new infrastructure, as well as in the enhancement of existing assets.

However, therisk profile of infrastructure assetsis shifting: Climate change is imposing new pressures on the long-term and stable returns traditionally promised by the infrastructure sector. Volatility in the earth’s climate and an unprecedented global transition toward low-carbon energy and consumption is presenting new risks, and the private sector will not be able to effectively protect against these risks alone.


Public Sector Engagement

Valuing resilience and sustainability:政府参与可能是有助于确保气候弹性适当估值并定价到每笔资产。目前,并非所有公共部门采购流程都认识到重要性Life Cycle Cost Analysisin evaluating bids for new assets. This can result in higher-cost bids embedded with greater levels of climate-resilience going unbuilt. Enhancing existing assets with new resilience measures also often requires regulators to renegotiate price determinations — many regulatory settlements on pricing, however, tend to emphasize short-term consumer price cuts at the expense of long-term resilience.

Engaging with the relevant public sector entities early to communicate the broader positive externalities and lifetime saved-costs from resilience-building can encourage that resilience and sustainability are priced and valued appropriately.

Crowding in private investment:In asurveyof 230 economists and policymakers on the pathways to economic and climate recovery following the pandemic, investments in “clean energy” and “connectivity” infrastructure emerged as highly ranked policy instruments with widespread potential benefits. Stimulus packages for green infrastructure are indeed being increasingly identified as a potential recovery mechanism by academics and policymakers alike and could provide investors with new opportunities.

However, although some programs may support private investment in infrastructure, investors must be prepared for packages that may crowd out or compete with private investments for green infrastructure projects. Opening up channels of dialogue with governments on this issue can provide investors with an opportunity to influence stimulus package structures and ensure that public and private funding are more complementary than they are competitive.


Partnering with industry associations:全球基础设施投资者协会(GIIA)等行业协会可以为上述公共部门订婚的形式提供独特的机会。GIIA在U.K.,欧盟和美国和美国的高级公共官员致力于探索私营部门投资者如何帮助支持COVID-19经济刺激,同时还提供其他重要的政策目标,如气候恢复力。The GIIA serves as an advisory council member for the U.S. National Governors Association’s infrastructure initiative, for example, and has hosted workshops and roundtables for both senior European Commission officials regarding the European Green Deal and the U.K.’s minister of state for investment on the U.K.’s transition to net zero. Such advocacy and stakeholder engagement on behalf of the private investment community can be an impactful accelerant for measures that encourage greater levels of private investment in climate resilient infrastructure.

Peer Engagement

Information- and data-sharing:对全球供应和价值链的交织,技术集成到建筑环境中的整合和城市化的扩展正在加强基础设施资产之间的互连和相互依赖性。188bet滚球投注这些链接正在产生相互依存的风险:风险事件不会直接影响资产,而是影响相邻的社区或相关的基础设施网络,掀起资产所讨论的资产。遭受暴风雨的直接伤害的港口可能会发现其吞吐量,例如,由于严重破坏了提供货物的铁路和道路的风暴减少。

Information-sharing between infrastructure owners can, therefore, be instrumental in building resilience for a larger system of assets. Data-sharing between private-sector peers can contribute to early-warning signals based on information drawn from diverse sources. This may require building trust and establishing security protocols between firms or a public sector body to act as an intermediary for the collection of sensitive data and the hosting of information-sharing workshops and events.

协作复制建筑:与基础设施或非基础设施公司面临着类似的气候风险的合作可以实现洪水障碍/堤坝等急需多资产保护措施的投资,或者汇集到冷却设施和代理商。The United Kingdom’s major High Speed 2 (HS2) railway, for example, plans to use collaborative working arrangements with local infrastructure operators along the railway’s network to ensure protection from a variety of interdependency-based climate risks: This will include risks of flooding, overheating and ICT or electricity failures from climate events.

Local Community Engagement

Identifying risks:Early engagement with relevant communities can reveal localized risks that are often challenging for firms to uncover without being privy to the local context. Establishing communication channels with local communities can uncover specific climate risks that a new asset may exacerbate and can highlight subcommunities that may be disproportionately affected by the fallout (such as racial or low-income groups). This engagement can also provide an owner-operator insight into market trends that may be generated by the climate transition in a specific community. Changing preferences around energy consumption or transportation use can have significant impacts, ultimately on revenue and utilization, for example.



Establishing trust and attracting investment:Disclosure on climate risks is becoming a growing requirement for establishing the trust of investors. Climate risk disclosure can include scenario-based stress testing results, a written recognition of a variety of climate risks and commitments to adaptation or mitigation, or published disclosure forms from established standards such as those from全球房地产可持续发展基准or theTask Forceon Climate-Related Financial Disclosures. Proactively including this material in investor relations communications or in engagement documentation can prevent the shifting requirements for climate disclosure from eroding investor confidence or from alienating climate-risk minded investors.

Identifying thekey stakeholdersrelevant to an infrastructure asset — that is, stakeholders that stand to either significantly benefit or be harmed by the asset’s construction and operation — and collaborating with those stakeholders will be a crucial method of建造持久climate resilience. This approach establishes a dynamic method of resilience-building: one that leverages changing perspectives from a diverse base of sources to help navigate the ever-evolving landscape of the climate challenge.Global Risks for Infrastructure: The Climate Challenge,最近从Marsh McLennan和GIIA的报告探讨了这种方法的特殊应用以及更广泛的恢复力建筑框架,可以帮助基础设施所有者和运营商导航这种景观。

Blair Chalmers

Marsh McLennan优势主任

布莱尔在沼泽McLennan查尔默斯是一个导演睡觉antage and leads the unit’s agenda for the infrastructure and construction sectors. Prior to this role, he worked for Oliver Wyman, the management consultancy, with a focus on clients in asset intensive industries.


CEO of the Global Infrastructure Investor Association

劳伦斯斜坡加入了the Global Infrastructure Investor Association截至2020年1月的首席执行官,自2015年以来,最近一直是Energy Engit的首席执行官。自20世纪90年底在世界各国在世界各国工作以来,他参与了能源行业。Lawrence is a member of the UK Government’s Committee on Fuel Poverty, an Advisory Board member of Connected Kerb, a Board Trustee and Audit Committee member of the Money Advice Trust (who run the National Debtline and Business Debtline), and is also a fellow of the Energy Institute.

边缘的日常通讯提供关于企业风险和弹性的新思路。 订阅