Modern Building Services
10 MODERN BUILDING SERVICES MARCH 2021 NEWS ANALYSIS G lobal infrastructure could require at least $7 trillion spending on it every year if the world is to address the growing climate emergency and recover from the effects of the Covid-19 pandemic, according to a new report issued today by international engineering federation FIDIC, the International Federation of Consulting Engineers. The International Federation of Consulting Engineers are saying climate challenge is estimated to require at least $7 trillion a year to meet global infrastructure needs New report by FIDIC FIDIC’s first 2021 State of the World report, entitled Time to $Tn-vest, recommends a renewed and massive global effort to improve infrastructure spending to meet the investment challenge facing the world which would amount to a doubling of current infrastructure investment to at least $7 trillion. If the investment is not made and/or if the need is not lowered through innovation, FIDIC says, then meeting the UN’s sustainable development goals (SDGs) and making a full economic recovery from the Covid pandemic will be placed in jeopardy. The Time to $Tn-vest report highlights that the Covid pandemic and its economic effects, combined with the continued lack of investment to meet current infrastructure needs, let alone the SDGs, has created “the challenge of all challenges” for the world. “Never has the infrastructure sector faced such an extreme set of challenges concurrently. There is no longer just a gap of trillions of dollars in investment for current needs, but trillions more is needed to meet the SDGs and further trillions to repair and stimulate the economy following the impact of Covid,” says the report. “This comprehensive report shows that the challenge is not only significant but that we have not yet grasped the challenge of sustainability.”
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