A report by the International Federation of Consulting Engineers (FIDIC) argues that a minimum of $7 trillion a year should be spent globally to address climate change and aid recovery from the Covid-19 pandemic. Â
The "Time to $Tn-vest" report warns that if that level of spending is not reached, or is not lowered through innovation, the UN’s sustainable development goals will not be realised and a full economic recovery from Covid-19 may not be reached.
FIDIC adds that more support is needed for sustainable investment and maintenance spending, and recommends ending carbon-intensive investments.
Nelson Ogunshakin, FIDIC’s chief executive, said: The world faces a massive challenge for infrastructure.
"Given the scale of the challenge we face, FIDIC will not only continue to work in partnership with the international development banks, but increasingly also with global sovereign wealth funds and private investors to ensure that the financing requirements are available to make the necessary sustainable investment in global infrastructure and to ensure that this investment is maintained for the long term."
Peter Guthrie, professor of engineering at the University of Cambridge, said: "This comprehensive report shows that the challenge is not only significant but that we have not yet grasped the challenge of sustainability. Too often, we focus on narrow definitions and we need to expand our thinking. We are losing time and that is the one thing we can’t control."
Read the report here.
Image: Construction site (Mira Agron/Dreamstime)