Launch of sustainable infrastructure accelerator partnership provides catalyst for global transition to sustainable future
Today the Sustainable Markets Initiative, Sustainable Infrastructure Foundation and FAST-Infra Platform sign a partnership to accelerate private sector investment into sustainable infrastructure.
According to the International Energy Agency, annual investments in energy sector infrastructure and technologies alone will need to increase from today’s level of more than $1 trillion to $4 trillion by 2030 to achieve net-zero emissions by 2050. During this transition, infrastructure needs are enormous, ranging from decarbonising energy systems, to building out electricity grids for power and transport, to developing highly efficient buildings. To realise this level of infrastructure, to future-proof it and to secure the required level of investment needed to deliver it, sustainability must be at its core. And because the world is not yet on track to achieve net-zero by 2050, we need to move much faster.
That is why the Sustainable Markets Initiative (“SMI”), the Sustainable Infrastructure Foundation (“SIF”) and the FAST-Infra Platform have come together in a partnership called the Sustainable Infrastructure Accelerator (“SIA”).
Noel Quinn, CEO, HSBC
This partnership will be an important catalyst to enable countries to realise their infrastructure needs in a sustainable way. Each partner brings a unique set of skills and opportunities to this partnership, which will help it to play a pivotal role in scaling investment in sustainable infrastructure.
As a collaboration, SIA will provide end-to-end support to countries to help build their infrastructure needs in a sustainable way and thereby have a higher likelihood of securing reliable investment. With the endorsement of His Royal Highness the Prince of Wales, and some of the world’s largest public and private sector institutions, such a partnership would bring about connectivity, expertise, while facilitating access to finance to make this colossal transformation become a reality.
Each partner brings a unique set of skills and opportunities. The partnership will provide end-to-end support to countries to help build their infrastructure needs in a sustainable way and thereby give a higher likelihood of securing reliable investment. It will take a coordinated and accelerated approach to the successful realisation of sustainable infrastructure projects.
Christophe Dossarps, CEO, Sustainable Infrastructure Foundation
In adopting a systemic approach to a complex problem, the Partnership will play a pivotal role in increasing the pipeline of bankable projects. The SOURCE software, delivered as a public good at no cost to governments, is proudly sponsored by the ADB, EBRD, EIB, IADB, IFC and WB. SOURCE connects seamlessly to SMI’s project development tool, so developers can move from an initial project readiness assessment to more detailed project preparation steps, including FAST-Infra. Ensuring a visible, qualitative pipeline of projects is a transformational lever for climate impact. We are proud to be part of this initiative.
Applying the strengths of each partner in the SIA, the partnership will take a coordinated and accelerated approach to the successful realisation of sustainable infrastructure projects. The partnership will create a joint steering committee to ensure the partnership meets its objectives and will report annually on progress.
Brian Moynihan, CEO, Bank of America
This partnership is another example of the important work that CEOs inside the Sustainable Markets Initiative are working together on, to bring the power of the private sector to solve the world’s greatest challenges. Led by Deloitte, EY, KMPG and PwC, the SMI has developed project delivery tools to improve collaboration between the public and private sectors, which will help ensure that private sector capital is working alongside public sector commitments to achieve global goals.
Read the full press release here