With the global infrastructure deficit expected to reach $15 trillion by 2040, the World Forum on Africa (WOFA) and other experts are calling for improved dialogue on integrated labeling and certification ahead of infrastructure development on the continent.
Experts noted that the need for infrastructure development is critical, and the measure will facilitate long-term capital flows to projects and their sustainability.
They say that while public sector finance remains important for infrastructure development, mobilizing private sector investment is essential to effectively and efficiently achieving global infrastructure investment goals.
At the first virtual roundtable hosted by WOFA on Inclusive Labeling and Standards for Major Infrastructure Projects in Africa, Dr Elizabeth Losos, Senior Research Fellow at the Nicholas Institute for Environmental Policy Solutions at Duke University, US, said that including Africa’s voice in global labeling efforts will lead to rapid environmental, social and governance (ESG) transformation in infrastructure projects.
Mr. Losos noted that FAST-Infra and Blue Dot Network’s labeling and certification efforts offer a huge opportunity to attract investors to Africa and finance sustainable infrastructure.
Recently, international organizations such as the G20 and G7 have launched efforts to harmonize labels and ratings for major infrastructure in developing countries, with the aim of reducing risk and delivering resilient and sustainable infrastructure projects that can attract long-term capital investment.
Some of these initiatives include FAST-Infra and Blue Dot Network. FAST-Infra is an initiative that mobilizes private finance and promotes collective action to de-risk investments in sustainable infrastructure, while Blue Dot Network evaluates and certifies infrastructure projects based on compliance with generally accepted principles and standards.
Speaking at the forum, WOFA convener Abi Haruna said the need for Africa to be adequately represented in global efforts on labeling and certification of infrastructure projects cannot be overemphasized.
According to him, the essence of the forum was to explore areas of cooperation to establish African-inclusive labels and standards for major infrastructure projects on the continent, with the aim of reducing risks and achieving sustainable and environmentally friendly infrastructure.
He said WOFA will continue to bring together stakeholders from around the world to ensure Africa’s infrastructure transformation is at the center of the discussion.
Aminou Akadiri, Director-General of the Federation of West African Chambers of Commerce and Industry (FEWACCI), with the support of the Economic Community of West African States (ECOWAS) and the African Development Bank (AFDB), called on stakeholders to plan and harmonize existing legal frameworks for infrastructure development in African member states.
Other speakers at the event include American Business Council CEO of Nigeria; Sarah Ntagara Margaret Olele, WOFA Co-Convenor, Marilyn Jeanine La Ferla, Representative, Federal Ministry of Trade and Investment, Nigeria.
