投资于具有气候适应力的脱碳基础设施，以实现社会经济和气候变化目标

Group’s Global Infrastructure Facility (GIF), between 60-70%of global infrastructure investments are needed in middle- andlow-income countries. Over the next 40 years, as urbanisationcontinues to progress, more investment in urban infrastructuresuch as schools, hospitals, road construction, water andsanitation, energy and transport systems will be required(Global Platform for Disaster Risk Reduction, 2017). The scaleof the investment gap is well beyond the capacity of the publicsector alone. To address this funding deficiency, there is a needto mobilise private capital. 1The Geneva Association—International Association for the Study of Insurance Economics | Talstrasse 70, CH-8001 Z urich | Tel:+41 44 200 49 00 2Highest carbon-emitting sectors and countriesHighest carbon-emitting economic sectors (and related infrastructuresystems)of total global greenhouse gas (GHG) emissionsEnergy25%Agriculture, forestry andother land use24%Industry (e.g. chemical,waste management,metallurgical andmineral)21%Transport14%Buildings6%Other energy10%Source: Intergovernmental Panel on Climate Change (IPCC) Fifth AssessmentReport (IPCC, 2014)World’s highest greenhouse gas-emitting countries in 2013of total globalGHG emissionsChina27%United States14%European Union10%India6%Russia5%Japan3%Brazil2%Indonesia2%Canada2%Mexico2%Others27%Source: (World Resources Institute, 2017)Investors in infrastructure need to manage a multitude ofpolitical, regulatory, economic, financial and operationalrisksassociated with fragmented infrastructure governance,long infrastructure life cycles and infrastructure jurisdiction.These risks need to be addressed to attract long-term capital. www.genevassociation.orgInfrastructure governance, life cycle phases and relatedinvestor risksInfrastructure governance includes ownership, operationmodelling and delivery across the entire life cycle of theproject. There are five different governance models:1.Direct provision by the government (federal, provincialand/or local)2.Traditional public procurement3.State-owned enterprises (in full or part)4.Public-private partnerships and concessions5.Full privatisation with regulationThe infrastructure life cycle is comprised of severalphases, each engaging different stakeholders andtogether spanning several decades. There are six phasesof the infrastructure life cycle:1.Planning and acquisition2.Project financing3.Project design4.Construction5.Operation and maintenance6.Upkeep and improvementThe following risks arise from complexities ofinfrastructure governance and life cycle and jurisdiction:1.Regulatory risks, or changes in the regulations ofinvestments2.Political risks, such as nationalism, expropriation, civilwar, terrorism, riots and coups3.Supply-chain risks, or disruptions along the supply chain4.Economic and financial risks in different jurisdictions,particularly in emerging economies, where unexpectedfluctuations in inflation and exchange rates can impactrates of return and deter investment Disruptions to infrastructure—such as those from weather-related extreme events—can have adverse effects oneconomies, both domestically and internationally,harmingpeople’s well-being and impairing economic growth. Theincreasing frequency and severity of hazards linked to climatechange, the growing concentration of people and assets inhigh-risk regions, such as coastlines and cities, as well as poordevelopment planning and construction practices furtherexacerbate these impacts. Rapidly expanding urban areasand high-risk zones like coastal regions and flood plains areparticularly vulnerable.Four economic costs of post-disaster infrastructure failures:1Governmental post-disaster spending on uninsured orunderinsured public infrastructure, governmentbuildings and low-income dwellings;2Decreased tax revenues as a result of businessinterruptions caused by infrastructure damage andfailure (e.g. electricity, transportation, water);3The opportunity cost of diverting public funds fromdevelopment plans to infrastructure reconstructionrecovery efforts;4Reduced economic productivity, economic output andtrade.World Bank Group, 2014, 2017The insurance sector is a natural investor in and riskabsorber of infrastructure and can contribute tosolving this challenge.As risk managers and underwriters, insurers assess, price,carry and transfer risk.Non-life insurers already underwriteinfrastructure; however, the industry’s engagement varies bycountry and depends on specific national governance, policiesand regulatory frameworks. There are a number of challengesthat prevent the insurance sector from making a more powerfulcontribution to infrastructure risk management:•Insufficient access to reliable data to assess and pricerisk across the infrastructure life cycle, also reflectinginadequate consideration given to assessing the impacts ofphysical climate risks;•A lack of public spending in ex-ante risk-reductionmeasures;•Until recently, the preference of governments for self-insurance and post-dis