Building a sustainable future
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Best practice tends to be related to ensuring transparency and competition in procurement processes, as well as collaboration, and intensive social and environmental impact studies. It comes down to preparing projects well, and making sure there is a good competitive environment.Ziad Alexandre Hayek, President of WAPPP, World Association for PPP Units & Professionals
By 2035, the total infrastructure needs in the developing world are estimated to exceed US$40 trillion.
In November 2021, Biden’s government passed a landmark US 1.2 trillion infrastructure bill, the largest of its kind since the Great Depression. Funding will go toward modernizing roads and bridges, replacing deficient infrastructure, improving digital connectivity, and expanding on clean (sustainable) energy initiatives.
But given the extent of the current deficit, it is going to require partnerships with the private sector to combine public sector resources with private finance and expertise for governments to deliver on their promise.
Collaborative partnerships between the public and private sectors are not a US phenomenon, but a story that is playing out in countries around the world. Not only must the global infrastructure gap be addressed, but also the infrastructure funding gap.
This means that strategic structures must be operated and maintained to a standard that will benefit societies for decades to come. Amid an increasingly dire environmental situation, it’s also crucial that these projects are climate resilient, can satisfy the socioeconomic needs of the population, and can help countries achieve their sustainable development goals (SDGs).
For projects to be truly sustainable, they need to be future-proof and offer value for the future. It is not just the finance gap that the private sector can help source; it’s the knowledge gap, the innovation gap, and the resources gap too.
Public-private partnerships (PPPs) will play a vital role in addressing these complex issues and driving successful collaborative outcomes for society as a whole.
With these challenges in mind, we spoke to three leading members of the World Association for PPP Units & Professionals (WAPPP) to learn more about its thought leadership, the organization and its goals, the challenges faced by industry, and the way forward for PPPs to have the greatest positive impact – not only as a procurement mechanism, but as a means to help countries achieve their SDGs and drive sustainable economic growth.