Developed world is neglecting infrastructure investment
The OECD has warned that as much as $53 trillion (£33.5 trillion) could be needed in infrastructure investment by 2030.
Similarly, the Confederation of British Industry (CBI) has delivered its own warning to the UK government that infrastructure planning needs an overhaul if the £200 billion investment the UK requires is to be achieved by 2015.
A report by the OECD, “Strategic Transport Infrastructure Needs to 2030”, reveals that air passenger traffic could double, air freight could triple, and port handling of maritime containers worldwide could quadruple by 2030.
The report argues that the infrastructure currently in place couldn’t even handle a 50% increase.
“Over $11 trillion of that will be required for ports, airports and key rail routes alone. Increased private-sector investment in strategic transport infrastructure will be essential,” according to the OECD report.
Meanwhile, many of the 52 infrastructure proposals in the UK have yet to reach a design stage, highlighting the current problems that exist as a part of the UK planning system.
Neil Bentley, deputy director-general at the CBI, says: “Businesses approve of the Government’s reforms to our major infrastructure planning system to streamline planning decisions, but it’s vital we don’t lose momentum while these significant changes take hold.
“Too many applications are still at the initial stages, at a time when we need major investment in our infrastructure.”