Overview

Background

Across the world, inadequate infrastructure in developing countries and aging infrastructure in advanced economies present major economic and social challenges for governments and businesses. It is estimated that global capital demand for infrastructure investment is around $57 trillion between 2013 and 2030[1]. Given widespread fiscal constraints in the wake of global financial crisis, assembling the necessary investment required by public finance alone is a challenge. It is expected therefore that private sectors and institutional investors to play a more import role in future infrastructure investment. Despite this however, there remain many barriers for private sectors and institutional investors to match their competitive position in market with illiquid infrastructure asset. Ultimately the main challenge is not a fundamental lack of capital, but rather a shortage of bankable infrastructure projects.

In addition to this it is important to recognise that infrastructure investment shapes the way we frame and engage with climate change and sustainability between the present and the future. Unfortunately, very little is known about the impact of infrastructure investment on the quality and reliability of infrastructure services, the economy and the environment. The conventional project-by-project investment approach neglects critical systemic risks such as interdependency and climate change to foster strong, sustainable and balanced growth.

In these aspects, academia has a lot to share with policymakers and practitioners – either from engaging with institutional investors for the new era of infrastructure investing[2], or from developing an integrated ‘system-of-systems’ strategies for planning infrastructure investment in the long term[3].

As such, the Smith School of Enterprise and the Environment (SSEE) and the Infrastructure Transition Research Consortium (ITRC) organised a one-day conference on “Infrastructure Investment in Emerging Markets and Developing Economies: Systems-Thinking for New Institutions and Global Challenges” on 2 July 2015 at St Catherine’s College, University of Oxford to explore the issues raised above. The conference attracted 17 world’s leading infrastructure experts and more than 150 attendees. One major outcome of this conference is the recognition of the need to establish a platform that facilitates collaboration and communication on infrastructure between academics, policymakers and practitioners worldwide. As such, we propose to establish the Oxford International Infrastructure Consortium (OXIIC) so as to meet those aforementioned challenges.

 

[1] http://www.mckinsey.com/insights/engineering_construction/infrastructure_productivity

[2] Clark, G.L., Monk, A., Orr, R. and Scott, W. (2012) The New Era of Infrastructure Investing. Pensions, 17: 103-111.

[3] Hickford, A.J., Nicholls, R.J., Otto, A., Hall, J.W., Blainey, S.P., Tran, M. and Baruah, P. (2015) Creating an ensemble of future strategies for national infrastructure provision. Futures, 66: 13-24.

Mission

The mission of OXIIC is to facilitate communication and collaboration on infrastructure between academics, policymakers and practitioners worldwide.

 

Vision

Global Infrastructure Network

To offer the world-class impartial and supportive environment for facilitating collaboration and communication on infrastructure between academics, policymakers and practitioners worldwide

Information Sharing Centre

To facilitate the sharing of knowledge, case studies, data and information on infrastructure among academics, policymakers and practitioners worldwide

Knowledge Transfer Partnership

To partner with international organisations, governments, academia, and other public and private sectors worldwide for intellectual engagement and interdisciplinary collaboration on infrastructure