June 18, 2020
- The world is about to enter an unprecedented period of infrastructure spending in response to the COVID-19 pandemic.
- Among the list of potential investments are green-policy initiatives which may offer governments the best return on investment for the economy in addition to producing favorable outcomes for the environment.
- For infrastructure projects being considered by governments, businesses, and other stakeholders, it is important to carefully weigh decisions and monitor progress, especially when there is significant pressure on all parties to deliver projects in a timely manner.The world is about to enter an unprecedented period of infrastructure spending in response to the COVID-19 pandemic.
- Among the list of potential investments are green-policy initiatives which may offer governments the best return on investment for the economy in addition to producing favorable outcomes for the environment.
- For infrastructure projects being considered by governments, businesses, and other stakeholders, it is important to carefully weigh decisions and monitor progress, especially when there is significant pressure on all parties to deliver projects in a timely manner.
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All levels of Canadian Government are faced with crucial decisions at this point of the COVID-19 pandemic and need to find solutions that address operating deficits while looking towards funding infrastructure projects that will promote long-term growth. Research suggests that provinces ought to invest heavily in infrastructure soon to promote long-term growth following the pandemic. These forecasts suggest that for provinces like Ontario, increasing levels of spending on infrastructure projects will yield net benefits to employment and government revenue in the next twenty years.
As for the various types of potential infrastructure projects, governments, businesses, and other stakeholders may wish to pursue technologically advanced, sustainable, infrastructure to create a robust economic recovery from COVID-19. By integrating new technologies like AI, advanced data analytics, fintech, cloud computing, 5G, renewable energy and 3D printing at all phases of an infrastructure project, project costs, construction time, community disruption, and environmental harm can all be minimized. Moreover, a survey of over 200 policy experts suggests that investing in climate-friendly green-policy initiatives may offer the best return on infrastructure spending for governments around the globe.
In the case of Canadian infrastructure spending, experts are also backing environmentally friendly infrastructure projects as keys to creating long-lasting and tangible benefits to the economy and environment. Among the list of potential targeted projects would be expanding the network of electric vehicle charging stations, increasing investment in energy-efficient homes, and cleaning up old mines and wells.
