leStrade n. 1956 aprile 2024

Foto 13: ADB's climate
Foto 9: EBRD sustainable framework for the investments (source EBRD).
Foto 11: Road PPP projects in
EMDE (source WB).
Foto 10: Investments (2050)
in transport infrastructure
worldwide (source ITF/OECD).
finance by sector
(source ADB).
Foto 14: Global ESG
bonds market
(source CBI).
Foto 15: GFDT & GRSF
(source WB).
CBI: “FUNDING A CREDIBLE A 1.5-DEGREE
TRANSPORT FUTURE, MOBILITY AND INFRA-
STRUCTURE”
The size of the green, social and sustainability bond
market (GSS+) crossed the $4tn mark in 2023, included
$448bn of aligned GSS+ debt captured in H1
2023. Green bonds accounted for 62% of aligned
volume, with $278.8bn recorded. The transport sector
remains one of the top 3 largest use of proceeds
categories by volume. Credible decarbonization
in line with a 1.5-degree future and to ensure
the global system is able to reach net-zero targets
requires ambitious target setting; emission thresholds
have been set in a net-zero 2050 decarbonization
pathway. Climate Bonds Initiative has developed
detailed sector criteria for the transport
sector (2020), additional updates (2023) to the Climate
Bonds Standard now include entity certification
and sustainability-linked debt instruments
(sustainability-linked loans and bonds). 2 Tiers of
certification: Tier 1 accommodates entities already
aligned to a decarbonisation pathway and Tier
2 for transitioning entities (alignment by 2030). CBI
are developing a Resilience Taxonomy, which one
of the 7 themes is resilient infrastructure, specifically
including transport infrastructure (e.g. roads).
The transport sector is one of the highest emitters,
it can be tackled and the money is available to
achieve local, regional and national decarbonisation
goals. Policy certainty in large-scale transport
infrastructure projects provide certainty, facilitating
capital flows. Credible green investments, supported
by certification for entities and regarding
expanded financial mechanisms, ensure to achieve
these goals avoiding greenwashing or miss-representation.
mobilizing finance for the road sector, with
specific sustainable finance programmes embedding
sustainable aspects. Access to capital
markets, strong support to the ESG bond market
(e.g. green and road safety bonds).
• Adoption of main international sustainable taxonomies
and standards.
• Concerted action with leading international institutions
and organizations, also improving capacity
building (policy support programmes).
Conclusions: Recommendations for
PIARC and international organisations
The overarching conclusions for PIARC and
other international organisations included:
• International policies aligned with the SDGs,
sustainable funding and financing of the sector,
its progressive transition, climate change
adaptation and resilience can only be
achieved globally working together. Therefore,
it is recommended that PIARC/World
Foto 12: Investment needs in
transport sector - World Bank
(source WB).
Foto 16: ESG bonds market - Sector breakdown (source CBI).
Road Association, with its committees and
global network, could continue to pursue an
effective and coordinated collaboration with
leading international institutions and organizations,
as for this Foresight Session.
• Interconnected common challenges faced
by the sector worldwide; fundamental focus
on specific necessities for different categories
of countries (e.g. developed / developing
countries) and geographical areas.
• With the aim of incentivizing the sharing of
common knowledge, updated information,
successful action plans in the sector about
these crucial topics, it would be relevant realizing
joint high-level international policy
guidelines and studies. Focussing on sustainability
and innovations; considering market’s
developments and best practices, aligning
multiple information. nn
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