Brisbane, Nov 16: Leaders of the G20 nations on Sunday decided to set up a Global Infrastructure Hub which will help reduce barriers to investment and improve information sharing for channelising funds into the sector.
Located in Sydney, the Hub will contribute to developing a knowledge-sharing platform and network between governments, the private sector, development banks and other international organisations.
“The Hub will foster collaboration among these groups to improve the functioning and financing of infrastructure markets,” said the communique released at the end of two-day G20 meeting here. “With a four year mandate, the Hub will work internationally to help countries improve their general investment climates, reduce barriers to investment, grow their project pipelines and help match investors with projects,” according to Australia, which holds the G20 Presidency.
The B20, a grouping of business leaders of G20 nations, have estimated that the Hub could help unlock an additional $2 trillion in global infrastructure capacity by 2030.
Countries like the UK, China, Saudi Arabia, New Zealand, Korea, Mexico and Singapore have given their financial commitment for establishing the Hub. Stressing on the need for global investment in infrastructure to boost growth and job creation, the G20 said it will work with the multilateral lending agencies and encourage national banks to provide additional lending to the sector.
Earlier in the day, US President Barack Obama, Australian Prime Minister Tony Abbott and Japanese premier Shinzo Abe lined up against Russia, vowing to oppose what they called Moscow’s efforts to destabilise Ukraine. “At this point the sanctions we have in place are biting plenty good,” Obama said.
India’s infrastructure sector will require an estimated $1 trillion in 12th Plan period ending 2017 and half of it is expected to come from the private sector.
On climate change, the US and other nations overrode Australia’s attempts to keep climate change off the formal agenda. Australia is one of the world’s biggest carbon emitters per capita. The final communique called for strong and effective action to address climate change with the aim of adopting a protocol, with legal force, at a UN climate conference in Paris in 2015.
“The most difficult discussion was on climate change,” an EU official told reporters on condition of anonymity.
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