2025年05月06日 16:00 新浪财经
随着全球人口的不断增长、城市化进程的加速推进、资源消耗的日益加剧，以及气候变化和生物多样性丧失等问题的日益严峻，我们所依赖的基础设施正面临着前所未有的挑战。可持续基础设施的概念应运而生，它不仅是一种创新的解决方案，更是一种对未来负责的承诺。然而，可持续基础设施建设和发展过程中面临哪些挑战？相比于传统资产，其是否更具投资吸引力？为探索可持续基础设施的机遇与趋势，新浪财经对话了全球基础设施巴塞尔基金会（Global Infrastructure Basel Foundation，以下简称GIB）首席执行官Louis Downing。
全球基础设施巴塞尔基金会首席执行官Louis Downing
Downing指出，全球可持续基础设施正面临两大核心挑战：巨大的融资缺口和项目质量参差不齐。为应对这些挑战，GIB积极探索解决方案，通过提升项目设计标准、推出FAST-Infra标签等创新举措，吸引私人资本，优化项目储备，弥合资金与需求之间的差距。特别是在新兴市场，在瑞士政府的资助下，GIB推出了可偿还性赠款计划，助力项目跨越“死亡谷”。此外，Downing还提到，GIB最新发布的白皮书显示，可持续基础设施相较于传统基础设施具有更高的财务回报率。GIB也将进一步引导投资者行为，加速可持续基础设施的主流化和规模化发展。
以下为对话实录：
Q：当下，全球可持续基础设施面临着诸多严峻挑战，例如资源短缺、生物多样性保护以及日益紧张的碳预算。您认为目前推动可持续基础设施面临的最大挑战是什么？GIB将如何应对这些挑战，以确保可持续基础设施的主流化和规模化发展？
A：全球可持续基础设施领域目前面临两大核心挑战。首先，从现在到2040年，我们面临18万亿美元的融资缺口，这是建设有韧性、低碳基础设施所需资金的巨大缺口。其次，真正具备可融资性、可持续性和韧性的项目严重不足。
在GIB，我们正直面这两大挑战。我们致力于提升项目设计标准，并从项目规划的最初阶段就确保其具备融资准备。通过设定明确的可持续性基准，并全力支持项目开发者达到这些标准，我们正在努力弥合资金供给与高质量基础设施需求之间的巨大差距。
Q：我们了解到，GIB一直致力于通过创新的融资工具和模式来推动可持续基础设施项目。正如您之前所述，全球基础设施融资缺口仍然显著。您认为GIB可以采取哪些新的策略或创新措施来促进可持续基础设施的融资？例如，您能否为我们介绍一下GIB推出的 FAST-Infra标签及其作用？
A：要吸引更多私人资本，我们首先必须克服两个长期存在的障碍：项目质量不明确以及标准不一致。而FAST-Infra标签正是为此而生。
首先，该标签清晰地定义了“优质”基础设施的标准，为开发商、投资者和政策制定者之间搭建起了一座沟通的桥梁，形成了一种共同的语言。通过在项目设计阶段就融入可持续性、韧性和财务稳健性等要素，我们正在不断优化可投资项目的储备。
其次，我们借助FAST-Infra标签对项目是否符合这些高标准进行严格验证。一旦项目获得了这一标签，它便拥有了更高的可信度和透明度，从而对机构投资者、基金经理和贷款机构更具吸引力。此外，我们还积极搭建项目开发商与资金提供者之间的合作平台，加速2025年的交易流程。
Q：目前，新兴市场正在不断加快可持续发展步伐。为此，GIB有哪些具体计划来支持新兴市场国家实现其可持续发展目标？特别是，GIB将如何利用其全球网络和专业知识来支持新兴市场推动本地绿色基础设施建设和应对气候变化？
A：在新兴市场，众多基础设施项目未能成功融资。关键症结在于所谓的“死亡谷”——这一阶段流动性匮乏，开发商面临高风险，但苦于缺乏资金来优化设计或契合投资者要求。
为了帮助开发商跨越“死亡谷”，GIB推出了可偿还性赠款计划。这些赠款支持项目开发商申请FAST-Infra标签，并为其提供技术培训。这一计划的关键创新在于，只有在项目成功完成融资时，才需要偿还赠款。通过这种方式，我们不仅降低了项目早期阶段的风险，还创建了一个可循环使用的资金池，以支持未来的项目。这将使新兴市场能够拥有更多高质量、贴标的基础设施，从而推动本地绿色基础设施建设和应对气候变化的努力。
Q ：我们注意到，GIB近期发布了一篇题为《气候变化背景下可持续基础设施的财务绩效提升》（Improved Financial Performance of Sustainable Infrastructure in the Context of Climate Change）的白皮书。该白皮书指出，与传统基础设施相比，可持续基础设施在财务回报和气候韧性方面均表现出显著优势。那么，GIB将如何借助这些研究成果来引导投资者行为，从而推动私人资本向可持续基础设施领域流动？
A：白皮书中的数据极具说服力：无论是在快速实现净零排放的转型情景下，还是在气候行动相对有限的情景中，可持续基础设施在10到15年的时间跨度内，其累积回报率均比传统资产高出10%至20%。这一优势主要源于两个关键因素：一方面，可持续基础设施对转型风险的暴露较低，例如，它避免了因能源转型而可能成为搁浅资产的化石燃料相关项目；另一方面，其对物理气候冲击的韧性更强，这不仅降低了保险成本，还减少了收入的波动性。
基于这些发现，GIB正致力于推动投资者行为的变革。目前，机构投资者在其投资组合中分配给基础设施的资金比例仅为约5%，而其中投向可持续基础设施的资金更是少之又少。为了改变这一现状，GIB通过提供诸如FAST-Infra标签等工具，帮助降低尽职调查成本，提升数据透明度，并明确界定“可持续”的标准。这些举措旨在降低投资者进入可持续基础设施领域的门槛，使私人资本能够更顺畅地流入该领域。
通过这些努力，GIB希望向投资者表明，可持续性不仅是一种道德责任，更是一种财务机遇。可持续基础设施不仅有助于应对气候变化，还能为投资者带来可观的经济回报。因此，是时候让投资者将可持续基础设施视为一个主流的、表现优异的资产类别了。
以下为英文回答实录：
Q: Recently, global sustainable infrastructure has been facing numerous challenges, such as resource constraints, biodiversity conservation, and a rapidly shrinking carbon budget. As a leading global platform for promoting sustainable infrastructure, what do you think is the biggest challenge currently? How will GIB address these challenges to ensure the mainstreaming and scaling up of sustainable infrastructure?
A：The global sustainable infrastructure landscape faces two fundamental challenges. First, there is an $18 trillion financing gap between now and 2040 — a massive shortfall in the capital required to build resilient, low-carbon infrastructure. Second, there is a significant shortage of projects that are actually bankable, investible, sustainable, and resilient.
At GIB, we're tackling both problems head-on. Our focus is on improving project design standards and enabling finance-readiness from the earliest stages. By setting clear sustainability benchmarks and supporting project developers in achieving them, we're bridging the gap between capital supply and viable, high-quality infrastructure demand.
Q：GIB has always been committed to promoting sustainable infrastructure projects through innovative financing tools and models. In 2025, the global infrastructure financing gap remains significant. What new strategies or innovative measures do you think GIB can take to promote financing for sustainable infrastructure? For example, could you please tell us more about the FAST-Infra Label launched by GIB and its role?
A：To attract more private capital, we must first overcome two persistent barriers: unclear project quality and misaligned standards. That's where the FAST-Infra Label comes in.
First, the Label helps defining what "good" infrastructure looks like — creating a shared language between developers, investors, and policymakers. By embedding sustainability, resilience, and financial robustness into the design phase, we're improving the pipeline of investible projects.
Second, we verify that projects meet these high standards through the FAST-Infra Label. Once labeled, these projects gain credibility and transparency — making them more attractive to institutional investors, fund managers, and lenders alike. We're also actively building bridges between project developers and capital providers to accelerate deal flow in 2025.
Q: In 2025, emerging markets face significant funding needs and transformational pressures in sustainable infrastructure construction. What specific plans does GIB have to support emerging market countries in achieving their sustainable development goals? In particular, how will GIB use its global network and expertise to support emerging markets in promoting local green infrastructure and responding to climate change?
A: In emerging markets, many projects never reach financial close. One critical reason is the "valley of death" — a low-liquidity phase where developers face high risks but lack the funding to improve design or meet investor requirements.
GIB addresses this gap through repayable grants. These grants support project developers in applying the FAST-Infra Label and receiving technical training. The key innovation is that repayment is only required if the project successfully reaches financial close. This way, we de-risk the early stages while creating a revolving pool of capital to support future projects — enabling more high-quality, labeled infrastructure in emerging markets.
Q: We learned that GIB recently published a new white paper titled “Improved Financial Performance of Sustainable Infrastructure in the Context of Climate Change”, which highlights how sustainable infrastructure outperforms conventional infrastructure in both financial returns and climate resilience. Given these findings, how does GIB plan to use them to influence investor behavior and scale up private capital flows?
A: The white paper makes a compelling case: sustainable infrastructure not only delivers stronger climate resilience but also outperforms conventional infrastructure in financial returns. In fact, under both modeled scenarios — a rapid net-zero transition and a limited climate action world — sustainable infrastructure outperformed conventional assets by 10–20% in cumulative returns over a 10 to 15 year period.
This performance advantage is driven by two key factors: lower exposure to transition risks like stranded fossil fuel assets, and better resilience to physical climate shocks, which reduces insurance costs and revenue volatility.
GIB is using these findings to push for a paradigm shift in investor behavior. Institutional investors currently allocate just ~5% of their portfolios to infrastructure, and even less to sustainable infrastructure. We're changing that by providing the tools — like the FAST-Infra Label — that lower due diligence costs, improve data transparency, and clearly define what qualifies as "sustainable."
By doing so, we're making it easier for private capital to flow into this space — and showing that sustainability is not just a moral imperative, but a financial opportunity. It's time for investors to view sustainable infrastructure as a mainstream, high-performing asset class.