Prof. Mazzucato: Is the UK Infrastructure Bank’s compass set?
UK Infrastructure Bank: a catalyst for a greener change?
Prof Mazzucato, Chair of the WHO Council on the Economics of Health for All delivers an analysis of the potential and opportunities for the newly set up UK Infrastructure Bank. This is particularly important at a time where governments strive to beat the clock and deliver on their SDG commitments -and infrastructure in health is the second cost driver of attaining these objectives – but also because immense volumes of public investment are being mobilised to jumpstart the economy and tackle the economic and social consequences of the COVID-19 pandemic.
Speaking in the New Statesman, Prof. Mazzucato and associate Laurie MacFarlane offer a perspective of the potential contribution of this new public development bank, which contribution to economic and social growth may well depend on its ability to think outside of “old ideologies” in order to catalyse positive changes. In their own words:
Today the UK faces major social and environmental challenges, from Covid-19 and tackling climate change to reducing inequalities and adjusting to demographic changes. Overcoming these challenges will necessitate investing in new industrial and technological landscapes. But who will finance this transformation? Well-designed public investment banks are one increasingly popular solution.
Simultaneously, our Friends at Partnerships Bulletin managed to interview Steve Lomas, Head of Structuring and Advisory at the Infrastructure & Projects Authority (IPA). Mr Lomas confirmed the drive to collaborate with the private sector to provide funding tools for green projects and new technologies.
Green and Tech: the UK Infra Bank priorities are clear cut. And it did not take long for this new actor to echo the government’s green agenda. To loop it back to Prof. Mazzucato’s advice, this may require stronger monitoring frameworks to ensure that this catalytic role yields appropriate return and contributes to the transformation of the national infrastructure scene that this young bank seems already to embody.
Read the whole analysis in the New Statesman: Click here!