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隨着全球人口的不斷增長、城市化進程的加速推進、資源消耗的日益加劇，以及氣候變化和生物多樣性喪失等問題的日益嚴峻，我們所依賴的基礎設施正面臨着前所未有的挑戰。可持續基礎設施的概念應運而生，它不僅是一種創新的解決方案，更是一種對未來負責的承諾。然而，可持續基礎設施建設和發展過程中面臨哪些挑戰？相比於傳統資產，其是否更具投資吸引力？為探索可持續基礎設施的機遇與趨勢，新浪財經對話了全球基礎設施巴塞爾基金會（Global Infrastructure Basel Foundation，以下簡稱GIB）首席執行官Louis Downing。
全球基礎設施巴塞爾基金會首席執行官Louis DowningDowning指出，全球可持續基礎設施正面臨兩大核心挑戰：巨大的孖展缺口和項目質量參差不齊。為應對這些挑戰，GIB積極探索解決方案，通過提升項目設計標準、推出FAST-Infra標籤等創新舉措，吸引私人資本，優化項目儲備，彌合資金與需求之間的差距。特別是在新興市場，在瑞士政府的資助下，GIB推出了可償還性贈款計劃，助力項目跨越「死亡谷」。此外，Downing還提到，GIB最新發布的白皮書顯示，可持續基礎設施相較於傳統基礎設施具有更高的財務回報率。GIB也將進一步引導投資者行為，加速可持續基礎設施的主流化和規模化發展。
以下為對話實錄：
Q：當下，全球可持續基礎設施面臨着諸多嚴峻挑戰，例如資源短缺、生物多樣性保護以及日益緊張的碳預算。您認為目前推動可持續基礎設施面臨的最大挑戰是什麼？GIB將如何應對這些挑戰，以確保可持續基礎設施的主流化和規模化發展？
A：全球可持續基礎設施領域目前面臨兩大核心挑戰。首先，從現在到2040年，我們面臨18萬億美元的孖展缺口，這是建設有韌性、低碳基礎設施所需資金的巨大缺口。其次，真正具備可孖展性、可持續性和韌性的項目嚴重不足。
在GIB，我們正直面這兩大挑戰。我們致力於提升項目設計標準，並從項目規劃的最初階段就確保其具備孖展準備。通過設定明確的可持續性基準，並全力支持項目開發者達到這些標準，我們正在努力彌合資金供給與高質量基礎設施需求之間的巨大差距。
Q：我們了解到，GIB一直致力於通過創新的孖展工具和模式來推動可持續基礎設施項目。正如您之前所述，全球基礎設施孖展缺口仍然顯著。您認為GIB可以採取哪些新的策略或創新措施來促進可持續基礎設施的孖展？例如，您能否為我們介紹一下GIB推出的 FAST-Infra標籤及其作用？
A：要吸引更多私人資本，我們首先必須克服兩個長期存在的障礙：項目質量不明確以及標準不一致。而FAST-Infra標籤正是為此而生。
首先，該標籤清晰地定義了「優質」基礎設施的標準，為開發商、投資者和政策制定者之間搭建起了一座溝通的橋樑，形成了一種共同的語言。通過在項目設計階段就融入可持續性、韌性和財務穩健性等要素，我們正在不斷優化可投資項目的儲備。
其次，我們藉助FAST-Infra標籤對項目是否符合這些高標準進行嚴格驗證。一旦項目獲得了這一標籤，它便擁有了更高的可信度和透明度，從而對機構投資者、基金經理和貸款機構更具吸引力。此外，我們還積極搭建項目開發商與資金提供者之間的合作平台，加速2025年的交易流程。
Q：目前，新興市場正在不斷加快可持續發展步伐。為此，GIB有哪些具體計劃來支持新興市場國家實現其可持續發展目標？特別是，GIB將如何利用其全球網絡和專業知識來支持新興市場推動本地綠色基礎設施建設和應對氣候變化？
A：在新興市場，衆多基礎設施項目未能成功孖展。關鍵癥結在於所謂的「死亡谷」——這一階段流動性匱乏，開發商面臨高風險，但苦於缺乏資金來優化設計或契合投資者要求。
為了幫助開發商跨越「死亡谷」，GIB推出了可償還性贈款計劃。這些贈款支持項目開發商申請FAST-Infra標籤，並為其提供技術培訓。這一計劃的關鍵創新在於，只有在項目成功完成孖展時，才需要償還贈款。通過這種方式，我們不僅降低了項目早期階段的風險，還創建了一個可循環使用的資金池，以支持未來的項目。這將使新興市場能夠擁有更多高質量、貼標的基礎設施，從而推動本地綠色基礎設施建設和應對氣候變化的努力。
Q ：我們注意到，GIB近期發布了一篇題為《氣候變化背景下可持續基礎設施的財務績效提升》（Improved Financial Performance of Sustainable Infrastructure in the Context of Climate Change）的白皮書。該白皮書指出，與傳統基礎設施相比，可持續基礎設施在財務回報和氣候韌性方面均表現出顯著優勢。那麼，GIB將如何藉助這些研究成果來引導投資者行為，從而推動私人資本向可持續基礎設施領域流動？
A：白皮書中的數據極具說服力：無論是在快速實現淨零排放的轉型情景下，還是在氣候行動相對有限的情景中，可持續基礎設施在10到15年的時間跨度內，其累積回報率均比傳統資產高出10%至20%。這一優勢主要源於兩個關鍵因素：一方面，可持續基礎設施對轉型風險的暴露較低，例如，它避免了因能源轉型而可能成為擱淺資產的化石燃料相關項目；另一方面，其對物理氣候衝擊的韌性更強，這不僅降低了保險成本，還減少了收入的波動性。
基於這些發現，GIB正致力於推動投資者行為的變革。目前，機構投資者在其投資組合中分配給基礎設施的資金比例僅為約5%，而其中投向可持續基礎設施的資金更是少之又少。為了改變這一現狀，GIB通過提供諸如FAST-Infra標籤等工具，幫助降低盡職調查成本，提升數據透明度，並明確界定「可持續」的標準。這些舉措旨在降低投資者進入可持續基礎設施領域的門檻，使私人資本能夠更順暢地流入該領域。
通過這些努力，GIB希望向投資者表明，可持續性不僅是一種道德責任，更是一種財務機遇。可持續基礎設施不僅有助於應對氣候變化，還能為投資者帶來可觀的經濟回報。因此，是時候讓投資者將可持續基礎設施視為一個主流的、表現優異的資產類別了。
以下為英文回答實錄：
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.
來源：（新浪財經）
新浪財經ESG評級中心簡介
新浪財經ESG評級中心是業內首箇中文ESG專業資訊和評級聚合平台，致力於宣傳和推廣可持續發展，責任投資，與ESG（環境、社會和公司治理）價值理念，傳播ESG的企業實踐行動和榜樣力量，推動中國ESG事業的發展，促進中國ESG評估標準的建立和企業評級的提升。
依託ESG評級中心，新浪財經發布多隻ESG創新指數，為關注企業ESG表現的投資者提供更多選擇。同時，新浪財經成立中國ESG領導者組織論壇，攜手中國ESG領導企業和合作伙伴，通過環境、社會和公司治理理念，推動建立適合中國時代特徵的ESG評價標準體系，促進中國資產管理行業ESG投資發展。
責任編輯：李欣然