世界银行-2024年基础设施监测（英）-2025_167页_8mb

报告摘要

Global private investment in infrastructure increased by 10% in 2023 (USD 380 billion), driven mainly by high-income countries, while low- and middle-income countries (LMICs) saw a slight decline. This follows a post-pandemic recovery, but delivery costs rose significantly.
Renewables and transport dominated investments, with renewables rebounding strongly in 2023. Digital infrastructure emerged as a fast-growing sector.
LMICs remain underrepresented in infrastructure investment compared to pre-pandemic levels. Development institutions (MDBs, DFIs) play a key role in mobilizing private capital in these markets.
Blended finance and guarantees are critical tools for attracting private capital, especially in riskier markets. Guarantees improved debt mobilization ratios.
Infrastructure debt demonstrates lower default rates and higher recovery rates compared to non-financial corporate debt, making it attractive during periods of high interest rates.
ESG factors are increasingly integrated into infrastructure investments, with improving ESG scores but gaps remain in data quality and interim targets.

Growth Drivers: Renewables (including hydrogen) and transport led investment. LMICs lag in growth.
Financing: Debt remains dominant. Local currency financing is limited in LMICs.
Geography: High-income countries accounted for 74% of green investment, while emerging markets concentrated in fewer countries.
Impact of Interest Rates: Rising rates have curbed investment appetite and compressed returns.

Fundraising Decline: Private infrastructure fundraising dropped 43% in 2023, reaching USD 94.9 billion.
Strategic Allocation: Funds favored lower-risk debt strategies (77% of investments), reducing reliance on higher-risk equity.

Debt vs. Equity: Debt investments showed superior risk-adjusted returns and lower volatility. Green infrastructure debt performed well.
Global Volatility: Infrastructure equities saw significant declines in 2020-2023 due to higher interest rates and risk premiums.

Progress and Challenges: ESG scores for infrastructure assets increased steadily, but data quality and reporting remain inconsistent.
Climate Alignment: 68% of reporting infrastructure assets had net-zero targets, but 32% lack interim targets or framework alignment.

Effectiveness: Guarantees boosted private debt mobilization (USD 4.7 of commercial debt for every USD 1 of concessional support).
Growth in LMICs: Blended finance increasingly supports renewable energy and climate-aligned projects in lower-income countries.

While significant growth in private infrastructure investment has been observed, especially in developed markets, LMICs face challenges in attracting capital due to regulatory gaps and funding constraints.
Blended finance and guarantees are vital for bridging investment gaps, but data quality and sustainable finance frameworks need improvement.
ESG integration is advancing but requires standardized reporting to fully leverage its potential in attracting private investment.

展开完整摘要