Bridging the gaps between policy and investment
Infrastructure is moving up the global policy agenda. Efficient and effective infrastructure is critical to economic competitiveness and growth, and governments faced with the task of plugging infrastructure gaps and maintaining or modernizing nationally critical infrastructure, must turn to private sector investors to help meet the costs.
Private capital is available to support projects; however political and regulatory risks are affecting investors’ confidence across developing and industrialized economies. As a result, despite the potential for infrastructure investments to generate long-term returns, actual levels of investment remain relatively low.
This Chatham House conference will bring together policy, investment and infrastructure project professionals to focus on the challenge of depoliticising infrastructure decision-making processes and reducing risks to help unlock investment. Expert speakers and thought leaders will assess policy challenges for investors, the regulatory and risk-sharing landscape, and what can be done to move infrastructure from a series of ambitious visions to economic reality.
The Chatham House Rule
To enable as open a debate as possible, this conference will be held under the Chatham House Rule.
Suggested hashtag: #CHInfrastructure
For any questions about which rate applies to you, please call +44 (0) 20 7957 5727
|EXCL. VAT||INCL. VAT|
|Major corporate member rates|
|Corporate member rates|
|NGOs and academics||£525||£630|
|NGOs and academics||£580||£696|
Monday 23 November
Session One | The ‘Politics’ of Infrastructure
09:30 - 11:30
This opening session will focus on infrastructure policy decisions and the challenge of reducing political risk and channelling investment into nationally critical infrastructure projects.
- Can the ‘politics’ be entirely removed from decisions about infrastructure projects? Where is the balance between a technocratic and a democratic approach to infrastructure decisions?
- What is the best way to manage responsibilities for infrastructure policy between local, regional, national and supra-national layers of decision making?
- What policy frameworks are needed to ensure projects with long-term economic and social value can access sufficient resources?
- How should infrastructure be funded and how can costs be shared? To what extent are national infrastructure projects ‘public goods’, requiring government guarantees? What are the optimum roles of the public and private sector?
- Will the National Infrastructure Commission lead to a longer term policy approach to infrastructure in the UK?
09:30 Chair's opening remarks
Dr Paola Subacchi, Research Director, International Economics, Chatham House
Isabel Dedring, Deputy Mayor for Transport, Greater London Authority
Geoffrey Spence, Chief Executive, Infrastructure UK
Anne Berner, Minister of Transport and Communications, Finland
Sir Adrian Montague, Chairman, Aviva
Terry Morgan, Chairman, Crossrail
Questions and discussion
11:30 – 12:00 Refreshments
Session Two | Infrastructure, Investment and Growth
12:00 - 15:15
This session will assess how, in a low interest rate climate and with highly liquid capital markets, investment into infrastructure projects can be increased in order to stimulate economic growth.
- How can Europe increase the proportion of economic output spent on infrastructure in order to plug the projected investment shortfalls across key sectors?
- How will the EU Investment Plan achieve its infrastructure investment goals and where will the money come from?
- What can policy-makers learn from each other about managing policy risks in infrastructure projects?
Rick Watson, Managing Director, Association of Financial Markets Europe
Jonathan Taylor, Vice-President responsible for Environment and Climate Action, European Investment Bank
Martin Merlin, Director Financial Markets, DG FISMA, European Commission
Dr Jeromin Zettelmeyer, Director-General, Economic Policy, Federal Ministry of Economic Affairs and Energy, Germany
Questions and discussion
13:15 – 14:15 Lunch
Session two continued
14:15 – 15:15
- How can quasi-public-sector financial institutions work together, given their differentiated roles, and complement available private sector funding for infrastructure?
- What are the main current G20 trends on investment strategies? How can we promote infrastructure investment financing by institutional investors on an international level?
- As new financial institutions such as the Asian Infrastructure Investment Bank and the New Development Bank become established, what role will they play in global infrastructure funding?
Jan Mischke, Senior Fellow, McKinsey Global Institute
André Laboul, Deputy Director of the Directorate for Financial and Enterprise Affairs, OECD
Dr Kevin Lu, Managing Director, Head of Investment Solutions Asia, Partners Group
Questions and discussion
15:15 – 15:45 Refreshments
Session Three | Finance and Funding Models
15:45 – 17:30
This session will look at financing models and what can be done to facilitate and co-ordinate investment into infrastructure projects.
- What is new in infrastructure finance? What innovative funding models are being developed and to what extent can they be replicated across policy jurisdictions?
- As investors search for yield and long-term returns, will good projects always find their way to being financed?
- What is the most effective way to combine public and private investment to maximize the social value of infrastructure as well as returns for private investors?
- How is the use of public-private partnerships (PPP) evolving? In PPP arrangements, how can the risks faced by private-sector parties when dealing with public agencies be better managed?
- Given the complexity of infrastructure projects, how can the European Capital Markets Union proposals incentivize both institutional and retail investors to invest in infrastructure projects?
Julia Prescot, Chief Strategy Officer, Meridiam
Andrew Paulson, Managing Director, Infrastructure Finance, RBS
Jim Barry, Managing Director, Global Head Infrastructure Investment Group, BlackRock
Mark Corben, Chief Financial Officer, Thames Tideway Tunnel Ltd
Chris Lewin, Chair, Risks and Returns in Infrastructure Working Party, Institute and Faculty of Actuaries
Phil Adam, Managing Director, Head of Project Bonds, HSBC Bank plc
Questions and discussion
17:30 Close of day one and reception hosted by Chatham House
Tuesday 24 November
Session Four | Meeting the Demand for Projects
09:30 - 11:15
This session will focus on the mismatch between the capital available for investment and the relative dearth of bankable projects and how to evaluate projects to target sources of capital.
- Where are the ‘shovel ready’ projects and how can the gap between available capital and well designed and well-structured deals be addressed?
- What is needed to create a bankable pipeline of projects across different sectors?
- How can initiatives tackle the infrastructure project and increase the pipeline of viable deals? Will the establishment of the Global Infrastructure Hub reduce barriers to investment and in its aim to match investors to projects?
- How can mechanisms for project selection be improved? How can the right choice of projects be encouraged, in order to reduce inefficiencies in the allocation of resources?
Professor Denise Bower, Director - Engineering Project Academy, University of Leeds and Executive Director, Major Projects Association
Michael Wilkins, Managing Director, Infrastructure Finance Ratings, Standard & Poor's
Richard Timbs, Senior Infrastructure Specialist, Global Infrastructure Hub
John Seed, Head of Infrastructure Finance Europe, Russia and Africa, Mott Macdonald
Hideo Naito, Global Head of Infrastructure & Environment Finance Group, Japan Bank for International Cooperation
Questions and discussion
11:15 – 11:45 Refreshments
Session Five | Panel Discussion: Taking a Strategic Approach to Infrastructure
11:45 – 13:00
This discussion will explore ways to develop policy and regulatory frameworks that can help reduce uncertainties for investors and match capital to nationally important infrastructure projects.
- How can governments demonstrate and communicate a clear and credible vision for national infrastructure?
- To reduce fragmentation and responsibility for the provision of different infrastructure across different bodies, should infrastructure decision making become more centralised?
- Is it possible to develop consistent, predictable regulatory frameworks that transcend changes in government?
- Are high levels of idiosyncratic risk an inevitable characteristic of infrastructure projects?
Philip Coggan, Buttonwood Columnist and Capital Markets Editor, The Economist
David Hancock, Head of Construction, Cabinet Office
Barry White, Chief Executive, Scottish Futures Trust
Julian Ware, Senior Manager, Commercial Finance Team, Transport for London
Questions and discussion
13:00 Close of conference
© The Royal Institute of International Affairs 2015
Managing Director, Head of Project Bonds, HSBC Bank plc
Managing Director, Global Head Infrastructure Investment Group, BlackRock
Minister of Transport and Communications, Finland
Professor Denise Bower
Director - Engineering Project Academy, University of Leeds and Executive Director, Major Projects Association
Buttonwood Columnist and Capital Markets Editor, The Economist
Chief Financial Officer, Thames Tideway Tunnel Ltd
Deputy Mayor for Transport, Greater London Authority
Head of Construction for the Cabinet Office
Deputy Director of the Directorate for Financial and Enterprise Affairs, OECD
Chair, Risks and Returns in Infrastructure Working Party, Institute and Faculty of Actuaries
Dr Kevin Lu
Chief Executive Officer, Partners Group (Singapore) Pte Ltd
Director Financial Markets, DG FISMA, European Commission
Dr Jan Mischke
Senior Fellow, Mckinsey Global Institute
Sir Adrian Montague
Global Head of Infrastructure & Environment Finance Group, Japan Bank for International Cooperation
Managing Director, Infrastructure Finance, RBS
Chief Strategy Officer, Meridiam
Head of Infrastructure Finance Europe, Russia & Africa, Mott MacDonald
Chief Executive, Infrastructure UK
Research Director, International Economics, Chatham House
Vice-President responsible for Environment and Climate Action, European Investment Bank
Senior Infrastructure Specialist, Global Infrastructure Hub
Senior Manager, Commercial Finance Team, Transport for London
Managing Director and Head of Capital Markets, AFME
Chief Executive, Scottish Futures Trust
Managing Director, Infrastructure Finance Ratings, Standard & Poor's
Dr Jeromin Zettelmeyer
Director-General, Economic Policy, Federal Ministry of Economic Affairs and Energy, Germany
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