3.5% to 2035: Bridging the global infrastructure gap

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Executive Summary:
Over the next decade, the global economy will need to invest nearly 3.5% of GDP per year (USD 4.2trn) to future-proof social, transport, energy and digital infrastructure against megatrends such as urbanization, supply-chain disruptions and AI-driven digitalization. Demographic shifts and urbanization are key drivers for infrastructure demand in emerging markets, while aging infrastructure needs an upgrade in developing markets.

The global push to cut carbon emissions and electrify our economy is the major catalyst for infrastructure investment, reaching between USD26trn and USD30.2trn by 2035 (69% of the total). Despite a doubling of renewable generation investment over the past decade, infrastructure development – such as grids and storage – has lagged, creating bottlenecks and driving up system costs.
Against this backdrop, private capital has moved from gap‑filler to the cornerstone of global infrastructure finance, with unlisted assets under management surging from <USD25bn in 2005 to >USD1.5trn in 2024.