“Construction and its surrounding environment currently account for around 40% of global greenhouse gas emissions, so as the sector grows, so does the risk of increased pollution and waste.”.
SANTO DOMINGO – The global construction market will grow by US$4.5 trillion this decade, reaching US$15.2 trillion by 2030, according to a report released by Marsh and Guy Carpenter of Marsh McLennan, who highlighted that this exponential growth represents a challenge for countries in the face of climate change.
The document warns that construction and its surrounding environment currently account for around 40% of global greenhouse gas emissions, so as the sector grows, so does the risk of increased pollution and waste.
The study “The Future of Construction: A Global Forecast for Construction to 2030” suggests that climate change and the race towards sustainability are possibly the biggest challenges facing the construction industry, whose growth it attributes to government incentives and the demand for residential construction.
“The need to radically reduce the amount of carbon incorporated in new construction will drive the growth of an industry that reuses huge urban stockpiles of building materials,” the research points out.
The report was produced in partnership with Oxford Economics, a global leader in economic forecasting and analysis. It offers insights into the future of construction as the industry recovers from the effects of COVID-19 and identifies the key drivers that will shape its future over the next decade.
He cites the case of the Dominican Republic, where the construction sector has been one of the main drivers of economic recovery after the pandemic, with its growth reaching 36.5% in the first half of this year, according to figures established by the Central Bank.
César A. Rodríguez, Vice President of Consulting at Marsh Advisory for the Dominican Republic at Marsh Franco Acra, stated that the current environmental situation has altered the risk profiles of the sector, which could be adapted to take advantage of its enormous growth potential and play a fundamental role in the advancement of economies and communities around the world.
“On the other hand, the high and accelerating levels of public debt, a product of the pandemic, will make it difficult for governments to finance the infrastructure projects required in each of their countries, which is why the private sector and public-private partnerships will be key to accessing the capital required for the development of strategic infrastructure in the countries in this decade,” he explained.
About Marsh
It is the world's leading insurance broker and risk advisor, with approximately 40,000 colleagues operating in more than 130 countries. It serves commercial and individual clients with data-driven risk solutions and advisory services. Guy Carpenter & Company, LLC, for its part, is a leading global risk and reinsurance specialist with more than 3,200 professionals in over 60 offices worldwide.
