We are pleased to present our Year in Review for 2019, a collection of market and legal updates, which sets out developments in the construction and infrastructure sector globally over the past 12 months, as well as insights into what you need to be aware of in 2020.
The past year has seen significant geopolitical, environmental and legislative change, which has had, and will have, wide-ranging impacts on the construction and infrastructure sectors globally:
- In the past year, we have writnessed a definitive step change in momentum on climate action. A growing number of countries, cities and companies are declaring ever more ambitious net zero emissions targets. In order to achieve these targets, and remain resilient to the physical risks associated with climate change, we expect to see significant investment into upgrading existing infrastructure as well as construction new infrastructure.
- The Belt and Road Initiative continues apace with investment into infrastructure across Asia, Africa and the Middle East. We have seen cancelled projects come back on line during 2019 and, following the second Belt and Road Forum, which saw USD 64 billion worth of deals signed, we expect this to continue to build momentum.
- The UK is set to Brexit at the end of this month, the lead up to which caused extensive market uncertainty throughout 2019. Whilst we may now be certain that Brexit will take place, uncertainty surrounding what this will actually look like is set to continue throughout 2020. Following the December general election, the government has committed to investing up to an extra GBP 100 billion in infrastructure which will dramatically improve market conditions if realised.
These are a selection of the macro themes impacting the industry throughout 2019 and into 2020. On the following pages we provide a jurisdiction specific analysis looking at the key developments in your region.