COP28 and Big5 Global panels and experts repeatedly shared the observation that traditional policies and practices for infrastructure planning, financing and building needed to evolve from thousands of individual disconnected private agreements that sought to transfer away responsibilities for individual gain to connected transparent agreements that promoted efficiency and better allocated shared risk for greater mutual gain though collaboration instead of conflict.
The common theme was inefficient project administration and compounding of risk at each siloed stakeholder level added significant cost and distraction to projects. The call was for all stakeholders, including capital markets that provide financing, insurance and surety, to become more efficient and to employ better risk management.
Achieving greater transparency, engagement, efficiency and profitability for all stakeholders is the “why”. The International Digital Ecosystem Architecture (IDEA) is the “how” that will establish the legacy for COP28.
The eXtended Business Reporting Language (XBRL) and the International Financial Reporting Standard (IFRS) are already aligned and establish the International Digital Ecosystem Architecture (IDEA) that can be expanded to reduce the estimated 40% waste in construction, align public and private data across multiple international market sectors, improve risk management and expand opportunities for small and local businesses.
See full post COP28 briefing in the download section below.
