THE Organisation for Economic Cooperation and Development (OECD), together with governments of the US, Australia and Japan, has commenced consultations on the development of the Blue Dot Network (BDN) certification process by forming an Executive Consultation Group.

Over 150 global executives, covering 96 OECD and non-OECD countries, responsible for approximately USD 12 trillion of the world’s assets under management, have participated in the launch of the OECD-led Executive Consultation Group to provide high-level guidance for the BDN.

The BDN seeks to help bridge the global infrastructure investment gap through the establishment of a voluntary, private-sector-focused and government-supported certification scheme for infrastructure projects.

"As we "Build Back Better" after the COVID-19 pandemic, sustainable, quality infrastructure that meets Blue Dot Network standards will help ensure a sustainable global economic recovery," said Ms Marcia Bernicat, Acting Undersecretary for Economic Growth, Energy, and the Environment, US Department of State.

There is strong support for such a global certification framework, because an OECD survey of prospective members of the Executive Consultation Group showed an overwhelming 96 per cent of respondents agreed that such a framework would help drive quality infrastructure investment.

They supported a framework to assist investors in identifying projects that have positive sustainability features and therefore represent lower-risk investments.

"This initiative helps achieve many of the OECD’s core objectives – from environmental protection to ensuring responsible business conduct, high quality infrastructure governance, anti-corruption, gender equality, sustainable finance as well as economic and social progress," OECD Secretary-General Mr Mathias Cormann said.

The launch of the Executive Consultation Group coincides with the release of results of a new OECD report that documents demand from both the private sector and civil society for a global certification framework that promotes quality infrastructure investment and streamlines international infrastructure standards.

The OECD, at the request of the governments of the United States, Australia and Japan, will provide technical support for the BDN by building an evidence-base, mobilising a multi-stakeholder partnership and designing the certification framework.