Globally, it is estimated that as much as USD 94 trillion of investment is required between 2016 and 2040 to replace, upgrade and extend the world's physical infrastructure , much of which is ageing and will require replacement. Given the typical lifespan of infrastructure, this is both an opportunity and an imperative to ensure this investment is low carbon and resilient to climate change risks . 'Grey' or physical infrastructure is a priority for adaptation because its performance is sensitive to climate  and decisions on design and renovation have long-lasting implications and are hard to reverse . Avoiding longer-term impacts on society, the economy and the environment will require future investment and retrofitting of existing infrastructure, to be undertaken in the context of the risks of climate change . However, evidence from Africa shows that the benefits of pro-active adaptation measures and policies for infrastructure can result in net savings depending on the country context .
IPCC
Climate Change 2022: Impacts, Adaptation and Vulnerability
IPCC Report