Weather shifts and white elephants: How climate risk is moving the goalposts for emerging market investors

Money better spent on preventing natural disasters

In 2007, when FIFA announced Brazil would host the 2014 World Cup, President Luiz Inacio Lula da Silva saw an opportunity.

Buoyed by strong commodity prices, international investment flows, an appreciating currency and low inflation, Brazil's economy was growing at 7% annually and showed no sign of slowing down. Lula wanted to use the tournament to showcase his newly prosperous nation on the international stage. Brazil spent an estimated $12bn on its preparations for the World Cup, with about $4bn lavished on building or refurbishing 12 stadia. Foundations for sustainable growth: What are this year's top three themes for infrastructure investors? The most egregious expense was perhaps the $300m that we...