This report focusses on global infrastructure spending and its EM beneficiaries. Infrastructure spending is likely to be a major growth catalyst globally, some of which will be in EM (especially China), but it is becoming increasingly more important in the developed world with the impact spreading to EM through higher commodity prices. The motivations for investing in infrastructure relate partly to addressing longstanding fault lines exacerbated by COVID-19, like unemployment and income inequality. However, increasingly, the aim is to pursue a Green agenda. Accordingly, the prospect is for a blend of both traditional and green infrastructure – and we look at both; green infrastructure is, in our view, likely to be particularly important. This report represents a collaborative project between many different HSBC economists and analysts.