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Virginia A. Greiman

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GLOBAL MEGAPROJECTS The definitive guide to international megaprojects from an undisputed authority in the field In Global Megaprojects: Lessons, Case Studies, and Expert Advice on International Megaproject Management, distinguished international megaproject researcher and consultant Virginia A. Greiman delivers a comprehensive and incisive discussion of a key topic in global infrastructure development: the international megaproject. In the book, readers will find indispensable guidance and insights from experienced megaproject experts, as well as over 20 case studies highlighting practical solutions to common and pressing issues faced by project stakeholders around the world. This book was written to demonstrate that megaprojects can and have accomplished major economic, social, and technical advancements thought impossible but achieved by successfully confronting the challenges of the time. This book offers solutions and prescriptions for megaproject participants to overcome the complex challenges presented by these projects. It incorporates the latest evidence-based theory and a wealth of practical experience and provides a truly international perspective, showcasing viewpoints from a diverse collection of regions, cultures, and industries. Global Megaprojects also presents: * Thorough introductions to megaprojects and their lifecycles, including the megaproject ecosystem and the world's emerging megaprojects * In-depth examinations of megaproject finance and economics, including innovation and value-driven program management * Extensive explorations of complex project leadership, including the characteristics of uncertainty, complex projects, and cross-cultural dynamics * Comprehensive discussions of megaproject implementation management, including global delivery methodologies and strategic objective alignment Global Megaprojects: Lessons, Case Studies, and Expert Advice on International Megaproject Management will earn a place in the libraries of project managers, policymakers, academics, contractors, engineers, suppliers, investors, and sponsors of large international projects.

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Table of Contents

Cover

Title Page

Copyright Page

Dedication Page

List of Figures

List of Tables

List of Boxes

Author’s Perspectives

Reference

Acknowledgments

Introduction to This Book

Key Concepts and Objectives

Pedagogy

Book Structure

Overview of Book Chapters

References

1 Introduction to Global Megaprojects

Introduction

Globalization and Megaprojects

Characterization of Global Megaprojects

Megaprojects: The Global Timeline

Prehistory

The Middle Ages

The Golden Age of Globalization (1870–1914)

The Great Depression (1930–1940s)

The Great Megaproject Era (1950–1970s)

The Era of Great Tunnel, Energy, and Pipeline Projects: (1970s–2000)

The Millennium Projects

Summary

References

2 Megaproject Finance

Introduction: Financing the World’s Infrastructure

Project Finance Definition and Characteristics

Project Finance v. Corporate Finance

Investment in the Developing Countries

Infrastructure Financing in the United States

Infrastructure Financing in the European Union

Sources of Funding for Project Financing

The Legal Framework: The Major Project Participants and Agreements

Export Credit Agencies (ECAs)

Multilateral Development Banks

Public–Private Partnership Structures

Evaluation Criteria for Project Finance

Megaproject Evaluation: Beyond the Iron Triangle

Looking Back and Looking Forward: Ex‐ante and Ex‐post Evaluations

Evaluating Projects Through the Life Cycle

Looking Back and Looking Forward and Qualitative Scoring

Summary

References

3 The Multilaterals and World Development

Introduction

Growing Demand for Global Infrastructure

The Role of the Multilaterals in Development

Mobilization of Capital

The Changing Landscape of Development Banks

International Development Case Studies

A Collective Action Perspective on the Planning of Global Megaprojects

The Social, Economic and Institutional Value of Megaprojects

Frameworks for Sustainable Development

Summary

References

4 Leading Complex Global Projects

Introduction

Complexity in Relation to Uncertainty, Ambiguity, Conflict, and Risk

Case Studies of Complex Projects

Strategic Management of Complexity

Summary

References

5 Global Megaproject Governance

Introduction to Global Governance of Megaprojects

Developing a Megaproject Governance Framework

Project Governance Between Developed and Developing Countries: Considerations for Improving Governance

Case Studies in Governance: What Causes Governance Failure?

Summary

References

6 Integrated Project Organizations and Public Private Partnerships

Introduction

Part I: Project Organization Integration: A New Mindset for Systems Engineering and Program Management

Part II: The Structure of Organizations as Systems of Systems

Part III. Public–Private Partnerships: The Sharing of Risk and Opportunity

Case Studies in Public–Private Partnership Development

Emerging Trends and Social Considerations for PPP Development

Summary

References

7 Managing the Megaproject Implementation and Delivery

Introduction

Phase 1: Initiation of the Megaproject

Phase 2: Global Project Delivery Methodologies and Procurement

Phase 3: Implementation

Phase 4: Project Controls

Phase 5: Transitioning a Megaproject to Operations

Lessons Learned on Cost and Schedule

Summary

References

8 Megaprojects and Mega Risk

Introduction

Emerging Risks on a Global Scale Impacting Megaprojects

Defining Risk and Risk Management

Structure of Megaproject Risks

Resilience and Risk Management

What Is Project Risk Intelligence?

Developing a Risk Management Framework: A Shared Vision of Risk

Global Risk Factors in International Projects

Business Continuity Planning in the Management of Risks

Root Cause Analysis

Characterizing Risk

Normalization of Deviance Related to Risk Discovery

Catastrophic Loss Potential: Natural and Manmade Disasters

Summary

References

9 Megaprojects

Introduction

What Is Meant by Success? Successful Megaproject Failures

Characteristics of Failed Projects

Characteristics of the Most Successful Projects

Summary

References

10 Laws and Contracts in Global Megaprojects

Introduction

Planning for Procurement

Concession Procurement

Private Sector Procurement

Megaproject Procurement Contracts in the United States

Laws Governing International Megaproject Contracting

Challenging Negotiations in Megaproject Contracts

Collaborative Contracting

Emerging Issues in Global Development Laws and Contracts

Summary

References

11 Megaproject Innovation and Resilience

Introduction

Where Does Innovation Come From?

What Is an Innovation Megaproject?

Megaproject Innovation Programs

What Is an Innovation Strategy?

Enablers and Challenges to Innovation

Best Practices for Innovation

Summary

References

12 The Future of Global Megaprojects

Introduction

Blue Ocean Thinking

Blue Economy Thinking

Challenges of Future Megaprojects

Meeting the Grand Challenges of the Twenty‐first Century

Global Change and International Cooperation

Global Megaprojects and the Leaders of Tomorrow

Megaprojects and the Growth of the Digital Economy

Megaproject Management: Looking Back to Move the Future Forward

Leadership for Megaprojects in the Emergent Era

A New Principle Based Approach to Project Management

Megaprojects and System Perspectives

Summary

References

Glossary

A

B

C

D

E

F

G

H

I

L

M

N

O

P

Q

R

S

T

U

V

W

Acronyms

Index

End User License Agreement

List of Tables

Chapter 1

Table 1.1 The millennium megaprojects.

Chapter 2

Table 2.1 Global sources of project finance.

Table 2.2 Key questions for the lender.

Table 2.3 Key questions for the equity sponsors.

Table 2.4 Export import (EXIM) banks.

Table 2.5 Value capture.

Chapter 3

Table 3.1 Transition economies in Europe and the former Soviet Union and As...

Table 3.2 Role and contributions of the Multilateral Development Banks.

Table 3.3 Country and project requirements for lending.

Table 3.4 Sources of public and private financing for Global Development Pr...

Table 3.5 Overview of the World’s Multilateral Development Banks.

Table 3.6 Select World Bank Projects from 2012 to 2021.

Table 3.7 Africa’s mobilization of climate change funds.

Chapter 4

Table 4.1 Complexity characteristics, concerns, and mitigation.

Table 4.2 Comparison of elements of complexity, risk, and uncertainty.

Table 4.3 Case studies: complex project characteristics, challenges, and so...

Chapter 5

Table 5.1 Corporate governance v. project governance.

Table 5.2 Literature review on the characteristics of governance.

Table 5.3 Governance structures.

Table 5.4 Emerging models of sustainable governance.

Chapter 6

Table 6.1 Structure of a public–private partnership (PPP).

Table 6.2 Advantages and challenges of a PPP.

Table 6.3 Public private partnership legislation.

Chapter 7

Table 7.1 Crossrail and the Big Dig WBS comparison.

Table 7.2 NASA Advisory Council Meeting: reasons for cost growth in NASA pr...

Table 7.3 Boston’s central artery/tunnel project timeline.

Table 7.4 Crossrail Ltd. project timeline.

Table 7.5 Litigation v. Arbitration comparison.

Chapter 8

Table 8.1 Perception of risk across 10 countries.

Table 8.2 Selected sources of risk intelligence.

Table 8.3 Turning risks into opportunities.

Table 8.4 Department of Energy DoE root cause analysis top 10 risk‐related ...

Table 8.5 Major catastrophic disasters and losses.

Chapter 9

Table 9.1 Critical factors in megaproject success or failure.

Table 9.2 Determinants of escalation.

Chapter 10

Table 10.1 Megaproject law and policy initiatives.

Chapter 11

Table 11.1 Crossrail and the central artery tunnel project innovation progr...

Table 11.2 Types of innovation.

Table 11.3 Internal and external drivers of sustainable innovation.

Table 11.4 Twenty‐six enablers and challenges to innovation in megaprojects...

Table 11.5 Innovation in Asia.

Chapter 12

Table 12.1 Projects of the future.

Table 12.2 Project management principles.

List of Illustrations

Chapter 1

Figure 1.1 Characteristics of a megaproject.

Figure 1.2 Megaprojects: the global timeline.

Figure 1.3 Global power sources.

Chapter 2

Figure 2.1 Corporate v. project finance comparison.

Figure 2.2 Project company structure and legal agreements.

Figure 2.3 Borrower credit conditions.

Figure 2.4 Value capture projects.

Figure 2.5 Project evaluation phases.

Figure 2.6 Project finance evaluation ratings.

Chapter 3

Figure 3.1 The 2030 agenda for sustainable development goals.

Figure 3.2 Private investment by financier.

Figure 3.3 Financing of Private Investment in Infrastructure Projects.

Figure 3.4 World Bank Global Commitments: $B in Loans, Grants, Equity Invest...

Figure 3.5 Lending by sector (fiscal 2021 share of total of $15.6B).

Chapter 4

Figure 4.1 Characteristics of complexity.

Figure 4.2 Complexity characteristics and effects.

Chapter 5

Figure 5.1 Governance framework development.

Figure 5.2 Project organization governance frameworks.

Chapter 6

Figure 6.1 High‐level board integration of the International Space Station p...

Figure 6.2 Central Artery Tunnel Project Integrated Project Organization....

Figure 6.3 Crossrail integrated delivery structure.

Figure 6.4 Public–private partnership integrated roles.

Figure 6.5 PPP program and project development flowchart.

Chapter 7

Figure 7.1 Life cycle in megaproject development.

Figure 7.2 Central Artery/Tunnel Project (CA/T) Oversight Coordination Commi...

Figure 7.3 Megaproject dispute resolution.

Chapter 8

Figure 8.1 Megaproject risk structure.

Figure 8.2 Types of risk intelligence.

Figure 8.3 Risk management framework.

Figure 8.4 Megaproject risk model.

Figure 8.5 United Nations qualitative risk assessment.

Figure 8.6 Threat responses and opportunity responses.

Figure 8.7 Steps in root cause risk analysis.

Figure 8.8 Four categories of risk.

Chapter 9

Figure 9.1 Sustainability pillars: the triple bottom line.

Figure 9.2 Case Studies in Megaproject Failures.

Chapter 10

Figure 10.1 Project contract clauses.

Figure 10.2 Steps in claims dispute resolution at the Big Dig.

Chapter 11

Figure 11.1 The Seven Global Innovation Index Pillars.

Chapter 12

Figure 12.1 A System Perspective of Megaproject Management.

Guide

Cover Page

Title Page

Copyright Page

Dedication Page

List of Figures

List of Tables

List of Boxes

Author’s Perspectives

Acknowledgments

Introduction to This Book

Table of Contents

Begin Reading

Glossary

Acronyms

Index

WILEY END USER LICENSE AGREEMENT

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Global Megaprojects

Lessons, Case Studies, and Expert Advice on International Megaproject Management

Virginia A. Greiman

Boston University

Boston, MA, USA

This edition first published 2023© 2023 John Wiley & Sons, Inc.

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, except as permitted by law. Advice on how to obtain permission to reuse material from this title is available at http://www.wiley.com/go/permissions.

The right of Virginia A. Greiman to be identified as the editors of this work has been asserted in accordance with law.

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Trademarks: Wiley and the Wiley logo are trademarks or registered trademarks of John Wiley & Sons, Inc. and/or its affiliates in the United States and other countries and may not be used without written permission. All other trademarks are the property of their respective owners. John Wiley & Sons, Inc. is not associated with any product or vendor mentioned in this book.

Limit of Liability/Disclaimer of WarrantyIn view of ongoing research, equipment modifications, changes in governmental regulations, and the constant flow of information relating to the use of experimental reagents, equipment, and devices, the reader is urged to review and evaluate the information provided in the package insert or instructions for each chemical, piece of equipment, reagent, or device for, among other things, any changes in the instructions or indication of usage and for added warnings and precautions. While the publisher and authors have used their best efforts in preparing this work, they make no representations or warranties with respect to the accuracy or completeness of the contents of this work and specifically disclaim all warranties, including without limitation any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives, written sales materials or promotional statements for this work. The fact that an organization, website, or product is referred to in this work as a citation and/or potential source of further information does not mean that the publisher and authors endorse the information or services the organization, website, or product may provide or recommendations it may make. This work is sold with the understanding that the publisher is not engaged in rendering professional services. The advice and strategies contained herein may not be suitable for your situation. You should consult with a specialist where appropriate. Further, readers should be aware that websites listed in this work may have changed or disappeared between when this work was written and when it is read. Neither the publisher nor authors shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

Library of Congress Cataloging‐in‐Publication DataNames: Greiman, Virginia, author.Title: Global megaprojects : lessons, case studies, and expert advice on international megaproject management / Virginia A. Greiman, Boston University, MA.Description: First edition. | Hoboken, NJ : Wiley, 2023. | Includes index.Identifiers: LCCN 2022027391 (print) | LCCN 2022027392 (ebook) | ISBN 9781119875208 (hardback) | ISBN 9781119875222 (adobe pdf) | ISBN 9781119875215 (epub)Subjects: LCSH: Project management–Case studies. | Risk management–Case studies. | Public works–Case studies. | Investments, Foreign–Case studies. | Globalization–Social aspects. | International cooperation.Classification: LCC HD69.P75 G7524 2023 (print) | LCC HD69.P75 (ebook) | DDC 352.3/65–dc23/eng/20220801LC record available at https://lccn.loc.gov/2022027391LC ebook record available at https://lccn.loc.gov/2022027392

Cover Design: WileyCover Images: © Fraser Hall/Getty Images

This book is dedicated to the creativity, imagination, and perseverance of all the engineers and construction workers building Innovative Megaprojects globally, and to all those who come after them in creating the great engineering megaprojects of the world.

List of Figures

Figure 1.1 Characteristics of a megaproject.

Figure 1.2 Megaprojects: the global timeline.

Figure 1.3 Global power sources.

Figure 2.1 Corporate v. project finance comparison.

Figure 2.2 Project company structure and legal agreements.

Figure 2.3 Borrower credit conditions.

Figure 2.4 Value capture projects.

Figure 2.5 Project evaluation phases.

Figure 2.6 Project finance evaluation ratings.

Figure 3.1 The 2030 agenda for sustainable development goals.

Figure 3.2 Private investment by financier.

Figure 3.3 Financing of Private Investment in Infrastructure Projects.

Figure 3.4 World Bank Global Commitments: $B in Loans, Grants, Equity Investments, & Guarantees.

Figure 3.5 Lending by sector (fiscal 2021 share of total of $15.6B).

Figure 4.1 Characteristics of complexity.

Figure 4.2 Complexity characteristics and effects.

Figure 5.1 Governance framework development.

Figure 5.2 Project organization governance frameworks.

Figure 6.1 High‐level board integration of the International Space Station program.

Figure 6.2 Central Artery Tunnel Project Integrated Project Organization.

Figure 6.3 Crossrail integrated delivery structure.

Figure 6.4 Public–private partnership integrated roles.

Figure 6.5 PPP program and project development flowchart.

Figure 7.1 Life cycle in megaproject development.

Figure 7.2 Central Artery/Tunnel Project (CA/T) Oversight Coordination Commission (OCC).

Figure 7.3 Megaproject dispute resolution.

Figure 8.1 Megaproject risk structure.

Figure 8.2 Types of risk intelligence.

Figure 8.3 Risk management framework.

Figure 8.4 Megaproject risk model.

Figure 8.5 United Nations qualitative risk assessment.

Figure 8.6 Threat responses and opportunity responses.

Figure 8.7 Steps in root cause risk analysis.

Figure 8.8 Four categories of risk.

Figure 9.1 Sustainability pillars: the triple bottom line.

Figure 9.2 Case Studies in Megaproject Failures.

Figure 10.1 Project contract clauses.

Figure 10.2 Steps in claims dispute resolution at the Big Dig.

Figure 11.1 The Seven Global Innovation Index Pillars.

Figure 12.1 A System Perspective of Megaproject Management.

List of Tables

Table 1.1 The millennium megaprojects.

Table 2.1 Global sources of project finance.

Table 2.2 Key questions for the lender.

Table 2.3 Key questions for the equity sponsors.

Table 2.4 Export import (EXIM) banks.

Table 2.5 Value capture.

Table 3.1 Transition economies in Europe and the former Soviet Union and Asia (pre 2019).

Table 3.2 Role and contributions of the Multilateral Development Banks.

Table 3.3 Country and project requirements for lending.

Table 3.4 Sources of public and private financing for Global Development Projects.

Table 3.5 Overview of the World’s Multilateral Development Banks.

Table 3.6 Select World Bank Projects from 2012 to 2021.

Table 3.7 Africa’s mobilization of climate change funds.

Table 4.1 Complexity characteristics, concerns, and mitigation.

Table 4.2 Comparison of elements of complexity, risk, and uncertainty.

Table 4.3 Case studies: complex project characteristics, challenges, and solutions.

Table 5.1 Corporate governance v. project governance.

Table 5.2 Literature review on the characteristics of governance.

Table 5.3 Governance structures.

Table 5.4 Emerging models of sustainable governance.

Table 6.1 Structure of a public–private partnership (PPP).

Table 6.2 Advantages and challenges of a PPP.

Table 6.3 Public private partnership legislation.

Table 7.1 Crossrail and the Big Dig WBS comparison.

Table 7.2 NASA Advisory Council Meeting: reasons for cost growth in NASA projects.

Table 7.3 Boston’s central artery/tunnel project timeline.

Table 7.4 Crossrail Ltd. project timeline.

Table 7.5 Litigation v. Arbitration comparison.

Table 8.1 Perception of risk across 10 countries.

Table 8.2 Selected sources of risk intelligence.

Table 8.3 Turning risks into opportunities.

Table 8.4 Department of Energy DoE root cause analysis top 10 risk‐related issues and root causes.

Table 8.5 Major catastrophic disasters and losses.

Table 9.1 Critical factors in megaproject success or failure.

Table 9.2 Determinants of escalation.

Table 10.1 Megaproject law and policy initiatives.

Table 11.1 Crossrail and the central artery tunnel project innovation programs.

Table 11.2 Types of innovation.

Table 11.3 Internal and external drivers of sustainable innovation.

Table 11.4 Twenty‐six enablers and challenges to innovation in megaprojects.

Table 11.5 Innovation in Asia.

Table 12.1 Projects of the future.

Table 12.2 Project management principles.

List of Boxes

Box 2.1 Types of Renewable Energy

Box 2.2 The Muara Laboh Geothermal Power Project in Indonesia

Box 3.1 Unlocking Private Investment in Infrastructure

Box 6.1 Insights on Organizational Attributes for Integration

Box 6.2 The F/A18E/F Super Hornet Case Study

Box 6.3 PPP Process in Ethiopia

Box 6.4 Airport Express Metro Line: Delhi Metro Rail Corporation, India

Box 6.5 Power Purchase Agreement

Box 6.6 Hong Kong PPP Development

Box 6.7 Unsolicited Proposal, Capital Beltway Project, Fluor Enterprises

Box 7.1 Best Value Delivery

Box 7.2 Resident Engineers (RE) Operations Manual: Typical Provisions

Box 7.3 Typical Responsibilities of the Resident Engineers

Box 7.4 Recommended Practices for Preventing or Reducing Schedule Delay

Box 7.5 The National Audit Organizations Review of Crossrail Delays

Box 7.6 The Central Artery/Third Harbor Tunnel (CA/T) Project Oversight Coordination Commission

Box 7.7 Key Questions That Must Be Answered in Designing a Quality Program Include the Following

Box 7.8 Selected Safety and Health Programs

Box 9.1 The Iridium Case Study

Box 9.2 Megaproject Success Factors

Box 10.1 Codes and Regulations

Box 10.2 SPECIFICATION Section 4.04 Differing Site Conditions

Box 10.3 Step-In Clause

Author’s Perspectives

The motivation for this book came from working on global megaprojects commencing with my early experience on projects in Eastern and Central Europe after the fall of communism. Assisting economies in transition opened my eyes to the need for the rule of law to attract investment in implementing the many projects needed in these former war‐torn countries. This experience created a desire to learn more about how successful projects are initiated, implemented, and transitioned to those who would operate these projects for many decades. Following my experience in these transition economies I had the opportunity to serve on the Executive Team of Boston’s Central Artery/Tunnel Project (America’s largest infrastructure project) which led to research and consulting opportunities at the Crossrail project in London and other megaprojects in Africa, Canada, Europe, North America and Southeast Asia.

The need for knowledge about megaprojects is apparent from every corner of the globe. Cities and countries worldwide are spending hundreds of billions of dollars annually to preserve the nation’s infrastructure and construct the next generation of roads, bridges, tunnels, energy resources, and water supply. The Organization for Economic Co‐operation and Development (OECD) is forecasting that global investment in infrastructure alone will cost as much as $70 trillion through 2030 (Mirabile et al. 2017 ). Thus, the need for development expertise is extensive and incorporates a broad range of disciplines such as project and program management, engineering, the environment, construction, research and development, competitive strategy, risk management, privatization, corporate responsibility, social and economic policy development, project finance, investment policy, business‐government relations, sustainability, negotiations, development law, and ethics, to name a few.

This book is itself an ongoing research project and my goal is to not only share the lessons that have been learned from experienced practitioners, investors, and policy makers in the field but also to stimulate interest and encourage others to share their experiences so we are all better prepared to meet the challenges of the global megaprojects that the future will demand.

Reference

Mirabile, M., Marchal, V., and Baron, R. (2017).

Technical Note on Estimates of Infrastructure Investment Needs: Background Document to the Report Investing in Climate, Investing in Growth

. Paris, France: Organization for Economic Development (OECD).

Acknowledgments

This book results from a significant collaborative effort involving many organizations, research associations, and individuals. As I explored the tremendous amount of research on global megaprojects, I was truly grateful for the thoughtful analysis from so many diverse projects ranging – from important social endeavors to amazing scientific achievements to extraordinary infrastructure projects connecting cities, countries and regions of the world through transcontinental and transoceanic links.

I have many to thank for their tremendous contributions to this book including my former and present megaproject colleagues dedicated to understanding the tremendous challenges of building complex projects and seeking new ways to improve upon current practice.

To my former colleagues on the Big Dig, now working on other global projects for continuing to share their insights on the new obstacles and challenges they face. I am deeply appreciative of my colleagues across the globe including Wendy Wan and Chung‐Leung Luk for our research collaboration, and adding additional perspective on megaproject development in Southeast Asia. I am grateful to the many friends I have worked with in years past at the World Bank, and more recently I have greatly appreciated the support of Peter Vincze and Erick Abiassi for their assistance in sharing the challenges of delivering projects in some of the world’s poorest countries. To my colleagues at Harvard Law School thank you for your interest and support in advancing opportunities for students in the field of international development.

To Harry Dimitriou and his team at the Omega Centre for Mega Infrastructure and Development, at University College London for providing insights from their incredible work on transport policy‐making and sustainable development on cities and regions in the developing world. To Kristina Gillin for providing understanding on the attributes of a sustainable nuclear decommissioning and sustainable repurposing of projects globally. To Emmanuelle Bernardin for our collaboration on global cyber projects and the challenges they present for the future. To Nicole Hunter for her advancement of professional women in construction.

To Elliott Sclar for our collaboration on research on the building of the Interstate Highway System, and to Alan Altshuler, Fred Salvucci, and Robert Paaswell in sharing your experiences in leading some of the largest transportation megaprojects in the United States and your support for infrastructure endeavors internationally. To Eric Rebentisch, PMI and the team of collaborators I had the pleasure to work with on the development of the book, Integrating Program Management and Systems Engineering which has broad applicability to global megaprojects.

To my graduate research assistants, Sanskriti Patwal, Meirgul Kaleshova, and Meruyert Nussambayeva a special thanks for keeping me motivated and excited about this project and for the collection and organization of extensive amounts of research. To Barry Unger for his unique view of megaprojects in the creative economy, to Keith Diggans, and Jim Hannon for sharing their insights on Agile in mega practice, and to Steve Bergstrom for his unique insights on the business and managerial side of global megaprojects.

Also, to my graduate students, and law students at Boston University whose enthusiasm for learning instill in me my passion for teaching. I am also thankful to my fellow professors and colleagues, especially those who provided insight and new direction. To Vijay Kanabar, Stephen Leybourne, Rich Maltzman, Irena Vodenska, John Sulllivan, Gerard Keegan, and to Bill Parker at the Defense Acquisition University for their support for my teaching and research on megaprojects and their ideas for improving the projects of the future. To Dean Zlateva and Sr. Associate Dean Chitkushev for their continuous support of my research efforts.

A special thanks to my publisher, John Wiley & Sons and my Production Editor, Sundaramoorthy Balasubramani and especially Kalli Schultea and Skyler Van Valkenburgh and the editorial team for your willingness to take on this project.

My apologies to anyone I may have forgotten to mention here.

Finally, to the readers of this book, I hope you will find value in learning about the many successes of global megaprojects and how they continue to make a difference in the lives of people all over the world.

Responsibility for errors or omissions in this book remains mine.

Introduction to This Book

The need to operate as a Whole Team and be aligned on the key objectives cannot be understated. Leadership direction, collaborative attitudes, and contract terms must all encourage participants at every level to always share the truth and do what is in the best interest of the project.

– Keith Sibley, Program Manager (former leadership roles on multiple mega‐projects)

The goal of this book is to provide valuable lessons and best practices for policy makers, academics, students, scholars, urban planners, developers, architectural, engineering and construction professionals, project owners, sponsors and investors, non‐profits, private industry, regulators, and government, environmental, energy, and transportation officials interested in infrastructure and urban and rural development. Better ways must be found to finance infrastructure projects, deliver economic and social benefits, and reduce the cost overruns, schedule delays, and catastrophic potential, and the overall cost of uncertainty, conflict and risk that plague so many global megaprojects.

Key Concepts and Objectives

This book provides an analysis of the difficulties in managing global megaprojects during each phase and throughout the life span of the project. Despite the huge volume of media articles, industry research, scholarly papers, and government analysis that has been published very little has been written about the day‐to‐day reality of managing these global projects from the perspectives of investors, lenders, government owners, project professionals and the ultimate beneficiaries of these projects. Global megaprojects have rarely been studied in depth for the lessons they offer in the management of megaproject complexity, uncertainty, and risk, particularly in interrelation to financial, economic, technical, legal, political, and social factors. Practicing professionals, policy makers, and students will find useful how these massive endeavors are conceived, developed, and implemented and how they manage to deliver benefits to society despite the trials and tribulations along the way. This book covers broadly the challenges of developing effective strategies and policies, improving project selection methodologies, overcoming emergence, uncertainty and complexity, finding opportunity and innovative solutions to impossible problems, and leading these global projects to long term success. The book offers illustrations and case studies from every corner of the globe to understand success factors, how to avoid project failure and how to create an innovative environment in which these projects can thrive.

The goal is to stimulate new ideas for future megaproject endeavors and to develop advanced thinking on how these projects can be better developed across companies, cultures and countries. The key themes in this book include: (i) selecting projects that have long term sustainability; (ii) building transparent frameworks; (iii) mobilizing capital and investment; (iv) integrating the project organization for more effective outcomes; (v) creating more resilient alliances and collaborative public private partnerships; (vi) building upon the United Nations sustainability goals in project planning and implementation; (vii) developing megaproject innovation and understanding the enablers and challenges to innovation; (viii) introducing blue ocean and blue economy strategies; (ix) reducing complexity and uncertainty and turning risk into opportunity; and (x) learning the lessons from the past and adapting them to the future to ensure more resilient projects that have the potential to develop an ecosystem of their own or become part of an existing ecosystem.

Pedagogy

In the last 50 years there has been a growing interest in Megaprojects the world over. Megaprojects bring together many disciplines and borrow from the fields of social science, psychology, biology, engineering, technology, energy, transportation, physics, politics, law, management, finance and economics to name a few. Megaprojects are finding answers to challenging problems such as medical treatments, water resourcing and disaster relief. Bent Flyvbjerg (2014 ) identifies the four “sublimes” – political, technological, economic, and aesthetic to explain the increased size and frequency of megaprojects.

There has been a call from the business, management, and project management communities for decades for more research on the history of project management. We need to learn from the past to do better in the future (Söderlund et al. 2017 ). Though there have been case studies on some of the larger industrial and engineering projects of our time there is a need for more studies to fill the gap of our understanding of best practices for megaprojects. Especially practices that seem to be critical for the success of projects and that are grounded on a contextual understanding of the particular project at hand such as planning techniques, coordination mechanisms, team structures, and interorganizational collaborations (Söderlund and Lenfle 2011 ).

As you will learn throughout this book megaproject theory assists policy makers, industry, project stakeholders including contractors, designers, engineers, and government in understanding better the challenges we face in selecting the right projects, implementing these large and complex endeavors and then ensuring that we deliver the benefits promised. Megaprojects can provide frameworks for structural decision making, strategy alignment, and investment choices that can be beneficial to all projects (Esty 2004 ). There is now a growing body of research on megaprojects that provides valuable insights that can be applied not only on megaprojects but provides valuable lessons for projects of all sizes large and small. The lessons learned will assist all those involved in the future challenges of megaproject management.

Since this book is designed to meet academic needs as well as the needs of professional practice, it is structured to provide pedagogical tools to enhance the learning experience.

Each chapter provides background on the major concepts as drawn from the extensive literature, from the major multilateral organizations, from the project sponsors, and most important from hundreds of interviews with many megaproject stakeholders and participants. Without the insights and extensive experience of policy makers, project managers, engineers, and contractors this book would not be possible.

Book Structure

This book contains 12 chapters. As described here, the chapters correspond to different aspects of global megaprojects from their initiation through implementation to transition to operations. Highlighted are the most important practices and each chapter explains how these practices and strategies can be implemented to achieve the approval of the project stakeholders and project management and, ultimately, to ensure project success.

Each chapter contains a similar framework and flow and includes the following elements:

Introduction

: An overview of the topic covered and the goals of the chapter along with the role of the topic within the broader context of project and program management.

Concepts:

An explanation of the fundamental elements that build upon the various disciplines and strategies, methodologies, and tools and techniques used in megaprojects generally. Relevant theoretical and empirical studies are highlighted in each chapter.

Summary:

A review of the key points raised in the chapter.

Lessons learned:

Highlights some of the most important lessons learned helping the reader understand how the concepts are applied in actual projects.

Best practices:

Provides examples of strategies and tools and techniques to improve upon current practice.

Discussion questions:

Discussion Questions incorporate case studies, critical thinking, and problem‐solving exercises that afford students an opportunity to apply the concepts reviewed in each chapter.

References:

References include a list of the author’s research and the relevant literature on the chapter topic.

Overview of Book Chapters

Chapter 1: Introduction to Global Megaprojects

The first chapter provides an introduction to global megaprojects and includes a timeline of these projects from prehistory through to the present‐day Millennium Projects. This chapter explains why the study of megaprojects is important and how these projects have influenced our world history and built a better society. The primary goal of this chapter is to set forth a framework for understanding the goals and benefits of these projects, and analyzes what makes megaprojects unique and worthy of future analysis and research.

Chapter 2: Megaproject Finance: Innovation and Value Driven Global Megaprojects

Chapter 2 covers the financing of global megaprojects from conception through project completion. It contrasts project finance with corporate finance and the advantages and disadvantages of each type of finance. It provides an overview of the challenges of infrastructure financing in the developing world, the United States and the European Union. The chapter explores the sources of funding, the legal framework, the major agreements and the role of the multilateral development banks and public private partnership structures. Finally, it emphasizes the importance of megaproject evaluation from both an ex‐ante and ex‐post approach and throughout the project life cycle.

Chapter 3: The Multilaterals and World Development

Chapter 3 provides an overview of the role of multilaterals in development and the mobilization of capital. It reviews the changing landscape of development banks and the financing of private investment in infrastructure projects. The chapter includes development case studies from around the world and shows the social, economic and institutional value of megaprojects. Finally, frameworks for sustainable development are presented along with a collective action perspective on the planning of global megaprojects.

Chapter 4: Leading Complex Global Projects

Chapter 4 introduces the characteristics of complex global projects and the importance of complexity in relation to uncertainty, ambiguity, conflict and risk. Several case studies of complex global projects are analyzed and strategies for reducing and managing complexity is explained.

Chapter 5: Global Megaproject Governance

Chapter 5 introduces how global megaprojects are governed through a framework that can differ from developed to developing countries. Case studies in governance gone right and governance gone wrong are introduced along with recommendations for building a more sustainable and resilient governance structure.

Chapter 6: Integrating Project Organizations and Public Private Partnerships

Chapter 6 focuses on the importance of project integration at the organizational level as well as integration of the disciplines of systems engineering and program management. Several studies in integration are presented along with the recent thinking concerning the structure of megaprojects as systems of systems. Emerging trends and social considerations in public private partnership development are analyzed through case studies from multiple countries and regions.

Chapter 7: Managing the Megaproject Implementation and Delivery

Chapter 7 traces the implementation of a megaproject from initiation through to the transitioning of a megaproject to operations. Two of the world’s largest megaprojects serve as case studies and the lessons learned from these projects on cost and schedule failures are critically analyzed along with a discussion of solutions.

Chapter 8: Megaprojects and Mega Risk: Opportunity, Risk and Resilience Management

Emerging risks on a global scale are impacting megaprojects. Chapter 8 explores all aspects of risk management from turning risk into opportunity, to structuring projects for resilience and using risk intelligence to assist in risk mitigation and build more sustainable project structures. International projects are assessed in terms of global risk factors along with root cause analysis, normalization of deviance and reducing catastrophic loss potential.

Chapter 9: Megaprojects: Trouble and Triumphs

Global megaprojects are known for their amazing feats but also for some dramatic failures. Chapter 9 explores both by looking at the characteristics of failed projects as well as the characteristics of the world’s most successful megaprojects and solutions to ensuring success and avoiding failure.

Chapter 10: Laws and Contracts in Global Megaprojects

Enforceable contracts are the backbone of successful global megaprojects. Chapter 10 includes planning for procurement both through public and private sector procurement. Laws governing international megaproject contracting are reviewed and challenging negotiations are explored. Emerging issues in global development laws and contracts are analyzed and the chapter concludes with an extensive checklist for contract development in emerging markets.

Chapter 11: Megaproject Innovation and Resilience

Megaprojects desperately need innovation to keep up with the rapidly changing technological and social environment. This chapter explains where innovation comes from and how to develop an innovation strategy that is unique to megaprojects. Enablers and challenges to innovation are reviewed along with best practices for innovation through the global innovation index pillars.

Chapter 12: The Future of Global Megaprojects

The concluding chapter introduces innovative thinking through the blue ocean and blue economy strategies. The chapter focuses on some of the Grand Challenges of the twenty‐first century including global climate change, energy independence and food security for hundreds of millions of people around the globe. Global change and international cooperation are highlighted as important challenges of the coming decades as well as the impact of the new technologies on human rights and privacy. The leadership for megaprojects in the emergent era requires new approaches and skills along with a new principle‐based approach.

References

Esty, B. (2004).

Modern Project Finance

. Hoboken, NJ: John Wiley & Sons.

Flyvbjerg, B. (2014). What you should know about megaprojects and why: An overview.

Project Management Journal

45 (2): 6–19.

Mirabile, M., Marchal, V., and Baron, R. (2017).

Technical Notes on Estimates of Infrastructure Investment Needs: Background Note to the Report. Investing in Climate, Investing in Growth

. Paris, France: Organization for Economic Cooperation and Development (OECD).

Söderlund, J. and Lenfle, S. (ed.) (2011). Special issue: Project history.

International Journal of Project Management

29 (5): 491–493.

Söderlund, J., Sankaran, S., and Biesenthal, C. (2017). The past and present of megaprojects.

Project Management Journal

48 (6): 5–16.

1Introduction to Global Megaprojects

It is not the strongest of the species that survives, nor the most intelligent, but rather the one most adaptable to change.

— Charles Darwin

Introduction

Megaproject infrastructure has long been an essential factor in socioeconomic development around the world, yet we still know so little about the phenomenon of these massive endeavors. The objective of this chapter is for readers to learn about the characteristics of global megaprojects and how these projects have evolved over centuries beginning with prehistory up to the present day. We look at the contributions as well as the challenges of these projects and the ways in which these projects are conceived and developed including the benefits of megaprojects to the larger eco system such as the expansion of trade and development globally. While the primary goal of this chapter is to set forth a framework for understanding the importance of megaprojects in the larger economic and social environment, it also analyzes what makes megaprojects unique and worthy of future analysis and research.

Infrastructure of all kinds has become a subject of great importance to governments in every corner of the world from the development of the $4.75B Hadron Collider at CERN to the Belt and Road Initiative in China (BRI), to the creation of the Smart Cities Projects in India, to the development of London’s Crossrail Project, and the implementation of America’s Interstate Highway System and the High‐Speed Rail System with initial focus on California. The Organization for Economic Cooperation and Development (OECD) estimates global investment needs of $6.3 trillion per year from 2016 to 2030, without considering further climate action (Mirabile et al. 2017). To meet this growing demand, there has been a recent call, within the megaproject scholarship, for a better understanding of “what goes on in megaprojects – how they are managed and organized, from within, by the managers who are tasked with bringing them to fruition” (Söderlund et al. 2017).

The goal of this book is to provide insight, based on experience, for more realistically approaching the complex and transformative process of infrastructure investment that the urban world of the twenty‐first century demands (Greiman and Sclar 2019). We begin by proposing a definition of global megaprojects based on the extensive research on large‐scale projects.

Megaprojects have existed since the beginning of recorded time and have been characterized by great monuments, feats of engineering, and lasting images of something more powerful than had been imagined in the past. Since prehistoric times we have been building megaprojects, so there is much to learn about these remarkable achievements of earlier generations. In this book, we look at projects not just from the traditional cost and schedule perspectives written about in the leading project management journals, but more significantly this book focuses on the great benefits and achievements of these projects so we can learn not just what went right or wrong; but more importantly what are the factors in achieving success and how these projects have evolved and been shaped over time. It is critical that we learn from the past, but we also must apply these important lessons to our megaprojects of the future. This book was written to demonstrate that megaprojects can and have accomplished major economic, social, and technical advancements thought impossible but achieved by successfully confronting the challenges of the time.

This chapter focuses on defining the unique complexity of global megaprojects, assessing the impact of cross‐institutional differences, and identifying ways for its sponsors, managers, and other stakeholders to address these challenges.

Globalization and Megaprojects

Globalization presumes sustained economic growth. Otherwise, the process loses its economic benefits and political support.

— Paul Samuelson, An American economist and the first American to win the Nobel Prize in Economic Sciences in 1970 known as the “father of modern economics”

Before embarking on a review of global megaprojects over the ages, it is important to understand the influence that megaprojects have had not just on local communities but on globalization worldwide. The modern world is increasingly being defined by the term “globalization.” Important changes in the global economy have become the main determinants of this phenomenon. Friedman (2000) defines globalization as “the inexorable integration of markets, nation states and technologies to a degree never witnessed before – in a way that is enabling individuals, corporations, and nation states to reach around the world farther, faster, deeper, and cheaper than ever before.”

Globalization means the spread of free‐market capitalism to virtually every country in the world. Globalization also has its own set of economic rules – rules that revolve around opening, deregulating, and privatizing your economy (Friedman 2000). Globalization is also used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross‐border trade in goods and services, technology, and flows of investment, people, and information (PIIE 2021).

Importantly, globalization encourages the development of megaprojects. First, globalization of financial capital and law facilitates cross‐national partnerships. Second, technological innovations secure big, complex constructions (Kardes et al. 2013). Megaprojects occupy an important place in global relations and drive a number of explicit and implicit economic agendas (Pitsis et al. 2018). International public–private partnerships have allowed large‐scale government projects, such as roads, bridges, or hospitals, to be completed with private funding and thus expanded opportunities for globalization through interconnectivity among cities, states, regions, and borders. The goal of this book is to provide insight, based on the experience of those who have contributed to these projects, for more realistically approaching the complex and transformative process of infrastructure investment that the urban world of the twenty‐first century demands (Greiman and Sclar 2019).

The next generation megaprojects will advance science and technology in a way that has never been done before. The International Space Station and the Hadron Collider Project at CERN are just two examples of unparalleled projects that will increase our knowledge and further our understanding about the universe for centuries to come.

Characterization of Global Megaprojects

As shown in Figure 1.1, megaprojects have been characterized by size, duration, uncertainty, ambiguity, complexity, cultural environments, dynamic governance, large‐scale policy making, and significant political and external influences (Greiman 2013; Klakegg et al. 2008; Merrow 2011; Miller and Hobbs 2005). Megaprojects also have a greater magnitude of aspiration, actor involvement, and impact than smaller projects (Flyvbjerg 2017). Despite the massive investment in these projects, many of them fail to meet the expected objectives for which they were built (Dimitriou et al. 2014). Large, complex infrastructure projects often delivered via public–private partnerships entail deep uncertainties, considerable economic and political stakes, and have a significant impact on society. Megaprojects proliferate, despite their problematic relation with sustainability (Lehtonen 2019), and have been defined as large ventures requiring enormous investments and are portrayed as too big to fail and too costly to stop (Denicol et al. 2020). Megaprojects are rarely implemented by a single organization; they are characterized by decentralized decision‐making power, rapid resource allocation, and complex stakeholders (Müller 2012).

Figure 1.1 Characteristics of a megaproject.

Source: Greiman (2013)/John Wiley & Sons.

Megaprojects are not confined to large infrastructure or industrial projects but include research and development, cyber infrastructure, scientific discovery, defense, energy, food security, biotechnology, and many other fields. Given the increasing number of megaprojects and the movement toward the professionalization of the discipline, project management practice has struggled to develop workable solutions and practices to address complexities that exceed the technical concerns of engineering (Clegg et al. 2017; van Marrewijk et al. 2016). Gellert and Lynch (2003, pp. 15–16) consider megaprojects as “displacements” by observing that megaprojects are “projects which transform landscapes rapidly, intentionally, and profoundly in very visible ways, and require coordinated applications of capital and state power.” Essentially, looking at society through its megaprojects would reveal its ambitions, problems, as well as its future outlooks. Increasingly, it is evident that the problem areas attached to these projects stretch beyond technical issues: they must be considered as socio‐technical endeavors embedded in complex institutional frames. Studying how to deal with institutional differences in the environment of megaprojects has both theoretical and practical implications (Biesenthal et al. 2018).

Though the project management literature is filled with many characterizations of a megaproject, there is no single agreed upon definition. Over the years megaprojects have been defined by different terms. Some of the more common terms or synonyms used to define or characterize megaprojects include: large‐scale project, major project, public private partnership, program or portfolio, international development, economic development, global project, disaster relief project, urban megaproject, urban renewal, transportation infrastructure, critical national infrastructure, sustainable development, complex project, systems of systems, large research and development project, transformational project, large engineering project, mega construction project, capital project, giga project, tera project, public works, civil engineering project, systems engineering project, and project finance.

In the United States, the Federal Highway Administration (FHWA) defines megaprojects as:

Major infrastructure projects that cost more than $1 billion, or projects of a significant cost that attract a high level of public attention or political interest because of substantial direct and indirect impacts on the community, environment, and State budgets. “Mega” also connotes the skill level and attention required to manage the project successfully. (Capka 2004)

Most megaprojects are considered global because of their contribution to trade and economic growth, technology transfer, and regional and international development. Global megaprojects often cross borders and are defined as involving two or more countries.

For example, Levitt and Scott (2017) in their research on institutional and political challenges in projects adopted the formulation developed by Orr and Levitt (2011, p. 17) and defined a “global megaproject” as:

A temporary endeavor where multiple actors seek to optimize outcomes by combining resources from multiple sites, organizations, cultures, and geographies through a combination of contractual, hierarchical, and network‐based modes of organization.

While Flyvbjerg (2014) defines “global megaprojects” as:

large‐scale, complex ventures that typically cost more than 1 billion US dollars, take many years to build, involve multiple public and private stakeholders, are transformational, and impact millions of people.

As described in this chapter, to better capture the changing nature of global megaprojects along with their complex financing and governance structures the following definition is proposed:

Global megaprojects consist of the creation of a special organizational structure for the purpose of financing a unique multi‐billion‐dollar investment involving numerous stakeholders and complex interdependencies and interorganizational relations in diverse regions of the world that will provide sustainable and long‐term benefits to local communities and the larger eco system of which the megaproject is a part.

Megaprojects: The Global Timeline

The difficult is what takes a little time, the impossible is what takes a little longer

— Fridtjof Nansen, Nobel Peace Prize Winner, 1922

To understand how far we have come in building the great engineering and architectural triumphs of our time, we must look backward to understand the present. Figure 1.2 illustrates the timeline for some of the world’s greatest megaprojects. Though the timeline shows only a small representation of these projects, many of them from long ago eras are still in existence showing that megaprojects can be sustainable long beyond the lives of its creators and some are still rendering benefits today.

Figure 1.2 Megaprojects: the global timeline.

Prehistory

The Pyramid of Giza (Built Between 2550 and 2490 BCE)

The oldest and last existing Seven Wonders of the Ancient World, the great Pyramid of Giza was built in Egypt. Construction began on the pyramid around 2550 BCE. The Great Pyramid was built over a 60‐year period as a tomb, based on markings on an interior chamber referencing fourth dynasty Egyptian Pharaoh Khufu. Originally standing at 481 feet tall, it was the tallest man‐made structure in the world for more than 3800 years. Due to erosion, it now stands about 455 feet tall. There is numerous evidence that the Ancient Egyptians were pioneers in geology and geotechnical engineering (Agaby et al. 2014). According to research the workmanship of the Great Pyramid is surprisingly accurate, as the four sides of the base have an average error of only 58 mm. These structures represent the pinnacle of Egyptian pyramid building, built on a foundation of experience from the earlier much smaller pyramids.

Pyramid of Giza.

Source: Picture Alliance.

The Great Wall of China

Other great medieval projects, include the great wall of China first built in the seventh century as protection against various nomadic groups, and has been proclaimed as one of the most impressive architectural feats in history. Though the Great Wall, which opened in 220 BCE was built over a 200‐year period, it never effectively prevented invaders from entering China, however, it came to function as a powerful symbol of Chinese civilization’s enduring strength.

The Aqueducts of Rome

One of the earliest examples of the exploitation of groundwater to sustain human civilization is the aqueduct system of ancient Rome which were being built from 312 BCE to 226 CE. Although some of the aqueducts were fed by surface water, most of them were supplied by springs, usually augmented by tunneling to increase the flow of groundwater (Deming 2020). The Aqueducts were considered a major feat of engineering at that time. Though earlier civilizations in Egypt and India also built aqueducts, the Romans improved on the structure and built an extensive and complex network across their territories. Although there were many more great engineering and architectural achievements during this time demonstrated by the great Cathedrals of the middle‐ages, remarkably many of these structures still exist today though some in a different form. For example, the Trevi Fountain is still fed by aqueduct water from the same sources of the ancient Aqua Virgo; however, the Acqua Vergine Nuova is now a pressurized aqueduct.

When we contrast these medieval projects with the megaprojects of today, we wonder if many will even survive the next 20–30 years. The ever‐advancing technology we have at present causes us to move more rapidly in building projects, that years ago gave us the luxury of time.

The Middle Ages

The Netherlands

It was during the Middle Ages that some of the most inspiring projects of all time were built. Notably, one of the most impressive engineering feats from the Middle Ages has been “The Netherlands” where the people of this country surmounted near impossible obstacles to reclaim thousands of square kilometers of land from the sea (Butler 1972; Hill 1984). Originating as a fourteenth‐century settlement along a small peat river, Rotterdam thanks to the building of The Dam in the Rotte, in 1270, eventually grew into Europe’s largest seaport. By 2009, 400 million tons of cargo traveled through the port, but Rotterdam was nearing its capacity. To keep the port competitive, authorities undertook an ambitious project aimed at tripling the port’s capacity (Rosenberg 2020). Directly accessible from the North Sea Rotterdam now holds the biggest harbor in Europe that has applied modern, forward‐thinking management including serving as a home for the importation of green hydrogen and the leading port for sustainable energy. Green hydrogen can play a valuable role in the energy transition, which in turn is indispensable for meeting the Paris Climate Agreement objectives (Rotterdam 2020).

The Golden Age of Globalization (1870–1914)