The Construction Sector Transparency Initiative (CoST) is a multi-stakeholder initiative that brings government, the private sector and civil society together with the aim of promoting transparency and accountability in the construction sector.
It achieves this by disclosing information from publicly funded construction projects in a format that is relevant, understandable and accessible to stakeholders.
Global construction output expected to grow to $12.7 trillion a year by 2020 and yet through inefficiency and corruption, it is likely that close to $3 trillion of investment will be lost each year by the end of the decade. The recent G20 call for more transparency along the infrastructure value chain validates the importance of CoST as a multi-stakeholder based country-led initiative.
Outcomes of the Construction Sector Transparency Initiative (CoST) Pilot Study Lecture
This DFID funded and World Bank supported initiative has been successfully piloted in eight countries: Ethiopia, Guatemala Malawi, the Philippines, Tanzania, the UK, Vietnam and Zambia. A Global Programme is now under development that aims to build on the success of the pilot. The ICE has been at the heart of this initiative as a partner in the International Secretariat and in managing the UK pilot.
This ICE Lecture held in June 2011 explained the case for increasing transparency and accountability in the construction sector, why CoST is of importance to not only the public but to the construction professional and the organisations they work for. It explained the concept of multi-stakeholder working, highlighted the findings and lessons from the pilot and outlined the aspirations for the Global Programme. The Lecture also included a presentation on the Guatemalan experience.
For an audio recording of the lecture please click here.
To view the slides from the evening please click on the image below.
Further reading
CoST International Advisory Group Report
CoST Results
UK Pilot Disclosure
The UK has taken a lead by disclosing information from eight public sector construction projects. The information supplied by the four procuring entities was scrutinised by an independent Assurance Team appointed by the UK MSG. The Assurance Team produced reports and report card summaries on each of the eight projects highlighting any emerging issues. Please click here to access the information and reports.