All of the 25 countries assessed experienced growth in capital formation in ‘Other machinery and equipment ’ category, but only 9 did so with a reduction in GHG emissions. The 9 nations achieving green growth in this sector included both western and eastern European countries. The OECD estimates that less than 1% of pension funds’ assets globally are allocated directly to infrastructure investment, let alone to clean energy projects.27 Likewise, insurance companies’ direct allocations to infrastructure projects remain in the billions of dollars, compared with total industry assets of around $19.3 trillion.