 electricity investment. While such access is relatively easy in OECD countries where capital markets are well developed, the higher risks brought by market liberalisation and the uncertainties regarding future environmental policies will increase investment risks for operators in the coming decades - hence debt servicing charges are likely to rise. In non-OECD countries, the situation is much more critical. First, capital markets are not well developed. More importantly, the private sector is being called upon to finance a larger share of electricity investment than in the past, in an economic, political and regulatory environment where the profitability of such INFRASTRUCTURE TO 2030: TELECOM, LAND TRANSPORT, WATER AND ELECTRICITY - ISBN 92-64-02398-4 © OECD 2006 1. A CROSS-SECTORAL PERSPECTIVE ON THE DEVELOPMENT OF GLOBAL INFRASTRUCTURES TO 2030 investment appears highly problematic. Whether the capital needed can be mobilised quickly enough in this challenging context is a major uncertainty for the future. It may prove less SO for countries with traditionally high saving rates. Stambrook notes that in land transport, where the public sector plays a dominant role, the biggest challenge will be the public willingness-to-pay for increased land transport mobility - either through general taxation (as mediated by public finance authorities), specific taxation (where this exists) or user charges (including in support of private participation i.e. PPP). It is further noted that given individual users' preference for road transport over rail, there is no "sustainability" fiscal dividend involved in any attempt to favour rail over road. Whatever they do, public finance and transport authorities will have to spend more on road infrastructure in the future or face dire economic and political consequences. At best, spending more on rail will only moderate the future increase in road infrastructure spending, not eliminate it. Finance plays a key role in the water sector as well. An important trend has been the growing use