The Manila-based bank's report covering 45 countries says despite dramatic growth in infrastructure development that has supported growth, reduced poverty and improved people's lives, a substantial gap remains. A significant part of the investments needed involve adapting to climate change, such as shifting from carbon-intensive modes of travel like private cars to public transportation like subways and railways, elevating road embankments, reinforcing structures and fortifying flood control systems to guard against rising sea levels and extreme weather events. The report urges countries to enact regulatory and institutional reforms to make infrastructure more attractive to private investors, to boost government revenues through taxation and other reforms and to prioritize spending on infrastructure.