G-7 rolls out global infrastructure plan: US aims to contribute $200 billion, says Biden | World

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(KRUN, Germany) — The Group of Seven nations on Sunday began rolling out a global infrastructure initiative with the aim, as they described it, of promoting “stability” and improving conditions in the countries. developing and middle-income countries around the world.

The Global Infrastructure and Investment Partnership plans to disburse $600 billion by 2027 in infrastructure investment, with President Joe Biden announcing that the United States alone would aim to spend $200 billion on public partnerships and private.

Biden and other world leaders, speaking in Germany’s Bavarian Alps, called the investments “critical” amid crises on multiple fronts, including the ongoing COVID-19 pandemic, climate change, an energy crisis fueled in part by the Russian invasion of Ukraine and more.

“These strategic investments are in areas critical to sustainable development and our shared global stability: health and health security, digital connectivity, gender equality and equity, climate and energy security,” Biden said.

“We need a global effort to invest in transformative clean energy projects to ensure critical infrastructure is resilient to climate change. The critical materials needed for the clean energy transition, including battery production, must be developed with high labor and environmental standards,” he added.

The G-7 announcement comes as the alliance seeks to establish markers of tangible investments and achievements at a time when China and Russia seek to make inroads elsewhere.

China has become increasingly involved in Africa and Latin America, investing huge sums in the construction of roads, bridges and more in an aggressive diplomatic effort on both continents.

In his Sunday remarks, Biden directly contrasted the new announcement with what China has done, stressing that G-7 investments will be based on “shared values,” a signal to nations that it is in their interest to align with the United States and others. compared to China.

“What we do is fundamentally different because it is based on our common values ​​to all who represent the countries and organizations behind me. It is built using the best global practices: transparency, partnership, labor and environmental protections. environment,” he said.

He said the infrastructure program was not “aid or charity” but rather “an investment that will benefit everyone, including the American people and people of all” nations.

“It’s going to boost all of our economies, and it’s a chance for us to share our positive vision for the future… Because when democracies demonstrate what we can do, all we have to offer, I don’t no doubt it will win the competition, every time,” he said.

Investments in energy and climate infrastructure have grown in importance both as nations race to combat the effects of climate change and make themselves less dependent on countries like Russia for oil and natural gas – a dependency that has hampered Moscow’s response to the war in Ukraine. .

There was no question-and-answer session at the end of the G-7 announcement, but when a reporter shouted a question, it was whether the recent Supreme Court ruling overturning Roe v. Wade had been brought up at the meetings.

“What decision? European Commission President Ursula von der Leyen could be heard asking as she left the stage.

ABC News’ Justin Gomez contributed to this report.

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