G-7 rolls out global infrastructure plan: U.S. aims to contribute $200B, Biden says
The president contrasted the new announcement with what China has done.
The Group of Seven nations on Sunday began rolling out a global infrastructure initiative in a bid, as they described it, to promote "stability" and improve conditions in developing and middle-income countries around the globe.
The Partnership for Global Infrastructure and Investment plans on disbursing $600 billion by 2027 in infrastructure investments, with President Joe Biden announcing the U.S. alone would aim to spend $200 billion in public and private partnerships.
Biden and other world leaders, speaking in Germany's Bavarian Alps, cast the investments as "critical" amid crises on multiple fronts, including the ongoing COVID-19 pandemic, climate change, an energy crunch fueled in part by Russia's invasion of Ukraine and more.
"These strategic investments are in areas critical to sustainable development and to our shared global stability: health and health security, digital connectivity, gender equality and equity, climate and energy security," Biden said.
"We need a worldwide effort to invest in transformative clean energy projects to ensure that critical infrastructures resilient to changing climate. Critical materials that are necessary for clean energy transition, including production of batteries, need to be developed with high standards for labor and environment," he added.
The G-7 announcement comes as the alliance looks to lay down markers of tangible investments and accomplishments at a time when China and Russia are looking to make inroads elsewhere.
China has become increasingly involved in Africa and Latin America, investing hefty sums in building roads, bridges and more in an aggressive diplomatic effort on both continents.
In his remarks on Sunday, Biden directly contrasted the new announcement with what China has done, emphasizing that the G-7's investments will be based on "shared values," a signal to nations that it's in their benefit to align with the U.S. and others compared with China.
"What we're doing is fundamentally different because it's grounded on our shared values of all those representing the countries and organizations behind me. It's built using the global best practices: transparency, partnership, protections for labor and the environment," he said.
He said the infrastructure program was not "aid or charity," but instead "an investment that will deliver returns for everyone, including the American people and people of all" nations.
"It'll 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 that we have to offer, I have no doubt that will win the competition, every time," he said.
The investments in energy and climate infrastructure have taken on heightened on importance both as nations race to combat climate change's effects and make themselves less reliant on countries like Russia for oil and natural gas -- a dependency that has hindered the response to Moscow's war in Ukraine.
There was no question-and-answer session at the end of the G-7 announcement, but when one reporter shouted a question, it was about whether the recent Supreme Court decision overturning Roe v. Wade had come up in meetings.
"What decision?" European Commission President Ursula von der Leyen could be heard asking as she walked off stage.
ABC News' Justin Gomez contributed to this report.
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