ENGLAND. Cornwall. The G7 nations agree to set up an alternative infrastructure related development plan named as “Build Back Better World” to meet the tremendous Infrastructure needs of low and middle income countries. However few of the G7 members were in an opinion of taking a cautious approach here as imminent Global issues like Climate Change needs a wider consensus, cooperation and involvement of all countries including China in order to genuinely progress as per Paris Agreement.
A Positive Alternative
Biden’s take on the infrastructure project is an offering of a positive alternative by the west which reflects west’s values, standards and the way of doing business. Biden is making a genuine effort in keeping the G7 members countries on board with his tough China strategy while creating a new diplomatic alliance in Africa.
Belt and Road Initiative
China launched its Belt and Road Initiative, an infrastructure scheme in 2013 by President Xi Jinping involving development, port, road, rail and digital schemes from Asia through Africa to Europe. Around 100 countries have signed up to schemes with China.
Build Back Better World
The Biden’s Build Back Better World (B3W) is envisioned to be an ambitious global infrastructure initiative with the G7 partners. The plan is expected to raise funds in public and private money to help close a $40tn infrastructure gap in poorer countries by 2035.
Through B3W, the G7 and other like-minded partners will coordinate in mobilizing private-sector capital in four areas of focus like, climate, health and health security, digital technology, and gender equity and equality—with catalytic investments from our respective development finance institutions.
B3W will be global in scope, from Latin America and the Caribbean to Africa to the Indo-Pacific. Different G7 partners will have different geographic orientations, but the sum of the initiative will cover low- and middle-income countries across the world.
Interestingly, one should understand that The US recently re-launched the “Blue Dot Network Initiative”. Through this initiative, private sector infrastructure schemes are branded as environmentally friendly and socially responsible investment.
Further details are awaited on how the global infrastructure scheme will be funded.
About the G7 Summit 2021
The 47th G7 summit began on June 11, 2021 in Carbis Bay, Cornwall, United Kingdom. This year, the UK takes on the Presidency of the G7. The last G7 summit in August, 2019 was held in the French seaside town of Biarritz. The US held the G7 Presidency in 2020 but did not convene a Leaders’ Summit due to Covid-19 pandemic.
Participant leaders from G7 nations and other invitees
The leaders of the seven G7 member states like Justin Trudeau – Prime Minister, Canada, Emmanuel Macron – President, France, Angela Merkel – Chancellor, Germany, Mario Draghi – Prime Minister, Italy, Yoshihide Suga – Prime Minister, Japan, Boris Johnson – Prime Minister, United Kingdom (Host), Joe Biden – President, United States, and representatives of the European Union like Ursula von der Leyen – Commission President, European Union, Charles Michel – Council President, European Union are the Core G7 Members attending the summit this year.
Invitee Members are represented by, Scott Morrison – Prime Minister, Australia, Narendra Modi – Prime Minister, India, Moon Jae-in – President, South Korea, Cyril Ramaphosa – President, South Africa.
International Monetary Fund, Organisation for Economic Co-operation and Development, World Bank Group, World Health Organisation and World Trade Organisation are participating virtually in the Summit this year.
About the G7
The G7 (Group of Seven) is an organisation comprising of the world’s seven largest advanced economies like Canada, France, Germany, Italy, Japan, the UK and the United States. In past years the G7 has taken several significant actions to strengthen the global healthcare infrastructure, economy, combat tax evasion, and supported the education of millions of children.
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