At the 2021 G7 Summit, President Biden and G7 leaders announced their intent to develop a values-driven, high-impact, and transparent infrastructure partnership to meet the enormous infrastructure needs of low- and middle-income countries and support the United States’ and its allies’ economic and national security interests. Over the past year, members of the Administration have traveled to hear directly from countries on how we can meet their infrastructure needs, deepened our coordination across the U.S Government and with the G7, honed our infrastructure investment tools, and closed game-changing deals. At the G7 Leaders’ Summit in Schloss Elmau, Leaders will formally launch the Partnership for Global Infrastructure (PGII) to mobilize hundreds of billions of dollars and deliver quality, sustainable infrastructure that makes a difference in people’s lives around the world, strengthens and diversifies our supply chains, creates new opportunities for American workers and businesses, and advances our national security.
Today, President Biden will announce that the U.S. aims to mobilize $200 billion for PGII over the next 5 years through grants, Federal financing, and leveraging private sector investments. Together with G7 partners, we aim to mobilize $600 billion by 2027 in global infrastructure investments. And this will only be the beginning. The United States and its G7 partners will seek to mobilize additional capital from other like-minded partners, multilateral development banks, development finance institutions, sovereign wealth funds, and more. President Biden will release a Presidential Memorandum to execute the PGII across four priority pillars that will define the second half of the 21st century. This includes:
- Tackling the climate crisis and bolstering global energy security through investments in climate resilient infrastructure, transformational energy technologies, and developing clean energy supply chains across the full integrated lifecycle, from the responsible mining of metals and critical minerals; to low-emissions transportation and hard infrastructure; to investing in new global refining, processing, and battery manufacturing sites; to deploying proven, as well as innovative, scalable technologies in places that do not yet have access to clean energy.
- Developing, expanding, and deploying secure information and communications technology (ICT) networks and infrastructure to power economic growth and facilitate open digital societies—from working with trusted vendors to provide 5G and 6G digital connectivity, to supporting access to platforms and services that depend upon an open, interoperable, secure, and reliable internet and mobile networks with sound cybersecurity.
- Advancing gender equality and equity—from care infrastructure that increases opportunities for economic participation by women, to improved water and sanitation infrastructure that addresses gender gaps in unpaid work and time use – in order to boost the global economic recovery by ensuring that half the population is not forced to sit on the sidelines.
- Developing and upgrading the infrastructure of health systems and contributing to global health security through investments in patient-centered health services and the health workforce; vaccine and other essential medical product manufacturing; and disease surveillance and early warning systems, including safe and secure labs. Addressing the current pandemic and preventing and preparing for the next one is crucial to U.S. economic and national security.
Source: WSLS News 10