The Group of Seven (G7), an intergovernmental political forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, has committed to helping meet more than $40 trillion in infrastructure needs in the developing world through an initiative known as the Build Back Better World Partnership, or B3W.
According to a statement from the White House, G7 will provide a financing mechanism that supports projects in four key areas: climate, health, digital technology and gender equity. The group will seek to invest in new infrastructure in low- and middle-income countries over the coming years, with much of the investment to come from the private sector.
In addition, G7 has committed to eliminate the use of its public finance to support unabated coal projects around the world, and to end these projects this year.
President Joe Biden compared B3W to China’s Belt and Road Initiative and said the group thinks that there’s a much mor