President Biden’s remarks at the launch of the Global Infrastructure and Investment Partnership

Elmau Castle
Krun, Germany

5:19 p.m. CEST

THE PRESIDENT: Thank you very much. Well, good afternoon, friends.

Our nations and our world stand at a true inflection point in history. Technology has made our world smaller, more immediate and more connected. This has opened up incredible opportunities, but also accelerated challenges that impact us all: managing global energy needs, dealing with the climate crisis, dealing with the spread of disease.

And the choices we make now, I believe, will shape our world for many generations to come.

These challenges are difficult for all of us, even nations with the resources of the G7. But developing countries often lack the essential infrastructure to help weather global shocks, like a pandemic. They therefore feel the impacts more intensely and they have a harder time recovering.

In our deeply connected world, this is not just a humanitarian concern, it is an economic and security concern for all of us.

That is why, a year ago, when this group of leaders met in Cornwall, we made a commitment: the democratic nations of the G7 would commit — would commit and provide funding for quality infrastructure , high-level and sustainable in developing and middle-income countries.

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

We provide better options for countries and people around the world to invest in critical infrastructure that improves lives – their lives, all of our lives – and delivers real gains for all of our people, not just the G7 – to all of our people.

Today we officially launch the Global Infrastructure and Investment Partnership. We collectively have dozens of projects already underway around the world.

And I am proud to announce that the United States will mobilize $200 billion in public and private capital over the next five years for this partnership.

We are here today because we are making this commitment together as the G7 in coordination with each other to maximize the impact of our work.

Collectively, we aim to mobilize nearly $600 billion from the G7 by 2027.

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

Let me give you a few examples of the types of projects that are underway in each of these areas.

First, health. Two years ago, COVID-19 – did not need reminders about the importance of investments in health systems and the health sector – and health security does, both to combat the pandemic and to prepare for the next one, because it will not be the last pandemic we experience – we have to face it.

That’s why the United States, together with G7 partners and the World Bank, is investing in a new industrial-scale vaccine manufacturing facility in Senegal. When completed, it will have the potential to produce hundreds of millions of doses of vaccines against COVID-19 and other diseases each year.

It is an investment that will improve the global vaccine supply as well as access and equity for developing countries.

Second, in the digital realm. The future of our economies increasingly depends on people’s ability to connect to secure information and communications technologies. And we must reinforce the use of trusted technologies so that our online information cannot be used by autocrats to consolidate their power or repress their people.

That’s why the Digital Invest program is mobilizing $335 million in private capital to provide secure network equipment in Africa, Asia and Latin America.

And the US government also backed a successful bid by an American company, SubCom, for a $600 million contract to build a global undersea telecommunications cable. This cable will stretch from Southeast Asia, through the Middle East and the Horn of Africa, to Europe.

This will be essential to meet the growing demand for reliable security and high-tech connectivity in three key regions of the world.

Third, sex. When women and girls are empowered and given the opportunity to parcia- — to participate more fully in these societies and economies, we see positive impacts not only in their communities, but in all areas — at all levels.

We must, however, expand these opportunities for women and girls to thrive, including taking practical steps to make childcare more accessible and affordable, while continuing the vital work of protecting and promoting the human rights of women.

The United States is committing $50 million over five years to the World Bank’s Global Child Care Incentive Fund. This public-private partnership supported by several G7 partners will help countries build infrastructure that will make it easier for women to participate – equally – in the labor force.

Fourth and very important, climate and energy. We see how critical this is every day. The whole world is feeling the impact of Russia’s brutal war in Ukraine and our energy markets.

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 our clean energy transition, including battery production, must be developed with high labor and environmental standards.

Fast and reliable transportation infrastructure, including railways and ports, is essential to move inputs for refining and processing and to expand access to clean energy technologies.

For example, the US government has just facilitated a new partnership between two US companies and the Angolan government to invest $2 billion in the construction of new solar projects in Angola. This is a partnership that will help Angola meet its climate goals and energy needs while creating new markets for American technologies and good jobs in Angola and, I suspect, all of Africa.

And in Romania, the American company NuScale Power will build a unique small modular reactor plant. This will help bring zero-emission nuclear power online in Europe faster, cheaper and more efficiently.

The US government is helping advance the development of this game-changing US technology, which will enhance Europe’s energy security and create thousands of jobs in Romania and the United States.

These deals are just a few of what’s in store. And we are ready. We are ready to get to work, together, all of us.

To lead the efforts – to lead the American efforts, in my case – appointed – I appointed Amos Hochstein, my special presidential coordinator, to take care of the rest of our colleagues. I’m going [He’ll] leading the US whole-of-government approach to drive coalition and collaboration with the G7 and our partners around the world, including the private sector and multilateral development banks.

I want to be clear: this is not about aid or charity; it is an investment that will benefit everyone, including the American people and the peoples of all our nations. This will boost all of our economies and it is a chance for us to share our positive vision for the future and allow communities around the world to see themselves and see for themselves the concrete benefits of partnering with democracies. .

Because when democracies demonstrate what we can do, all we have to offer, I have no doubt that we will win the competition every time.

Thanks. And now I invite President von der Leyen to the rostrum.

5:28 p.m. CEST

About Dianne Stinson

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