B3W is a development initiative for developing countries, which will compete with China’s Belt & Road Initiative
The Group of Seven (G7) leaders have unveiled ‘Build Back Better for the World (B3W)’, an infrastructure development initiative for developing countries, which will compete directly with China’s Belt & Road Initiative (BRI).
Although China’s BRI has helped finance trains, roads and ports in many countries, it has been criticised for putting the developing nations under huge debt.
From railways in Africa to wind farms in Asia, the ‘Build Back Better for the World’ plan will bring together G7 countries under the U.K.’s Presidency to develop an offer for high quality financing for vital infrastructure. The B3W initiative will help narrow the U.S. $ 40+ trillion infrastructure need in the developing world, which has been exacerbated by the Coronavirus (COVID-19) pandemic.
Taking it to twitter, the official twitter handle of G7 U.K. tweeted,
Today G7 leaders will launch the 'Build Back Better for the World' plan, giving developing countries access to more, better and faster financing for vital green infrastructure projects.
— G7 UK (@G7) June 13, 2021
Find out more 👉 https://t.co/LXjT1rSmmS#G7UK #BuildBackBetter pic.twitter.com/QSS4dTPhlG
The B3W approach will provide developing countries with more access to better and faster finance, while accelerating the global shift to renewable energy and sustainable technology. This would be a value-driven, high standard and transparent partnership. The G7 countries will work on this initiative ahead of the COP26 Summit in November this year.
The details of how the B3W will be financed have not been finalised. The Chancellor of Germany – Angela Merkel said the group was not yet at a stage to release financing for its initiative.
Speaking on the occasion, Angela Merkel said, “We can’t sit back and say that China will do it but it’s the G7’s ambition to have a positive agenda for a number of countries in the world which are still lagging behind… I welcome it”
Sharing his thoughts on twitter, the Prime Minister of U.K. – Boris Johnson tweeted,
There is a direct relationship between reducing emissions, restoring nature, creating jobs and ensuring long-term economic growth.
— Boris Johnson (@BorisJohnson) June 13, 2021
The @G7 has an unprecedented opportunity to drive a global Green Industrial Revolution and transform the way we live.#BuildBackGreener
The U.S. believes B3W will challenge the rise of Chinese influence around the world. The West has been keen on countering China on BRI. They feel that Chinese investment comes with a high price. The U.S. and several European nations have condemned the ill treatment of Uyghur Muslims in the far western region of Xinjiang in China. Biden believes that global supply chains, must be free of this kind of labour.
Separately, Boris Johnson has also launched U.K.’s Blue Planet Fund from the G7 Summit which will support countries including Ghana, Indonesia and Pacific Island states to tackle unsustainable fishing, protect and restore coastal ecosystems like mangroves and coral reefs and reduce marine pollution.
The G7 U.K. further tweeted,
Prime Minister @BorisJohnson has launched the UK's £500m Blue Planet Fund.
— G7 UK (@G7) June 13, 2021
The fund will help developing countries to:
🎣 tackle unsustainable fishing
🐠 protect and restore coastal ecosystems
🌊 reduce marine pollution
Find out more 👉https://t.co/Y78ShImdX4#G7UK pic.twitter.com/OivVLTk6Nb
Separately, the G7 nations will also endorse a Nature Compact meeting to halt and reverse biodiversity loss by 2030. This will include initiatives like supporting the global target to conserve or protect at least 30% of land and 30% of ocean globally by the end of the decade.
