The G7 are launching a global infrastructure investment program worth almost $600 billion by 2027. Chancellor Olaf Scholz, as acting G7 President, announced at the summit in Schloss Elmau in Upper Bavaria on Sunday that the program should enable investments in climate protection, in the energy sector and in the health sector, for example.
US President Joe Biden initiated this initiative, said Scholz, and emphasized during the joint presentation of the initiative: “This shows the unity of the G7.”
According to Biden, the United States wants to provide $200 billion in public and private funds. Investments in digital infrastructure are also planned, said Biden in Elmau.
The US President emphasized that the program should benefit everyone worldwide, especially in developing countries. EU Commission President Ursula von der Leyen announced that “Team Europe” will provide 300 billion euros as a contribution to the G7 investment initiative. This sum of state and private money is planned until 2027, said von der Leyen. The projects would be developed together with the countries. “As democracies, we must join forces,” she said.
Japan will provide $65 billion in government and private money, according to Prime Minister Fumio Kishida. In this way, Japan will also promote the construction of airports, ports and railway connections in the Indo-Pacific.
Italy’s Prime Minister Mario Draghi spoke out in favor of Western countries investing in gas infrastructure in Africa, for example, but also in the expansion of renewable energies. However, it is important that the gas infrastructure can then also be used for hydrogen. Canada’s Prime Minister Justin Trudeau pledged $5.4 billion.