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tv   President Biden Delivers Remarks on Global Infrastructure from G7 Summit  CSPAN  June 27, 2022 4:28pm-5:03pm EDT

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>> [indiscernible conversations] >> welcome to this event on infr
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>> we are boosting vaccine production in africa. germany has contributive 530 million euros as part of a larger team, europe and g7 initiative. we are building strong partnerships to support the global transition to net zero. with our just energy transition partnerships, we support an accelerated, clean and dust transition of developing and emerging countries towards climate neutrality. the first gtp was launched with south africa at crops 26. i am happy to announce today that the germany wire development bank is offered -- ready to offer a promotional loan of 300 million euros as concrete support. this is part of germany's
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contribution to collective g7 support of $8.5 billion over the next three to five years. we will not stop there. in a joint effort with g7 partners, we are currently worker -- working toward additional gtp's with indonesia, india, senegal and vietnam. the public sector will not be able to close the huge investment gap faced in many parts of the world. that is why we are promoting innovative instruments such as the emerging climates action fund. in order to mobilize private investment for sustainable infrastructure. 37 is committed to support the emerging markets climate action fund, germany is can tripping an additional 30 million euro in addition to 25 million euro last year. the fund can mobilize up to 50
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euro private capital for every single euro public money we provide. we can mobilize up to 2.7 5 billion euro. just like our broader g7, our work on promoting infrastructure globally is affected by the current geopolitical situation. we have discussed how our investment globally and climate neutral and low carbon energy, including gas, can help us as a temporary response to russia's use of energy as a weapon. given the progress we have achieved, time is right to showcase our offer to the world and common roof. i am convinced the g7 makes a stronger, better and more convincing offer to partners globally. jan steps we have been takeing, this -- taking, this is a long-term undertaking.
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germany will make this work move forward to make progress towards an equitable world and will hand over an even stronger joint initiative. i would like to hand over to united states president. pres. biden: thank you. good afternoon. our nations and world stand in a genuine inflection point in history. technology has made our world smaller, more immediate and more connected. it has opened up incredible opportunities, but accelerated challenges that impact all of us . managing global energy needs, taking on the climate crisis, dealing with the spread of diseases, and the choices we make now are going to set a direction of our world for several generations to come. these challenges are hard for
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all of us, even nations with resources of the g7. developing countries often lack the essential infrastructure, to help navigate global shocks like a pandemic. they feel the impacts more acutely, and they have a harder time recovering. in our deeply connected world, that is not just humanitarian concern, it is an economic and a security concern for all of us. that is why, one year ago, this route of leaders led -- met in cornwall. we made a commitment, the democratic nations and g7 would step up and provide financing for quality, high standard infrastructure in developing and middle income countries. what we are doing is fundamentally different, it is grounded on our shared values while all of those representing countries behind me.
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it is built using the global best practices, transparency, partnership, protections for labor and the environment. we are offering better options for countries, and for people around the world to invest in critical infrastructure and improve the lives, their lives, all of our lives, and delivers real gains for all of our people. not just the g7, all of our people. today, we officially launch the partnership for global infrastructure and investment. we collectively have dozens of projects already underway around the globe, and i am proud to announce the united states will mobilize 200 billion dollars -- two hundred billion dollars in public and private capital over the next five years. we are making this commitment together as a g7 to maximize the impact of our work. collectively, we aim to mobilize
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nearly $600 billion from the g7 by 2027. these strategic investments are areas of critical to sustainable development, and to our shared global debility. health and health security. the general connectivity. gender equality. let me give you examples of the kinds of projects that are underway in each of these areas. first, health. two years ago, covid-19 did not need any reminders about how critical investments health care systems were in health security is. both, to fight the pandemic and prepare for the next one. it will not be the last pandemic we have to deal with. that is why the united states, together with the g7 partners and world bank are investing a
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new industrial scale vaccine manufacturing facility in senegal. when complete, it will have the potential to produce hundreds of millions of doses of vaccine annually for covid-19 and other diseases. it is an investment that will enhance global vaccine supplies, as well as improve access and equity for developing countries. second, the digital area. our economy's future depends on people's ability to connect to secure information and communications technologies. we need to strengthen the use of trusted technologies, so that our online information cannot be used by autocrats to consolidate their power or repress their people. that is why the digital invest program is mobilizing $335 million in private capital to supply and secure network equipment in africa, asia and latin america.
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the u.s. government supported the successful bid by an american company, sub column -- subcom, to build a telecommunications cable that stretches from southeast asia to the middle east to europe. this will be essential to meeting the growing demand for reliable security, high-tech connectivity in three key regions of the world. third, gender. when women and girls have the ability and opportunity to participate more fully in their societies and economy, we see positive impacts not only in their communities, but around the board. we have to increase those opportunities for women and girls to thrive, including practical steps to make childcare more accessible and affordable as we continue the vital work to protect and advance women's fundamental rights. the united states is committing
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$50 million to the world bank global childcare incentive fund. this public private partnership supported by several g7 partners help countries build infrastructure that makes it easier for women to participate equally in the labor force. fourth, very important. climate and energy. we are seeing how critical this is every day. the entire world is feeling the impact of russia's brutal war in ukraine, and on our energy markets. we need worldwide effort to invest in transformative, clean energy projects to ensure that critical infrastructure is resilient to changing climate. critical materials are necessary for a clean energy transition, including the production of batteries, need to be developed with high standards for labor and environment. fast and reliable transportation infrastructure, including railroads and ports, is
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essential to moving inputs for refining and processing, expanding access to clean energy technologies. for example, the u.s. government just facilitated a partnership between two american firms and the government of angola to invest $2 billion to building a new solar project in angola. it 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. i suspect, throughout africa. and romania, the first -- the american company new scale power will be the first of its kind, small, modular reactor plant. this will help bring online zero emission nuclear energy to europe faster, more efficiently. the u.s. government is helping advance the development of this american technology which will strengthen europe's energy security and create thousands of jobs in romania and the united
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states. these deals are some of what is in store, we are ready to get to work together, all of us, to lead efforts, to lead u.s. efforts. i appointed my special, presidential coordinator to deal with the rest of our colleagues. i will lead the u.s. governed approach to drive the coalition and collaboration with the g7 and our partners around the world, including private-sector and multilateral development thanks. i want to be clear, this is not a charity, it is an investment that will deliver returns for everyone, including the american people and people of our nations. it will boost all of our economies. it is a chance for us to share our positive vision for the future. let communities around the world see themselves, and see for themselves the concrete benefits and partnering with democracies. when democracies demonstrate
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what we can do, i have no doubt we will win the competition every time. thank you, now i invite president vander line to the podium. >> thank you, mr. president. thank you, olaf. we just tried to overcome a global pandemic, and it shook the global economy. then, as the global economy was just recovering, russia's vicious attack on ukraine happened. driving prices up everywhere, from food to energy, and casting deep uncertainty, especially in the most fragile companies -- countries. these are very severe challenges. we will tackle them head on. this is why g7 partners are gathered here. this must not, and it will not, divert us away from our affirmative agenda to show the
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world that democracies, when they worked together, provide the single best path to deliver results for our people and people all over the world. on climate, on health security, and on digital innovation. last november at cop 26, thank you again boris for the initiative, we announced our plans to step up globally investments in climate, positive infrastructure. this was our response to the commitment we made at carvers bay, and i will never forget the start of this initiative at glascow together with you. it was the beginning of a success story. today, the world needs these investments now more than ever. that is what the partnership for global infrastructure and investment is about. what should we do?
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we should work side-by-side. this is the only way to maximize the potential of our investments, and demonstrate the power of development finance when it reflects democratic values. that is transparency, inclusivity, and sustainability. when it embraces highest standards for the environment and for the workers. and, when it mobilizes the private sector. that is what success looks like. on our side, europe's response to the world's investment gap is global gateway. it is going to be under the roof of global partnership for infrastructure and investment. it is a team europe approach, and to the 200 billion euro dollars -- $200 billion that of been announced by the president of the united states, team europe is mobilizing 300 billion euros until 2027 over the next
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seven years, from both public and private sources. 300 billion euros for sustainable, quality infrastructure. and also for health infrastructure. investments that are transparent and improve everyday lives and bring real benefit for the communities on the ground. global gateways fully at work, and we are listening closely to the recipient countries, so that we can better understand their needs and deliver the biggest impact. we already have many great examples to share some of them, the mayan -- mrna vaccine manufacturing plant. for example, the great green wall, the project for food security and land restoration on the continent. or, take the submarine fiber
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optic cable, linking europe to latin america. the upcoming clean hydrogen project with egypt, nvidia -- namibia and chile. these are projects in the right direction to travel. they are designed and emblem ended in full consultation, and partnership with the countries and population concern. that is our way to do business. my point is, we need to see more of these projects get off the ground in every kernel of the earth. for this, we really need, as democracies, to pull our common weight. the european union and japan are doing that as part of our connectivity partnership. or, south africa has been named, where all g7 are supporting the
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just energy transition. we will continue our work and do more projects together. we will optimize our collective power, because it is up to us to give a positive, powerful investment impulse to the world to show our partners in the developing world that they have a choice. and that, we intend to step up in solidarity to meet their development needs. in doing so, we will show once again that democracies are prepared, and meet moment. therefore, my dear friends, let's continue the good work. thank you. [applause] >> now, i may ask the prime minister of japan kishida to take the floor.
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>> first of all, i welcome the initiative by joe and olaf. infrastructure investment is indispensable for the promotion of productivity and growth to the world. infrastructure in airports for the economic activities, it will be the foundation of the country's development. however, that does not mean the development of a large amount of infrastructure would suffice, even if the initial cost is inexpensive. it may lack the economic efficiency in the lifecycle as a whole, if unfeasible debt repayment plans cause the recipient countries to default. it could inhibit the growth of that country, therefore, in
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accordance with vacation for the 2020 principles for quality for structure investment, which incorporates transparency, openness, economics efficiency and sustainability and others, this is important for the g7 members to unite and promote equality -- quality infrastructure investment. from such perspective, other country will -- our country will announce in the next five years, we will realize more than 65 billion dollars of infrastructure assistance and mobilization of private sector capital. in addition to the challenges such as covid-19 or climate change, due to the -- the global economy is facing price spikes of energy and food over the disruption of supply chain. in order to deal with these situations, quality infrastructure investment is indispensable.
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for the development of quality infrastructure, it is crucial for the realization of a pre-and urban indo pacific for the indo pacific region, we will work on rail raise and airports that -- railways that contribute. and, the reinforcement of economic security, including cybersecurity. moving forward, japan will execute by appropriate decisions and strategic use of ote, and expand and strengthen diplomatic essence and deepen our collaboration with respective countries, including the g7. thank you. >> i would ask the prime minister of canada, justin trudeau, to take the floor.
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>> thank you, everyone. it is good to be here with president biden, chancellor schulz, and everyone participating today. a year ago at the g7 summit in the u.k., we made the commitment to change our approach to investment for infrastructure with the goal of strengthening our partnership with others around the world. [speaking non-english language] >> everybody agrees we need to work together in order to overcome the existing infrastructure in developing countries. it is essential we do this in order to promote sustainable development, create jobs, and promote trade, whilst protecting the environment. >> meeting in rwanda this week, with prime minister boris johnson, we had the opportunity to talk about these challenges with many african leaders. earlier this month in los angeles, i met with my cochair of the u.n. secretary-general sustainable development goals advocates group, prime minister
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of barbados. we focused on mobilizing all possible resources of government . since the g7 last year, we have made significant progress together, including commitments to support countries and managing their own energy transitions away from coal and other fossil fuels. canada doubled its international climate finance commitment to $5.3 billion over five years, in large part to support these efforts, which include a $1 billion investment in the accelerating coal transition program. of course, if we want to close the infrastructure gap, we have to find ways to incentivize rater private sector investment, -- greater private sector investment. no amount of public money can single-handedly fix this issue. that is why, at home, organizations such as
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development finance institute, fin dev canada, is helping build a finance platform. we are doing this to help solve today's big problems. canada's private sector is already a significant investor in global infrastructure, we are going to help them do even more of it. >> [speaking non-english language] >> we know a great deal of work remains to be done, but we must remain focused, determined and united. today, we reaffirm our commitment to take forward this infrastructure program. >> i am looking forward to work with you during the summit, and over the years to come. merci beaucoup. >> i ask the president of european counsel to speak to us.
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>> thank you, chancellor olaf scholz. the you fully supports the g7 partnership on global infrastructure investment. the reason is simple, we have always been a leader in cooperating with developing countries, 46% of develop -- global development aids from the european union. almost 70 billion euros go to fund more peace, prosperity and element. the g7 is permitted to value standards, transparency, principles, and so is the eu. we focus on smart, clean and secure investments in sustainable infrastructure, digital climate, energy, or
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transport. we also invest in the power and potential of people in the education and health and injecting aids research. the you is a project of peace and prosperity, entered in the rule of -- the you is a project of peace and prosperity. we widely our partners, our g7 partnership wants to drive forward infrastructure that is sustainable, inclusive, resilient, and high quality. in emerging markets, and in developing countries. for instance, with investments in vaccines and medicine production, notably in african countries. multilateral development banks will play a catalyst role in mobilizing private capital, along with our public support. the european union is moving forward with our global gateway initiative. at our eu africa summit last
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february, we announced in africa europe investment package of 150 billion euros. we are investing in many countries, projects in africa, and with africa. the submarine, the local pharmaceutical operation, are two examples. we are engaged in the field of sustainable connectivity and transport, energy and technology. in conclusion, we need values and standards. that is why we are fully on board. i believe, i am convinced, that the g7 and eu are taking the right direction for a more stable and forward-looking partnership. i thank you. >> the last that will speak to us is the prime minister of italy, mario. >> thank you, just words after
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everything has been said. this group of countries is being the largest financier in assistance to investment projects in developing countries. we have to do more, and we also want to be this effort, widely acknowledged in partnerships with developing countries. multilateral development banks, and especially the world bank, will be mobilizing even further together with the private sector. again, a wide effort of partnership with developing countries has to be undertaken. the areas in which these investment projects are going to be undertaken, in two areas i am going to put more stress. one is energy, and the other is health care. energy.
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it is quite clear that, in the present situation, will have -- we will have short-term needs that will require large investments in gaza infrastructure in developing countries and elsewhere. but, we have to make sure that they can be retro averted to carry hydrogen, so that is a way to reconcile short-term needs with long-term climate needs. also, many developing countries. one continent, africa, is exceptionally suited for investments in renewables. that is where i would expect all of our countries to fund and design, identify and design, many, many investment projects in this area. on vaccines, again, this group of
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