U.S. President Biden, European Commission President von der Leyen
and PM have announced commitment to
addressing climate crisis through infrastructure development.
Building on the June 2021 commitment of G7 Leaders to launch a
values-driven, high-standard, and transparent infrastructure
partnership to meet global infrastructure development needs, U.S.
President Biden and European Commission President von der Leyen
hosted a discussion on the margins of COP26 with UK Prime
Minister Johnson, Barbadian Prime Minister Mottley, Canadian
Prime Minister Trudeau, Colombian President Duque, Ecuadorian
President Lasso, Democratic Republic of the Congo President
Tshisekedi, Indian Prime Minister Modi, Japanese Prime Minister
Kishida, and Nigerian President Buhari on how infrastructure
initiatives must simultaneously advance prosperity and combat the
climate crisis, in line with the Sustainable Development Goals
and the Paris Agreement.
Global leaders discussed how the Build Back Better World, Global
Gateway and Clean Green Initiatives will jumpstart investment,
sharpen focus, and mobilize resources to meet critical
infrastructure needs to support economic growth, while ensuring
that this infrastructure is clean, resilient, and consistent with
a net-zero future. President Lasso, Prime Minister Modi,
President Buhari, and President Duque shared their perspectives
on the challenges their countries have previously faced with
infrastructure development and principles they would like to see
from future infrastructure initiatives.
UN Special Envoy for Climate Action and Finance Mark Carney and
World Bank Group President David Malpassspoke on the imperative
of mobilizing investment from the private sector, international
financial institutions and multilateral development banks,
including through country platforms, to achieve these goals.
President Biden, President von der Leyen, and Prime Minister
Johnson endorsed five key principles for infrastructure
development:
1. Infrastructure should be climate resilient and
developed through a climate lens.
We commit to build resilient, low- and zero-carbon infrastructure
systems that are aligned with the pathways towards net-zero
emissions by 2050, which are needed to keep the goal of limiting
global average temperature change to 1.5 degrees Celsius within
reach. Further, we commit to viewing all projects carried out
through infrastructure development partnerships through the lens
of climate change.
2. Strong and inclusive partnerships between host
countries, developed country support, and the private sector are
critical to developing sustainable infrastructure.
Infrastructure designed, financed, and constructed in partnership
with those whom it benefits will last longer, be more inclusive,
and generate greater and more sustainable development impacts. We
will consult with stakeholders—including representatives of civil
society, governments, NGOs, and the private sector to better
understand their priorities and development needs.
3. Infrastructure should be financed, constructed,
developed, operated, and maintained in accordance with high
standards.
We resolve to uphold high standards for infrastructure
investments, promoting the implementation of the G20 Principles
for Quality Infrastructure Investments as the baseline.
Environmental, Social and Governance standards help safeguard
against graft and other forms of corruption; mitigate against
climate risks and risks of ecosystem degradation; promote skills
transfer and preserve labor protections; avoid unsustainable
costs for taxpayers; and, crucially, promote long-term economic
and social benefits for partner countries.
4. A new paradigm of climate finance—spanning both public
and private sources—is required to mobilize the trillions needed
to meet net-zero by 2050 and keep 1.5 degrees within
reach.
The world must mobilize and align the trillions of dollars in
capital over the next three decades to meet net-zero by 2050, the
majority of which will be needed in developing and emerging
economies. Mobilizing capital at this scale requires a
collaborative effort from all of us, including governments, the
private sector, and development finance institutions, as well as
better mechanisms to match finance and technical assistance with
country projects, including through country partnerships.
5. Climate-smart infrastructure development should play
an important role in boosting economic recovery and sustainable
job creation.
Infrastructure investment should also drive job creation and
support inclusive economic recovery. We believe our collective
efforts to combat the climate crisis can present the greatest
economic opportunity of our time: the opportunity to build the
industries of the future through equitable, inclusive, and
sustainable economic development worldwide.
President Biden, European Commission President von der Leyen, and
Prime Minister Johnson called on countries around the world to
make similar commitments and take action to spur a global
transformation towards reliable, climate-smart infrastructure.
