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Build Back Better World

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Build Back Better World
AbbreviationB3W
Formation2021; 3 years ago (2021)
FounderG7
PurposePromote economic development and inter-regional connectivity
Location
  • Worldwide

Build Back Better World (B3W) is an initiative undertaken by the G7. Launched on June 12, 2021, it would provide an alternative to China's Belt and Road Initiative (BRI) for infrastructure development of low- and middle-income countries.[1]

The initiative seeks to address the $40 trillion worth of infrastructure needed by developing countries by 2035. The initiative aims to catalyze funding for quality infrastructure from the private sector and will encourage private-sector investments that support "climate, health and health security, digital technology, and gender equity and equality".[2][3] The initiative builds on the Blue Dot Network, a co-opted collaboration that aims to build a global network through lending-based financing to build roads, bridges, airports, ports, power plants.[4]

Standards and principles

A group of leaders around a table
World leaders at the 2021 G7 Summit in England

The B3W efforts are in line with the standards and principles of the Blue Dot Network (BDN), relating to the environment and climate, labor and social safeguards, financing, construction, anticorruption, and other areas. On November 4, 2019, U.S. Under Secretary of State Keith Krach formally launched the BDN with his Australian and Japanese counterparts with access to US$60 billion of capital from the U.S. International Development Finance Corporation (DFC) at the Indo-Pacific Business Forum in Bangkok.[5]

U.S. Under Secretary of State Keith Krach's announcement of Blue Dot Network with OPIC's David Bohigian, Japan's Tadashi Maeda, and Australia's Richard Maude at the Indo-Pacific Business Forum

Krach announced the BDN's global trust standards, which are based on "respect for transparency and accountability, sovereignty of property and resources, local labor and human rights, rule of law, the environment, and sound government practices in procurement and financing."[6] Under Secretary Krach committed $2 million (USD) of U.S. State Department seed money for the steering committee and issued an invitation to other G7 members to join. On October 19, 2020, on behalf of the twelve Three Seas nations, President Kersti Kaljulaid endorsed the BDN and the Three Seas Summit in Tallinn, Estonia.[7]

Krach wearing a Three Seas medical mask while signing a memorandum regarding cooperation

On June 7, 2021, the Organisation for Economic Co-operation and Development (OECD) committed to support the BDN at the meeting of the latter's executive consultation group in Paris, France.[8] On June 16, Krach was awarded the Westernization Award by StrategEast for his work as under secretary of state in the country of Georgia for leading the Clean Network and Clean Infrastructure initiatives, which provide an alternative to the "One Belt One Road" for the countries of Eurasia and is supported by all G7 countries as the "Build Back a Better World".[9]

See also

References

  1. ^ "G7 rivals China with grand infrastructure plan". Reuters. 2021-06-12. Retrieved 14 June 2021.
  2. ^ "FACT SHEET: President Biden and G7 Leaders Launch Build Back Better World (B3W) Partnership". The White House. 12 June 2021. Retrieved 17 July 2021.
  3. ^ "G7 adopts infrastructure plan to rival China's belt and road strategy". South China Morning Post. 2021-06-12. Retrieved 14 June 2021.
  4. ^ "Asian Countries Welcome G7's Answer to China's One Belt, One Road Program".
  5. ^ "Under Secretary Krach Advances Global Economic Security at Indo-Pacific Business Forum". U.S. Mission to ASEAN. 12 November 2019. Archived from the original on 30 December 2021. Retrieved 3 July 2021.
  6. ^ "US-Led Initiative Aims to Make Mark on Global Infrastructure Development | Voice of America - English". www.voanews.com. Retrieved 2021-07-05.
  7. ^ "Under Secretary Krach: Clean Vision for Three Seas". U.S. Embassy in Estonia. 2020-10-21. Retrieved 2021-07-05.
  8. ^ "Inaugural Meeting of the Blue Dot Network's Executive Consultation Group, 7 June 2021 - OECD". www.oecd.org. Retrieved 2021-07-05.
  9. ^ "Keith Krach awarded a Lifestyle Westernization Award for the Clean Network Initiative". Strategeast. 2021-06-16. Retrieved 2021-09-20.


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