G7 wants to raise $600 billion to counter China’s Belt and Road

You G7 leaders pledged on Sunday to raise $600 billion in public and private funds over five years to finance needed infrastructure in developing countries and counter China’s oldest, multi-trillion-dollar project, Belt and Road.

The President of the United States, Joe Biden and other G7 leaders relaunched the newly renamed “Partnership for Global Infrastructure and Investment” at their annual meeting this year at Schloss Elmau in southern Germany.

Biden said the United States will mobilize $200 billion in grants, federal funds and private investment over five years to support projects in low- and middle-income countries that help fight climate change, as well as improve global health, equity. gender and digital infrastructure.

“I want to be clear. This is not help or charity. It’s an investment that will pay off for everyone,” Biden said, adding that it would allow countries “to see the concrete benefits of partnering with democracies.”

Biden said hundreds of billions of additional dollars could come from multilateral development banks, development finance institutions, sovereign wealth funds and others.

Europe will mobilize €300 billion for the initiative over the same period to build a sustainable alternative to China’s Belt and Road initiative scheme, which the Chinese president, Xi Jinping launched in 2013, said the president of European Commission , Ursula von der Leyen .

The leaders of Italy, Canada and Japan also spoke about their plans, some of which have already been announced separately.

The French President, Emmanuel Macron and the British Prime Minister, Boris Johnson were not present, but their countries are also participating.

China’s investment scheme involves development and investment initiatives in more than 100 countries with a range of projects, which include railways, ports and highways, with the aim of creating a modern version of Asia’s ancient Silk Road trade route to the Europe.

White House officials said the plan had brought few tangible benefits to many developing countries.

Hundreds protest for climate justice during G7

Hundreds of protesters marched in the southern German city of Garmisch-Partenkirchen on Sunday, near where G7 leaders are meeting, demanding action against the climate changes.

Under a banner that read “Global Justice, Saving the Climate Instead of Arming”, several speakers addressed a crowd of protesters, calling for more action to combat climate change.

“I am protesting here today for climate justice and for the right decisions to be made so that I have a future,” said Theresa Stoeckl, one of the protesters.

Seven of the protesters, holding an Oxfam banner that read “Stop burning our planet”, wore traditional Bavarian dress and masks representing G7 leaders. They held mugs of beer while holding a model of the earth over a grill.

“Seven heads of government from different countries trade all over the world. And we’ve seen before that what they trade doesn’t always benefit the whole world,” said Benedikt Doennwagen.

Another protester, Erich Utz, said that G7 leaders should include young people at the summit and in its decisions.

“I am 17 years old. There are people sitting there who are four times my age, discussing my future without asking any young people what we want even once,” said Utz.