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.
President Biden, President von der Leyen, and Prime Minister Johnson endorsed five key principles for infrastructure development:
- Infrastructure should be climate resilient and developed through a climate lens.
Strong and inclusive partnerships between host countries, developed country support, and the private sector are critical to developing sustainable infrastructure.
Infrastructure should be financed, constructed, developed, operated, and maintained in accordance with high standards.
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.
Climate-smart infrastructure development should play an important role in boosting economic recovery and sustainable job creation.
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Source: EU Commission