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G7 Leaders Statement Partnership for Infrastructure and Investment

December 3, 2021
[pdf]

At the Carbis Bay Summit in June 2021, we, the Leaders of the Group of Seven, committed to an ambitious agenda to build back better for the world and urgently narrow the infrastructure investment gap in developing countries, by delivering a step change in our approach to financing quality and sustainable infrastructure that ensures a strong recovery from the pandemic and rapid progress towards the Sustainable Development Goals and international climate and environment commitments, including those recently made at COP26.

Low and middle income countries need to expand infrastructure investment to address climate change and support their transition to net zero emissions,[1] and for health and health security infrastructure; digital, transport and energy connectivity; education infrastructure; and advancing gender equity and the fight against inequality. To help overcome this global challenge, we will scale up our collective action to mobilise private sector capital and expertise, using every tool in our respective development and economic toolboxes, and strengthen our partnerships with developing countries.

Our shared ambition is to drive global prosperity, sustainable development, connectivity and the transition to net zero by better leveraging our economies, capital markets, expertise, technology and innovation capabilities.

Through a wide range of programmes and initiatives, as illustrated in the annex to this statement, we are already supporting sustainable, resilient and quality infrastructure in developing countries, and will build on this to deliver on our ambition. Collectively we have invested substantial resources – in 2019 and 2020 combined, the G7 members provided over US$265 billion in official development assistance,[2] including for infrastructure. G7 members also provide substantial amounts of additional finance for infrastructure in developing countries through Multilateral Development Banks (MDBs) and their development finance institutions.

But narrowing the connectivity and infrastructure investment gap requires a significant shift in how the international system works together. This is a long-term agenda, where we will adopt a common strategic approach, underpinned by the following five principles:

We are firmly committed to this agenda and to working with partners to take it forward. To deliver against these principles and the ambition we have set ourselves, we will initially take the steps below:

To sustain focus, we will:

To drive a race to the top on standards, we will:

To support our ambition to scale up from billions to trillions in finance from our economies, we will:

To reinforce our regional and country-led partnership approach and promote coherence, we will:

These commitments are the first steps in a long-term partnership, and we welcome and invite others to join and work with us, to better coordinate globally in order to narrow the infrastructure financing gap, improve the quality, sustainability and resilience of infrastructure, address climate change, protect biodiversity, and drive the transition to net zero. We welcome the work of the G7 taskforce on development finance, which has informed these principles, and the forthcoming discussion of these issues by G7 Foreign and Development Ministers. We look forward to reflecting on the progress of this initiative under the German Presidency.

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[1] According to some estimates low and middle income countries need to expand infrastructure investment seven-fold, to over US$1 trillion per year, just to address climate change: International Energy Agency, World Bank and World Economic Forum Special Report (2021): Financing Clean Energy Transitions in Emerging and Developing Economies, p14 and 26

[2] OECD, official development assistance data, 2019 and 2020 (preliminary); accessed November 2021

Source: UK Prime Minister's Office, 10 Downing Street

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