U.S. President Biden and European Commission President von der Leyen hosted a discussion on the margins of COP26, on how infrastructure initiatives must advance prosperity and combat the climate crisis.
Namely, global leaders discussed how the Build Back Better World, Global Gateway and Clean Green Initiatives will drive investment, increase focus, and mobilize resources to address critical infrastructure needs to support economic growth.
More specifically, 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.
The leaders commited 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.
They also commit to view all projects carried out through infrastructure development partnerships through the lens of climate change.
2. Strong and inclusive partnerships between host countries
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 developed in accordance with high standards
The leaders pledged to keep 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
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.
5. Climate-smart infrastructure development should play an important role in boosting economic recovery
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
