Build Back Better World
{{Short description|Initiative undertaken by the G7 in 2021}}
{{About|the initiative by G7 countries|President Joe Biden's economic plan|Build Back Better Plan|the social services and climate portions of the Build Back Better Plan|Build Back Better Act}}
{{Infobox organization
| name = Build Back Better World
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| abbreviation = B3W
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| formation = {{start date and age|2021|df=yes}}
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| purpose = Promote economic development and inter-regional connectivity
| headquarters =
| founder = G7
| location = Worldwide
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Build Back Better World (B3W) was 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.{{cite news |title=G7 rivals China with grand infrastructure plan |url=https://www.reuters.com/world/g7-counter-chinas-belt-road-with-infrastructure-project-senior-us-official-2021-06-12/ |access-date=14 June 2021 |work=Reuters |date=2021-06-12}} Ultimately, B3W investment was not detailed beyond the program's general principles. After difficulties in implementing the Biden Administration's domestic Build Back Better Plan agenda, the B3W was re-branded as the Partnership for Global Infrastructure and Investment.
The initiative sought to address the $40 trillion worth of infrastructure needed by developing countries by 2035. It aimed 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".{{cite news |title=G7 adopts infrastructure plan to rival China's belt and road strategy |url=https://www.scmp.com/news/world/europe/article/3137097/g7-leaders-adopt-build-back-better-world-plan-rival-chinas-belt |access-date=14 June 2021 |work=South China Morning Post |date=2021-06-12 |language=en}} The initiative was intended to build on the Blue Dot Network, a collaboration that aims to build a global network through lending-based financing to build roads, bridges, airports, ports, power plants.
Standards and principles
File:G7 leaders roundtable meeting on Day 1 Carbis Bay summit (2).jpg in England]]
The B3W efforts were 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.{{Cite web |title=Asian Countries Welcome G7's Answer to China's One Belt, One Road Program |url=https://www.rfa.org/english/news/china/program-06232021151152.html}} 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.{{cite web |title=Under Secretary Krach Advances Global Economic Security at Indo-Pacific Business Forum |url=https://asean.usmission.gov/under-secretary-krach-advances-global-economic-security-at-indo-pacific-business-forum/ |website=U.S. Mission to ASEAN |date=12 November 2019 |access-date=3 July 2021 |archive-date=30 December 2021 |archive-url=https://web.archive.org/web/20211230063854/https://asean.usmission.gov/under-secretary-krach-advances-global-economic-security-at-indo-pacific-business-forum/ |url-status=dead }}
File:Embassy 2 Indo Pacific Business Forum.png's announcement of Blue Dot Network with OPIC's David Bohigian, Japan's Tadashi Maeda, and Australia's Richard Maude at the {{Nowrap|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."{{Cite web|title=US-Led Initiative Aims to Make Mark on Global Infrastructure Development|url=https://www.voanews.com/a/economy-business_us-led-initiative-aims-make-mark-global-infrastructure-development/6183503.html|access-date=2021-07-05|website=Voice of America|date=31 January 2020 |language=en}} 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.{{Cite web|date=2020-10-21|title=Under Secretary Krach: Clean Vision for Three Seas|url=https://ee.usembassy.gov/2020-10-21/|access-date=2021-07-05|website=U.S. Embassy in Estonia|language=en-US}}
File:US Undersecretary of State Keith Krach in Cyprus-cropped.jpg 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.{{Cite web|title=Inaugural Meeting of the Blue Dot Network's Executive Consultation Group, 7 June 2021 - OECD|url=https://www.oecd.org/about/secretary-general/oecd-sg-remarks-at-blue-dot-network-meeting-7-june-2021.htm|access-date=2021-07-05|website=www.oecd.org}}
Re-branding
B3W was not ultimately detailed beyond the program's general goals.{{Cite book |last=Garlick |first=Jeremy |title=Advantage China: Agent of Change in an Era of Global Disruption |date=2024 |publisher=Bloomsbury Academic |isbn=978-1-350-25231-8}}{{Rp|page=67}} Following legislative difficulties in implementing the Build Back Better domestic agenda, B3W was re-branded as the Partnership for Global Infrastructure and Investment.{{Cite book |last=Curtis |first=Simon |title=The Belt and Road City: Geopolitics, Urbanization, and China's Search for a New International Order |last2=Klaus |first2=Ian |date= |publisher=Yale University Press |year= |isbn=9780300266900 |location=New Haven and London |publication-date=2024}}{{Rp|page=5}}