The G7 will launch a green alternative to the belt and road of China Business and Economy News


The G7 is expected to launch a “Clean Green Initiative” to compete with the China Road and Belt Initiative when leaders meet at a summit next week, Bloomberg News reported.

Per Bloomberg

The Seven Countries Group plans to launch a green alternative to the China Belt and Road initiative when leaders meet at a summit next week, according to two people familiar with the issue.

The strategy, which is expected to be called the “Clean Green Initiative,” would provide a framework to support sustainable development and the green transition in developing countries, people said. The initiative will also be on the agenda of the leaders’ summit.

One person said a plan backed by the G-7 to rival China’s infrastructure strategy was initially pushed by U.S. President Joe Biden and has involved in technical discussions between diplomats preparing the next week’s meeting in Cornwall, England.

The same person said it was unclear whether new money would be put behind the G-7 initiative, explaining that the initial purpose was the promise to create a strategic framework.

The UK Cabinet Office did not immediately respond to a request for comment.

Beijing’s trillion-dollar initiative has seen more than 100 countries endorsing the program and its network of projects and shipping lanes already meandering in large parts of the world.

But critics argue that projects often create debt dependence and expose nations to Beijing’s undue influence. Montenegro, a member of NATO and a candidate for the European Union, is one of the last countries to fight to repay loans to China.

Looking ahead to next week’s summit, G-7 members have expressed different views on the geographical focus the initiative should take, said one of the people familiar with the discussions.

Germany, France and Italy want it to support activities in Africa, while the US is pushing for action in Latin America and Asia. Japan advocates greater attention to the Indo-Pacific region. But all nations agree on the need for a more transparent alternative to the Chinese program, the person added.

In recent years, several G-7 countries, as well as the EU, have launched their own infrastructure initiatives with mixed results. There are more works.

The G-7 leaders ’summit takes place June 11-13.

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