Biden called on the world to move faster to green energy amid Russia's war against Ukraine Truthout

Biden called on the world to move faster to green energy amid Russia's war against Ukraine

Olena Yatseno

The G7 countries are collectively mobilizing $600 billion for this purpose by 2027

US President Joe Biden called on the world community to accelerate the transition to clean energy amid Russia's large-scale war against Ukraine on energy markets around the world.

He made this statement on Sunday, June 26, during a press briefing at the G7 summit in Germany, writes press service White House.

"The whole world is feeling the effects of Russia's brutal war in Ukraine, particularly on our energy markets. We need the world's efforts to invest in clean energy transformation projects to ensure the resilience of critical infrastructure to climate change," he said.

Biden emphasized that it is important to develop critical materials for the transition to clean energy. In particular, the production of batteries must be developed in accordance with high standards of labor and environmental protection.

The White House also emphasized the importance of fast and reliable transport infrastructure, including railways and ports, which is essential for transporting resources for cleaning, recycling, and expanding access to clean technologies.

For this the G7 countries are launching a new global initiative.

In particular, following the G7 summit, Biden announced the allocation of $ 200 billion to support projects in developing countries and middle-income countries. According to him, this initiative will help direct the world to invest in sustainable projects based on common values.

He also added that the G7 countries are collectively mobilizing $ 600 billion for this purpose by 2027.

"Together, we have dozens of projects already in the works around the world. And I am proud to announce that the United States will raise $ 200 billion in public and private capital over the next five years for this partnership. We are here today because we are working together. "It's a commitment, like the Group of Seven, in coordination with each other to maximize the impact of our work. Together, we are committed to raising nearly $ 600 billion from the G7 by 2027," he said.

Note that the Global Infrastructure and Investment Partnership is a rebranding of Biden's Restoration of a Better World initiative presented at last year's G7 summit. It will finance:

  • solving the problem of climate change and investing in clean energy;
  • building a secure and open Internet and information systems;
  • promoting gender equality and equity;
  • modernization of health care infrastructure.

Before EcoPolitics reported that US President Joe Biden signed the decree on the protection of some of the largest and oldest trees in the country.

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