Angela Merkel, the German chancellor, said on Sunday that she hopes a new Group of Seven task group would be able to offer the first infrastructure projects in developing nations in 2022.
During the summit, the world’s seven most developed economies expressed a willingness to construct a counterpart to China’s multibillion-dollar Belt and Road plan.
According to the White House, US President Joe Biden and other G7 leaders expect that their strategy, known as the Build Back Better World (B3W) project, will assist developing countries shrink the $40 trillion gap by 2035.
It was unclear how the method would work in practice or how much money would be distributed at the end of the process.
Merkel remarked at a press conference that the G7 had recognized the need to help the development of poorer countries.
“For developing countries, only concrete projects matter,” she remarked. “I am hopeful that we will be able to showcase such ideas at the upcoming G7 conference in Germany.”
Next year, Germany will take up the G7 presidency from Britain.
According to Reuters, a draft of the summit’s final declaration stated that coal would be phased out to the greatest extent possible.
It also promised $100 billion in year support for underdeveloped nations in their fight against climate change, with Germany increasing its contribution pledges.
On the topic of forced labor, Merkel said the G7 had explicitly expressed what it believed to be deficits, citing China as an example.
“Democracy cannot be lived in the sense that we conceive in many foreign settings where there is human misery,” she remarked.