help arrest the race to the bottom that s been going on among nations attracting corporate investment at the expense of priorities like protecting our workers and investing in infrastructure. we also made a commitment to help meet more than $40 trillion need that exists for infrastructure in the developing world. i put forward an idea that was called we named build back better world partnership, which is we re calling it the bbbwp. china head this belt and road initiative and we think there s a much more equitable way to provide for the needs of countries around the world. and so it s been a values-driven, high-standard transparent financing mechanism.
0 not going to come out with a set of deliverables and agreements on issues to tackle. usually the deliverables are planned in advance. there is an understanding we are going to try to arrive at this. not only am i relieved to see there is this person. the agenda, the main message i took was it is focused on tackling these major crises before the myriad of other problems that exist like iran and russia. if you can focus on climate change, massive issues, you can more easily tackle the other goals we have. that, ian, sounds like stage craft. the idea that these are the things that we generally agree upon don t come with a lot of specifics. they have some deliverables. how much do they matter? a little. there was a communique and was president trump was watching justin trudeau s conference, he said no, i don t like it, i am not signing it. i m ripping it up. but last year there wasn t a g7, the biggest crisis the world has experienced and there was no g7. in the last 15, 18 month
today s focus. what can you tell us? reporter: well, alex, we ve been talking about it for about five months, what has been the focus of president biden s agenda at home. it s been tackling the pandemic, jump-starting the economy, and then, of course, infrastructure. what has been the focus of president biden here at the g7? it has been tackling the pandemic, it has been jump-starting the global economy, and today it is all about infrastructure. the president is going to be meeting behind closed doors on fellow world leaders on what they re calling building back better for the world, an infrastructure plan that is designed to close what officials say is a $40 trillion gap in infrastructure in the developing world. this is all about countering china s rise. china has for years been pursuing what it calls the belt and road initiative. it has been working throughout the world to spread influence by helping invest in countries who desperately need these kind of infrastructure improvement
president today. he s in his fourth plenary session there? so what is the latest there? reporter: that s right, alex. this is the third full day of president biden s first foreign trip, by far the busiest, already multiple plenary session, a bilateral meeting with the french president as well. yesterday the g7 leaders focused on vaccine diplomacy, the announcement along with the u.s. sharing 500 million pfizer doses with the develops and impoverished nations, the rest of the g7 matches that commitment. today it s what you would call infrastructure diplomat sid. they re announcing b3w as an answer to what the decline ease have been aggressive in doing, working with poorer nations to help invest in what u.s. officials have said is a $40 trillion gap in infrastructure in the developing world. so, yes, today is all about
proposes to do exactly what he said he would in the campaign and steve is upset like where did this come from? where it came from is the american voter. bill: looks like if you get your way in 10 years we re not looking at 30 trillion but 40 trillion in debt. i disagree with austan this is what voters thought they were getting with joe biden. i remember very vividly in those debates against donald trump look, i m not bernie sanders, i m lunch bucket joe. i represent the more moderate wing of the democratic party. that s where joe biden was for his 30 years in congress. and now you get this massive increase in spending, multi-trillion dollars of tax increases anti-energy prouk policies it s like he said i m not against fracking. the first thing he does is kills pipeline and kills the energy industry. i think this is completely contrary to what the voters who voted for biden thought they were getting. bill: here are the numbers.