Speech by President von der Leyen at side event co-hosted by the US and the European Commission in COP26 in Glasgow on addressing climate change through infrastructure investment

Thank you very much, Mr President, dear Joe,

Prime Minister, dear Boris,

Distinguished guests,

Ladies and Gentlemen,

It is my great pleasure to co-host this important event with you, Mr President. Indeed, our joint work on infrastructure needs in low- and middle-income countries started earlier this year, in Carbis Bay, Boris, I remember very well, under your Presidency. And here now in Glasgow, in the spirit of COP26, we want to highlight the progress made so far and emphasise the importance of climate-positive infrastructure development. Thus, if investing in transport, in energy, and digital networks, we always have to make sure that it serves the planet and the people. And for that, we need to work with like-minded states, both in the context of G7 and G20. And we have to work with the private sector. The global needs for climate-positive infrastructures are huge. According, David Malpass, to the World Bank, to bridge the world's infrastructure gap, we will need EUR 1.3 trillion of investment every year, every year. That is why I commend your efforts, Mr President, dear Joe, on Build Back Better World; and the Clean Green Initiative, Boris. This is this kind of leadership that we need that we need for this important initiative.

And in the same spirit, Europe is launching the Global Gateway initiative. It is our strategy to foster investments in connecting our world, building on our shared values and with a strong commitment to transparency and inclusivity. It is global in scale, from Africa to Latin America to the Indo-Pacific. It articulates a positive vision of cooperation in the 21st century. And it builds on partnership at eyes level. Thus, Global Gateway and B3W and the Clean Green Initiative are not only complementary, but they even reinforce each other. Allow me to say a few words to the four guiding principles you have raised.

First, of course the climate neutrality. Infrastructure development must be consistent with the net-zero goal by mid-century. Second, indeed, it is about good governance and transparency - you called it partnership, Joe, that is exactly what it is about. Both are increasingly critical to deal with today's challenges. The third topic is that it will be value-driven - you said high quality and high standards. Indeed, Global Gateway for example will build on values, such as labour- and environmental standards. Our people are asking for it. And fourth, it will work hand in hand with the private sector.

So I think, Mr President, dear Joe, that the example you gave of the new initiative with South Africa is an outstanding and exemplary one. It is an excellent showcase, indeed, that the United States, the United Kingdom, Germany, France and the European Union are together launching this ‘Just Energy Transition Partnership with South Africa', teaming up with President Cyril Ramaphosa, financially supporting South Africa in making the transition out of fossil fuel and into clean energy. I think that this partnership, and I hope, will be a blueprint for similar partnerships with other countries. And I look forward to our discussion.