Build Back Better World (B3W)

What is Build Back Better World (B3W) Initiative?

• Build Back Better World (B3W) is an initiative undertaken by G7 countries.
• Launched in June 2021, the initiative is designed to counter China's strategic influence of the BRI Project (Belt and Road Initiative) by providing an alternative to the Belt and Road Initiative for the infrastructure development of the low and middle income countries.
• Under this initiative, the G7 countries will work to address the $40 billion worth of infrastructure needed by developing countries by 2035.
• The initiative aims to catalyze funding for quality infrastructure from the private sector and will encourage private-sector investments that support "climate, health and health security, digital technology, and gender equity and equality".
• The initiative builds on the Blue Dot Network, a collaboration that aims to build a global network through lending-based financing to build roads, bridges, airports, ports, power plants.

B3W’s Guiding Principles:

• Through B3W, the G7 and other like-minded partners will coordinate in mobilizing private-sector capital in four areas of focus:
  • Climate
  • Health and health security
  • Digital technology
  • Gender equity and equality.
• Values-Driven Development:
  • Infrastructure development carried out in a transparent and sustainable manner—financially, environmentally, and socially —will lead to a better outcome for recipient countries and communities.
• Good Governance and Strong Standards:
  • B3W aims to infuse investment by complying with the standards promoted by the Blue Dot Network, relating to the environment and climate, labor and social safeguards, transparency, financing, construction, anti-corruption, and other areas.
• Climate-Friendly:
  • The investments will be made in a manner consistent with achieving the goals of the Paris Climate Agreement.
• Strong Strategic Partnerships:
  • B3W will envisage countering the aggressive model of development and establish a more inclusive model of global development.

PRELIMS QUESTION

Build Back Better World (B3W) initiative, recently seen in news, is associated with:

(a) G7

(b) BRICS

(c) ASEAN

(d) OECD

Answer