Will G7 green initiative have more climate cred than China’s BRI?

The G7’s Clean Green Initiative aims to rival China’s Belt and Road Initiative and curb Beijing’s growing economic and political clout.

During the three-day leaders’ summit that kicks off on Friday, the Group of Seven (G7) developed nations is set to unveil a Clean Green Initiative (CGI). The huge infrastructure investment plan aims to go toe-to-toe with China’s Belt and Road Initiative (BRI) and counter Beijing’s growing global influence with a rival bit of chequebook diplomacy. “This initiative is about equalising the terms of foreign investment between Chinese and Western companies,” Lauren Johnston, research associate at the SOAS China Institute, told Al Jazeera. “Chinese companies – especially state-owned enterprises – may have access to financing that Western companies find more difficult to obtain.” Although the CGI’s exact scope is still unknown, it will likely expand on the Blue Dot Network, the Indo-Pacific infrastructure development initiative backed by the United States, Australia and Japan, which prioritised each project’s financial transparency and environmental sustainability alongside its impact on economic development.