Ursula von der Leyen – 2022 Speech at the Partnership for Global Infrastructure Summit

Thank you very much President Biden, President Widodo,

Throughout this day, we have discussed that we live in a truly volatile global economy with obviously a changing climate. And in addition, we see that Russia’s war is rubbing salt in the wound of economic recovery from COVID-19. So this mixture made us completely re-evaluate our energy, our trade and our security relationships. What is the situation for the European Union? We have decided to completely diversify away from the Russian fossil fuels. We have understood and learnt our lesson that it was an unhealthy and unsustainable dependency and we want reliable and forward-looking connections. This is why we launched the Partnership for Global Infrastructure and Investment – PGII. We are joining forces to give our partners a powerful and a positive offer. Dear Joe, you have said that the world needs a positive investment boost. This is what it is all about. To help build the global infrastructure that we all need for sustainable growth. So invest in renewable energy, in transport corridors, in digital connections that people can trust. On the European side, the contribution is the so-called Global Gateway. It is our EUR-300-billion investment programme for abroad for the next five years combined with the wish to harness the power and the knowledge of the private sector. And we are deeply convinced that this will be a game changer for two reasons.

First of all, Global Gateway or PGII are not just investing massively in state-of-the-art infrastructure but they are also investing in the local capacities of our partners. This is crucial. We want to strengthen our shared resilience. In the last session, we have been discussing the vaccine manufacturing example. What is special about it? If we take the example from the European Union, there is a European-American company that is sharing its mRNA technology and training local professionals. So it is about skills. Then we have African and European financial institutions that are providing the investment. And we have our regulatory medicines agencies that are sharing their know-how. No single actor in this combination could have done this alone. But together, we are really able to deliver on the ground.

And my second point is that the Partnership for Global Infrastructure and Investment is working because it is demand-driven. We see an enormously rising demand for renewable energy, and this is a good example. As I said, Europe has decided to completely diversify away from the Russian fossil fuels and we want to leapfrog to clean energy. We need this clean energy. Not only to have it home-grown but also to import it. Our partners in the Global South have an abundance of clean energy potential and resources. So Europe could turn into the world’s largest market for their energy exports. What is necessary is investment and infrastructure. That is where we have to team up. So here are some example: At COP27, we have signed hydrogen partnerships with Namibia, Egypt and Kazakhstan. With Namibia, we are building transport corridors from the Indian Ocean to the Atlantic port of Walvis Bay.

And there is much more to be done. I am very happy that today we launched the Just Energy Transition Partnership with Indonesia – a big step forward. The European Union will contribute over EUR 1 billion. It is the roadmap for the country’s low-carbon future. And we are investing in developing geothermal energy. Or we are engaged in talks with India on renewable hydrogen; with Chile on critical raw materials. Or we are launching a digital alliance in Latin America to build fibre-optic cables and satellite connectivity. Many of these examples show exactly the direction of travel and the shared interest that we do have. So we are ready to contribute. If we align our investment strategies and crowd in the private sector –that is crucial –, I think we can maximise our joint impact. Let us bundle our forces and make a positive difference in investment globally.

I now have the pleasure to invite Heads of State to deliver their remarks. And I hand over the floor to Japan’s Prime Minister Kishida. Fumio, you have the floor.