The group of seven, or G7, wants to compete with China’s Belt and Road Initiative, also known as The New Silk Road, with a global infrastructure plan.
The’ Clean Green Initiative ‘ is intended to support sustainable development and green transition in developing countries, according to the sources.
China has strengthened its position as a world power in recent years with its new Silk Road, financing infrastructure projects in numerous countries, among other things.
The G7 plan will provide alternative infrastructure opportunities with a greater emphasis on labour and environmental standards, transparency and private sector involvement, officials said.