Meeting at Carbis Bay, England this past week, the Group of Seven leaders announced the Build Back Better World Initiative (B3W) — a transparent infrastructure partnership that will seek to address the estimated $40 trillion funding required by developing nations by 2035. The G7 and its allies will use the B3W initiative to mobilize private-sector capital in areas such as climate, health and health security, digital technology, and gender equity and equality. It was not immediately clear how exactly the plan would work or how much capital it would ultimately allocate. The move is in part a response to China’s growing influence throughout the developing world.