Build Back Better World

The B3W efforts were in line with the standards and principles of the Blue Dot Network (BDN), relating to the environment and climate, labor and social safeguards, financing, construction, anticorruption, and other areas.

Under Secretary of State Keith Krach formally launched the BDN with his Australian and Japanese counterparts with access to US$60 billion of capital from the U.S. International Development Finance Corporation (DFC) at the Indo-Pacific Business Forum in Bangkok.

[4] Krach announced the BDN's global trust standards, which are based on "respect for transparency and accountability, sovereignty of property and resources, local labor and human rights, rule of law, the environment, and sound government practices in procurement and financing.

"[5] Under Secretary Krach committed $2 million (USD) of U.S. State Department seed money for the steering committee and issued an invitation to other G7 members to join.

[6] On June 7, 2021, the Organisation for Economic Co-operation and Development (OECD) committed to support the BDN at the meeting of the latter's executive consultation group in Paris, France.