I want to begin by thanking Prime Minister Meloni and the Italian people for their welcome this week. In an uncertain world, it’s important to be here to strengthen relationships with our allies. It’s by working together that we can best defend our values and find solutions to the major challenges we face.

With our allies this week here in Italy, we worked together to address the many different challenges our world is facing today. With wars in the Ukraine and in the Middle East, with climate change affecting our lives, we need responsible leadership. This is what Canada is here to offer.

We also discussed economic opportunities that will help all of us advance economic development and create good jobs around the world, including in Canada. Summits like these are an important moment to coordinate our efforts with friends and allies, and they matter to Canadians because security, prosperity and stability benefit us all.

On security, President Zelenskyy joined us here in Italy this week and I made it clear that Canada will keep supporting Ukraine until victory. I’ve long advocated for new and innovative ways to support Ukraine and impose costs on Russia for its invasion. Two years ago, Canada suggested freezing Russian central bank assets, and that’s exactly what the G7 did.

Now, to bring forward the future interest earnings from frozen Russian sovereign assets, the G7 will provide loans to Ukraine. As the G7 finalizes the delivery of the extraordinary revenue acceleration loans, Canada stands prepared to contribute $5 billion Canadian in funding. These loans would provide Ukraine with approximately $69 billion Canadian as it continues to defend its freedom, sovereignty and territorial integrity. On top of this, Canada also announced new sanctions on 11 individuals and 16 entities who supply key technology and electrical components in support of Russia’s war of aggression. And I also want to mention that we’re in the process of delivering four armoured medical evacuation vehicles to support Ukraine’s armed forces. This is the first shipment of 50 armoured combat support vehicles all built in Canada in London, Ontario.

Of course, we know that war is not only ravaging Ukraine. This week, with G7 allies, we also discussed the crisis in the Middle East. Canada is extremely concerned by the scale of the humanitarian catastrophe in Gaza. Canada has been clear on calling for an immediate ceasefire, for the release of all hostages, for significant and sustained increase in humanitarian assistance and to an enduring end to this crisis. So far, our country has provided $165 million in humanitarian funding for things like food, water and medical assistance. We all need peace and stability in the Middle East and Canada will continue to support efforts to achieve a just and lasting peace in the region based on a two-state solution.

It goes without saying that we cannot talk about security, prosperity and stability without tackling climate change. I’ve always made it clear to our allies that this is an issue that Canada takes very seriously, and that’s why we’re taking significant action.

Climate change is having an impact on food security. So to support vulnerable countries, especially in the Americas, Sub-Saharan African and Asia, we’re allocating $200 million to the International Fund for Agriculture Development. In the Indo-Pacific region, we’re helping mobilize private capital toward climate change mitigation and adaptation projects by delivering a $360 million repayable contribution to the Asian Development Bank.

Canada is also doing its part through the Partnership for Infrastructure and Investment. On Thursday, we outlined a number of measures we’re putting forward to work with the private sector to meet the demand for infrastructure in developing countries. These measures include $720 million for FINDEV to support sustainable development, in addition to the $750 million announced in 2022 to support the institution’s global mandate. Everything we do, whether it’s to support the green transition, gender equality or the United Nations’ Sustainable Development Goals, is aimed at building a more prosperous, stable and secure world. And that’s good for everyone, including the prosperity and security of Canadians.

This was a very productive Summit. I want to thank again our Italian hosts. We are focussed on fairness for everyone, on creating good jobs and economic growth, and Canada will of course continue to be a voice for peace, stability and democracy. I look forward to the Summit for Peace in Ukraine in Switzerland today and tomorrow where we’ll work with partners on a plan to achieve a comprehensive, just and lasting peace for Ukraine, and I very much look forward to hosting next year’s G7 Summit in Canada, in Kananaskis, Alberta. Next year will be the 50th year since the first summit and the second held in beautiful Kananaskis. I can’t wait to share all the glory of the Canadian Rockies with our friends and allies.