THE PRESIDENT: Good morning. Next week, I will travel to Europe to attend the G8 summit. At this meeting, the leaders of industrialized nations will discuss ways we can work together to advance trade, fight disease, promote development that works, increase access to education, and address the long-term challenge of global climate change.
It is in America's interests to help these efforts succeed. When we help lift societies out of poverty, we create new markets for American goods and new jobs for American workers. When we help reduce chaos and suffering, we make America safer, because prosperous nations are less likely to breed violence and export terror. And this week, my Administration took several important steps to advance peace and opportunity across the world.
On Tuesday, America took new actions to address the ongoing genocide in Darfur. On my orders, the Department of Treasury tightened our existing economic sanctions against Sudan and imposed additional ones. I also directed Secretary Rice to work with our allies on a new U.N. Security Council Resolution that will seek to impose new sanctions, expand the arms embargo, and prohibit Sudan's government from conducting offensive military flights over this troubled region. The people of Darfur have suffered long enough. We will not avert our eyes from a crisis that challenges the conscience of the world.
On Wednesday, the United States demonstrated leadership on another crisis affecting Africa: HIV/AIDS. In 2003, my Administration launched a $15 billion Emergency Plan for AIDS relief, and that plan has supported treatment for more than one million people. This is a good start, but only a start. So I've asked Congress to double our initial commitment for HIV/AIDS prevention to $30 billion over the next five years. By making this commitment now, we will help deliver lifesaving treatment, prevent new infections, and support care for millions of people across Africa.
As we fight violence and disease, America is also using its influence to help struggling countries transform themselves into free and hopeful societies. And on Thursday, I announced three new initiatives that will help the developing world.
The first initiative is a new project called the Africa Financial Sector Initiative. This initiative will help bring African nations the technical assistance they need to strengthen their financial markets. And it will encourage the international financial community to create several new private equity funds that will mobilize up to $1 billion of new private investment in Africa. By taking these steps, we can help African entrepreneurs access capital, so they can grow their businesses and create jobs across the continent.
The second initiative is a new effort to help more of the world's poorest children get an education. In 2002, my Administration launched the Africa Education Initiative, which has provided about $300 million to improve educational opportunities throughout that continent. Now, with the support of Congress, we will devote an additional $525 million over the next five years to help provide a quality basic education for up to four million children in poor nations. With this initiative, we will help young people get the skills they need to succeed and a chance to achieve their dreams.
The third initiative is a proposal to help developing nations meet their growing energy needs while protecting the environment and addressing the challenge of global climate change. Under my proposal, by the end of next year America and other nations will set a long-term global goal for reducing greenhouse gases. And to meet this goal, we must help developing countries harness the power of technology. The United States is investing billions of dollars in clean energy technologies and coming up with new ways to share these technologies with other nations. Through the spirit of innovation, we will help developing nations grow their economies and be responsible stewards of the environment.
In all these endeavors, the American people can be proud of our global leadership and generosity. Our Nation is delivering aid and comfort to those in need. We're helping expand opportunity across the world. We're laying the foundation for a more peaceful and hopeful future for all our citizens.
Thank you for listening.