It's always nice to have a president who understands we don't survive in a vacuum, and steps up to help solve a global problem. President Joe Biden will announce the plan this week at the Group of Seven meeting in Great Britain. Via the Washington Post:

The Biden administration is buying 500 million doses of Pfizer’s coronavirus vaccine to donate to the world as the United States dramatically increases its efforts to help vaccinate more of the global population, three people familiar with the plans said Wednesday.

The first 200 million doses will be distributed this year, with the subsequent 300 million shared in the first half of next year. The doses will be distributed by Covax, the World Health Organization-backed initiative to share doses around the globe, and they will be targeted at low- and middle-income countries. Pfizer is selling the doses to the United States at a “not-for-profit” price, according to the people familiar with the deal, who spoke on the condition of anonymity to share details that were not yet public.

President Biden is slated to announce the plan this week at the Group of Seven meeting in Britain, where he is expected to be joined by Pfizer CEO Albert Bourla. The deal comes amid growing calls for the United States and other rich countries to play a more substantial role in boosting the global supply of coronavirus vaccines.