Joe Biden warned of “the next pandemic” as he announced a plan to provide $1.4 billion in Covid relief to foreign countries during Wednesday’s Covid-19 summit.

Biden said that the key to beating the pandemic is vaccinating as many people as possible around the world. The administration needs an additional 5 billion vaccines to reach its goal of vaccinating 70% of the world’s population within a year.

“We know that we have to act to save lives now,” the president said. “That’s why the United States is providing nearly $1.4 billion to reduce Covid-19 deaths and mitigate transmission through bulk oxygen support, expanded testing, and strengthening health care systems and more.”

The U.S. plans to support “the establishment of financial mechanisms for global health security … to prepare for the next pandemic,” Biden added. “Because there will be a next time, we all know that.”