HGP2 aims to sequence >1% of the world population (80M individuals from >100 countries) and contribute 50,000 T2T phased diploid reference genomes to a Human Pangenome Project. It will define standards for integrating multi-omics into precision medicine and create large multi-omics cohorts (>0.1% of the world population). HGP2 will implement clinically actionable reporting and intervention for all sequenced genomes, conduct health economics studies, catalog genetic and multi-omic variation, clarify clinical relevance, and embed findings into clinical practice. It will address economic, organizational, infrastructural, scientific, and ELSI challenges through international collaboration and funding initiatives.