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48th WEF Annual Meeting to See Unprecedented Engagement of Global Leaders

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The World Economic Forum’s 48th Annual Meeting will take place on 23-26 January 2018 in Davos-Klosters, Switzerland, bringing together a record number of heads of state, government and international organizations alongside leaders from business, civil society, academia, the arts and media.

Convening participants under the theme, Creating a Shared Future in a Fractured World, the meeting will focus on finding ways to reaffirm international cooperation on crucial shared interests, such as international security, the environment and the global economy. The meeting comes at a time when geostrategic competition between states is generally seen to be on the rise.

Alongside international cooperation, an additional priority of the meeting will be to overcome divisions within countries. These have often been caused by breakdowns in the social contract as a result of failure to protect societies from the transformational impacts of a succession of shocks, from globalization to the proliferation of social media and the birth of the Fourth Industrial Revolution. Collectively, these shocks have caused a loss of trust in institutions and damaged the relationship between business and society.

“Our world has become fractured by increasing competition between nations and deep divides within societies. Yet the sheer scale of the challenges our world faces makes concerted, collaborative and integrated action more essential than ever. Our Annual Meeting aims to overcome these fault lines by reasserting shared interests among nations and securing multistakeholder commitment to renewing social contracts through inclusive growth,” said Professor Klaus Schwab, Founder and Executive Chairman, World Economic Forum.

This year’s opening address will be delivered by Narendra Modi, Prime Minister of India. Donald Trump, President of the United States of America, will deliver a keynote address before the close of the meeting. This year a record number of leaders from G7 economies will participate, including Paolo Gentiloni, Prime Minister of Italy; Jean-Claude Juncker, President of the European Commission; Emmanuel Macron, President of France; Theresa May, Prime Minister of the United Kingdom; and Justin Trudeau, Prime Minister of Canada, in addition to President Trump. As well as Prime Minister Modi, other leaders from the G20 include Liu He, Member, Political Bureau of the CPC Central Committee; General Office Director, Central Leading Group for Financial and Economic Affairs, People’s Republic of China; Mauricio Macri, President of Argentina, Cyril Ramaphosa, Deputy President of South Africa; and Michel Temer, President of Brazil. From the host country, Alain Berset, President of the Swiss Confederation, will also participate.

Overall, the Annual Meeting will feature over 340 top political leaders with 10 heads of state and government from Africa, nine from the Middle East and North Africa and six from Latin America. These include; Hailemariam Dessalegn, Prime Minister of Ethiopia; Emmerson Mnangagwa, President of Zimbabwe; Yemi Osinbajo, Vice-President of Nigeria; Saad Al Hariri, President of the Council of Ministers, Lebanon; His Majesty King Abdullah II Ibn Al Hussein, King of the Hashemite Kingdom of Jordan; Benjamin Netanyahu, Prime Minister of Israel; and Juan Manuel Santos, President of Colombia.

Leaders from international organizations include Antonio Guterres, Secretary-General of the United Nations; Roberto Azevêdo, Director-General, World Trade Organization (WTO); Tedros Adhanom Ghebreyesus, Director-General, World Health Organization (WHO); Angel Gurría, Secretary-General, Organisation for Economic Co-operation and Development (OECD); Zeid Ra’ad Hussein, United Nations High Commissioner for Human Rights; Jim Yong Kim, President, World Bank; Miroslav Lajcák, President of the 72nd Session of the United Nations General Assembly, United Nations; Peter Maurer, President, International Committee of the Red Cross (ICRC); Guy Ryder, Director-General, International Labour Organization (ILO).

Representing the pinnacle of accomplishment across government, business, civil society and academia, the Co-Chairs of the Annual Meeting 2018 are: Sharan Burrow, General Secretary, International Trade Union Confederation (ITUC), Belgium; Fabiola Gianotti, Director-General, European Organization for Nuclear Research (CERN), Geneva; Isabelle Kocher, Chief Executive Officer, ENGIE, France; Christine Lagarde, Managing Director, International Monetary Fund (IMF), Washington DC; Ginni Rometty, Chairman, President and Chief Executive Officer, IBM Corporation, USA; Chetna Sinha, Founder and Chair, Mann Deshi Foundation, India; and Erna Solberg, Prime Minister of Norway.

In addition to record participation from the public sector, the private sector will be represented by over 1,900 leaders. Civil society is represented by almost 900 leaders from NGOs, social entrepreneurs, academia, labour organizations, faith-based and religious groups and media. The Annual Meeting is also the foremost global summit representing younger generations, with 50 members of the Forum’s Global Shaper community, aged between 20 and 30, and 80 Young Global Leaders under the age of 40, participating.

Over 21% of participants at this year’s meeting will be women, a higher proportion than at any previous meeting. The Forum works throughout the year to highlight the gender gap and develop strategies to help women achieve positions of senior leadership.

Featuring over 400 sessions, nearly half of which are webcast, the meeting programme has been designed around four tracks:

Driving sustained economic progress

If technological change and environmental degradation have fundamentally changed how the global economy works, then what new economic models could put us on a path to shared prosperity?

Navigating a multipolar and multiconceptual world

If economic uncertainty and geopolitical competition have driven efforts to reclaim national power and sovereignty, then what balance between global cooperation and local autonomy could prevent the disintegration of the world order?

Overcoming divisions in society

If outrage cycles in media and political rhetoric are widening societal fault lines and undermining tolerance, then what solutions can be jointly developed to restore the social compact?

Shaping the agile governance of technology

If recent technological advances have the potential to fundamentally redefine modern life, then what ethical foundations and adaptive policies could ensure that society benefits from equal access and equal protection in the future?

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New ADB Platform to Help Boost Financing for Climate Action

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The Asian Development Bank (ADB) has launched a new platform aimed at helping its developing member countries in Asia and the Pacific mobilize funding to meet their goals under the Paris Agreement.

The NDC Advance platform will help countries mobilize finance to implement Nationally Determined Contributions (NDCs) regarding greenhouse gas emissions that each country has voluntarily committed to under the Paris Agreement. NDCs also describe priority actions for countries to adapt to climate change.

The announcement was made at the 24th Session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP24) in Katowice, Poland, which is aiming to finalize a rulebook for the Paris Agreement when it goes into effect on 1 January 2020.

The agreement aims to limit the increase in the global average temperature to below 2°C, while aiming for 1.5°C.

“Through their NDCs, our developing member countries have made ambitious commitments to respond to climate change,” said ADB Vice-President for Knowledge Management and Sustainable Development Mr. Bambang Susantono. “We need to ensure that countries are able to mobilize the needed financing to deliver on their commitments. NDC Advance will help countries devise investment plans to tap financing from a variety of sources and to implement priority projects effectively.”

NDC Advance is funded through a $4.55 million grant from ADB and will have three aims: providing technical assistance that helps countries better engage with potential sources of climate finance and to make use of innovative finance mechanisms; identifying and prioritizing climate projects; and supporting countries in tracking how projects deliver against their NDC goals.

The new initiative will help propel the climate actions ADB has committed to under its Strategy 2030 program.

ADB earlier this year committed to ensuring that 75% of its operations will support climate change mitigation and adaptation by 2030, while providing cumulative climate financing of $80 billion from its own sources between 2019 and 2030.

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Egypt: Shifting Public Funds from Infrastructure to Investing in People

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Egypt has an opportunity to capitalize on current reforms by enabling more private investment in infrastructure and freeing up public funds for investments in people’s education, health and social protection. This is according to a new World Bank report launched today in Cairo,‘’Egypt: Enabling Private Investment and Commercial Financing in Infrastructure’’, which calls for increasing the public funds available for building human capital by expanding successful energy reforms to other key sectors, such as transport, logistics, water and agriculture.

Egypt can learn from global experience and gain by increasing the use of private sector finance, management expertise and innovation in commercial infrastructure and agriculture, conserving public sector resources for where they are needed most”, said Clive Harris, Head for Maximizing Finance for Development for the World Bank.

Egypt is now beginning to reap the benefits of its transformative economic reform program. Macroeconomic stability and market confidence have been largely restored, growth has resumed, fiscal accounts are improving, and the public debt ratio is projected to fall for the first time in a decade.

Egypt has demonstrated that by having a package aimed at reducing economic risks, pursuing sector level reforms and well-prepared bankable projects, large scale foreign and domestic investment can be achieved, This is visible through the  US$ 2 billion invested in the largest solar park in the world, Benban, as well as US$ 13 billion in the Zohr field and other natural gas projects” said Ashish Khanna, Program Leader for Sustainable Development at the World Bank.

The report indicates that the action plan to further enabling private investment requires clear policy actions to resolve four cross cutting barriers to private investment – namely better management of land, transparency in Government procurement, efficiency in state owned enterprise and encouraging long term domestic financing. This needs to be complemented with developing projects for private investments with maximum economic impact, like the regional energy hub, logistics corridors, freight transport and agricultural transformation hubs.

The gains from reforms would also free up scarce public resources and allow for them to be re-allocated to investments in the education and health of Egyptians, the country’s human capital. Reforms in the energy sector provide an example of what is possible. The reform of energy subsidies freed up US$14 billon, reduced the pressure on the national budget and allowed the quadrupling of the investments in social safety net programs.

According to the report, for Egypt to maintain its reform momentum and focus on investing in its citizens, it will need to broaden and deepen its reform agenda to other sectors. This would be part of a fundamental shift away from the state as a provider of employment and output to an enabler of private investment; with the economy driven by a dynamic private sector generating jobs for the youth.

The report identifies four sectors which have huge potential for private investments and illustrates how successfully attracting those investments would generate growth, create jobs and ultimately contribute to developing Egypt’s human capital. The four sectors analyzed in the report are: transport, energy, water and sanitation, and agriculture.

The World Bank provides technical, analytical and financial support to help Egypt reduce poverty and boost shared prosperity. The focus of Bank support includes social safety nets, energy, transport, rural water and sanitation, irrigation, social housing, health care, job creation, and financing for micro and small enterprises. The World Bank currently has a portfolio of 16 projects with a total commitment of US$6.69 billion.

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New Initiative to Mitigate Risk for Global Solar Scale-up

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The World Bank and Agence Française de Développement (AFD) are developing a joint Global Solar Risk Mitigation Initiative (SRMI), an integrated approach to tackle policy, technical and financial issues associated with scaling up solar energy deployment, especially in some of the world’s poorest countries.

Initiated in Delhi at the first International Solar Alliance (ISA) summit in March 2018, the initiative will support the ISA’s goal to reduce costs and mobilize $1,000 billion in public and private investments to finance 1,000 GW of global solar capacity by 2030.

“The World Bank, in partnership with AFD, remains committed to the International Solar Alliance’s goals and to global efforts to fight climate change. Through this new, integrated approach, we hope to further scale up solar energy use by reducing the cost of financing for solar projects and de-risking them, especially in low-income countries,” said Riccardo Puliti, Senior Director of Energy and Extractives at the World Bank.

As the costs for solar power have fallen steadily, solar power is increasingly viewed as a key component in the fight against climate change. However, solar deployment has been slow in some emerging markets, particularly Africa, due to layers of risks perceived by the private sector in financing solar projects. The SRMI aims to change that.

“This partnership with ISA and the World Bank is another step towards achieving the objective of the Paris Agreement of redirecting financial flows in favor of low carbon and resilient development pathways.  AFD is glad to join forces with these partners to deliver on the commitments made at COP21, to bring solutions to de-risk potential solar investments and mobilize the private sector to invest in sustainable development” said Rémy RIOUX, CEO of AFD.

The SRMI’s integrated approach will include:

  • Support for the development of an enabling policy environment in targeted countries
  • A new digital procurement (e-tendering) platform to facilitate and streamline solar auctions
  • Targeting relatively small (under 20 MW) solar projects, offering a more comprehensive risk mitigation package of support to a wider range of investors and financiers to promote scale up at later stages. The financial risk mitigation package offered by SRMI will be supported by technical assistance and concerted engagement on planning, resource mapping and power sector reforms to ensure the creditworthiness of utilities in these countries
  • Mitigating the residual project’s risks through adequate risk mitigation financial instruments for both on and off-grid projects

The governments of India and France launched the ISA, an international organization as part of the Paris Climate Agreement in 2015 to scale up solar energy resources, reduce the cost of financing for solar projects around the world and ultimately help reach the Sustainable Development Goal on energy (SDG7) of providing access to affordable, reliable, sustainable and modern energy to all. To date, 71 countries have signed the constituting treaty of the ISA, and 48 have ratified it.

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