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1 Million Workers Targeted in Tech-Reskilling Drive

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The World Economic Forum launched the IT Industry Skills Initiative to meet the global skills gap challenge and address job displacement arising from automation and the Fourth Industrial Revolution. The initiative is committed to reaching 1 million people with resources and training opportunities on the SkillSET portal by January 2021.

The initiative was conceived by the Forum’s IT Governors community under the chairmanship of Chuck Robbins, Chairman and Chief Executive Officer, Cisco. The founding partners are Accenture, CA Technologies, Cisco, Cognizant, Hewlett Packard Enterprise (HPE), Infosys, Pegasystems, PwC, Salesforce, SAP and Tata Consultancy Services.

“We need responsive solutions and coordination from all parts of society – governments, citizens and private industry alike – to re-envision an educational system based on lifelong learning that can fully prepare workers for the jobs of the future,” said Klaus Schwab, Founder and Executive Chairman, World Economic Forum. “This initiative is a clear example of industry leaders taking concerted, collective action to address a major social challenge at scale.”

According to a World Economic Forum report on workforce reskilling, one in four adults reported a mismatch between the skills they have and the skills they need for their current job. Therefore, enabling and empowering workers to transform and update their skills is a key concern for businesses and societies across the globe.

“In our dynamic world, technology has opened up many avenues for growth. However, we are also seeing how innovations such as artificial intelligence and automation can impact the workforce. It is important for all of us to recognize that without the talent we need, none of us would be successful,” said Chuck Robbins, Chairman and CEO, Cisco. “This initiative brings together the capabilities and strengths of all of our companies to help educate the high-skilled workers needed for jobs now and into the future. It is our obligation to make sure that people with jobs across every industry are given the means to learn new skills and remain competitive.”

The coalition has created a free platform of online tools to streamline the process of reskilling adults. The initial iteration of the portal will be available in April 2018.

To empower people to address fast-changing skill requirements, initiative partner companies are opening up key elements of their individual training libraries into one centralized portal. Users will have access, free of charge, to the most up-to-date, self-paced training materials from leading global IT companies, ranging from general business skills to introductory digital literacy to more advanced topics such as cybersecurity, big data or internet of things. The portal will offer a tailored Skills Assessment, developed by PwC, and based on the Fourth Industrial Revolution skills research, to help users determine which coursework and/or learning pathways best fit their current skillset and learning goals.

In creating this platform, the coalition hopes to recast continued education to a more engaging, ongoing and educationally reaffirming experience. They also hope to motivate adults of all backgrounds to use the platform, especially those from low-resource communities or under-represented groups who have historically had less access to the IT industry. SkillSET is hosted on the award-winning EdCast AI-powered Knowledge Cloud platform, accessible to anyone using desktop or mobile versions.

The coalition, which continues to add members, will be working over the next few months to develop tools and processes intended to address many of the barriers that prevent adults from reskilling or successfully completing trainings. The initiative will initially target the US market, with plans to scale to other geographies and build industry and public-sector partnerships in 2018 and beyond. Under the chairmanship of Mike Gregoire, Chief Executive Officer, CA Technologies, the coalition will report on progress at the World Economic Forum Annual Meeting 2019.

Founding Partners Speak Out:

Pierre Nanterme, Chairman and Chief Executive Officer, Accenture: “People need innovative ways to learn new skills in order to remain relevant and adaptive as the pace of technology change accelerates. For example, AI offers enormous opportunities for growth, but success will increasingly depend on humans collaborating with intelligent technologies. By accessing a broad range of ‘new skilling’ techniques, people will be better placed to work with machines and help businesses pivot to new growth models.”

Michael Gregoire, Chief Executive Officer, CA Technologies: “Technology is both the tool and the canvas and carries the huge promise of improving how we live and work. The counter side, however, is some degree of wariness by those who fear it disrupting their livelihoods, which is both understandable and expected. We are focused on a large-scale, proactive solution that encourages continuing education to empower and inspire today’s and tomorrow’s workforce. We must engage with technology in a way that creates new opportunities, both at an individual level and in the aggregate.”

Francisco D’Souza, Chief Executive Officer, Cognizant Technology Solutions: “The workplace issue of the 21st century is a worldwide shortage of qualified technology talent driven by a massive skills gap, which we must address together on a global scale. The pace of technological change has education systems struggling to keep up in delivering learning experiences that are relevant, immersive and readily available as workers seek to expand their skills. The future of talent development depends on new models, ways of thinking and initiatives like this one that engage individuals as lifelong learners and provide them with opportunities for continuous reinvention.”

Salil Parekh, Chief Executive Officer and Managing Director, Infosys Ltd: “Our relevance, in an increasingly digital future, will depend on our ability to learn and evolve lifelong at the pace of technology. Democratizing digital literacy is an essential first step to make technology a force for good that moves us all forward.”

Alan Trefler, Founder and Chief Executive Officer, Pegasystems Inc.: “Throughout history, we’ve seen technological advancement bring both opportunities and challenges as society adapts. With technology so central to how we live and work today, it’s critical that we enable people to acquire the skills required to be successful and to help society move forward in a positive direction.

Robert E. Moritz, Global Chairman, PwC International, PwC: “All over the world, people are asking themselves how they are going to prepare for their future, whether it’s a new job, new responsibilities, or needed new skills. By working together across the public and private sectors, our hope is to enable new opportunities for people to carve their own paths, develop new skills, and future-proof themselves. By sharing our Skills Assessment, we believe more people around the world will be empowered to learn and grow professionally throughout their lives.”

Keith Block, Vice Chairman, President and COO, Salesforce: “As the Fourth Industrial Revolution spurs incredible innovation, it is our responsibility as business leaders to ensure that the benefits created by this opportunity – now and in the future – are accessible to all.”

Bill McDermott, Chief Executive Officer, SAP: “Our focus on building digital skills will unleash amazing potential in dreamers from all backgrounds. Instead of fearing automation, we should be optimistic about the exciting possibilities when people and machines work together. Bigger than artificial intelligence, we are entering a new frontier of ‘augmented humanity’.”

Rajesh Gopinathan, Chief Executive Officer and Managing Director, Tata Consultancy Services Ltd: With the advent of the Fourth Industrial Revolution, enterprises are leveraging the combined effect of emerging technologies to transform their businesses. Employees will also have to transform their skills and adopt newer ways of working to participate in today’s opportunities that are as enormous as in any of the previous generations. It is important for enterprises to make investments in reskilling and upskilling employees and prepare them for digital-age careers.”

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ADB’s Strategy 2030 Needs to be Accompanied by a Strong Results Orientation

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The Asian Development Bank’s (ADB) new long-term corporate strategy, Strategy 2030, which came into effect this year, needs to be accompanied by a strong focus on results supported by an improved corporate results framework, says the 2019 Annual Evaluation Review by ADB’s Independent Evaluation Department (IED).

Strategy 2030 will steer ADB’s approach for addressing challenges in Asia and the Pacific such as rising urbanization and demographic shifts, and tackling the unfinished development agendas of eradicating poverty, reducing inequality, and closing infrastructure gaps.

“Strategy 2030 represents an important milestone and has created great expectations. At the same time, the new strategic goals and directions still need to be properly translated into operational plans, clear and ambitious targets, and effective monitoring and evaluation,” said the Director General of Independent Evaluation at ADB Mr. Marvin Taylor-Dormond.

The review notes that the development success rate of ADB’s sovereign projects and programs is steadily improving, buoyed by the strong performance of operations in transport and energy infrastructure, and public sector management.

With 90% of sovereign operations achieving the expected development results during 2016–2018, East Asia remains ADB’s best regional performer, influenced by operations in the People’s Republic of China. The development success rates of ADB operations in South Asia, Southeast Asia, and in Central and West Asia remain around ADB’s overall success rate (77%), steadily rising since 2000. Operations in the Pacific, though improving, are still below average.

The performance of nonsovereign operations remains weak with only 56% development success rate during 2016–2018. “An improvement in the development performance of the financial sector and private equity portfolio is needed, as private sector operations will become much more prominent in the context of Strategy 2030,” said the Director of IED’s Sector and Projects Division Mr. Nathan Subramaniam. “The number of actions that ADB is currently taking to this effect are expected to achieve this objective.”

The review highlights some selected key results of ADB’s operations based on broad scope evaluations recently concluded. For instance, in the area of reducing poverty and inequality, agriculture operations have promoted inclusive economic growth and smallholder development. Yet, they could have had greater effect on rural development and food security had they focused on the complete value chains.

A country assessment revealed that contributions were made to reducing poverty and inequality by targeting infrastructure that met the needs of the poor, for example, water and sanitation projects in low-income areas. At the same time, a thematic evaluation of ADB-supported projects to improve access to finance for small and medium-sized enterprises (SMEs) found this effort tended to focus on larger firms rather than underserved ones.

Some other country assessment noted that progress was made on gender equality—which is promoted across all ADB operations—by supporting country efforts to incorporate the gender dimension into national economic and development polices and strategies, and by improving economic opportunities for women through SME operations. Similar country assessments highlighted that ADB transport operations helped women diversify their economic activities.

The sustainability of projects continues to be the lowest-ranked evaluation criteria. Lack of funds for operation and maintenance was among the critical hurdles to ensuring that ADB-supported infrastructure projects deliver benefits after they have been completed.  

To incentivize ADB’s strong performance and results, especially in the context of Strategy 2030, robust results frameworks and systems need to be in place, particularly at the country level. “Country is ADB’s central unit of analysis in Strategy 2030 and, therefore, timely and reliable reporting at this level must be ensured,” said Mr. Taylor-Dormond.

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Luxembourg, UN Environment sign deal to accelerate sustainable finance

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Luxembourg today signed an agreement to back a UN Environment-convened network that helps the world’s major financial centres to increase green and sustainable finance.

The International Network of Financial Centres for Sustainability (FC4S) has 22 members from Europe, Asia, Africa, and North America – each of them committed to shifting their investments to support the goals of the 2030 Agenda for Sustainable Development and the Paris Agreement.

Home to Europe’s largest investment fund center with a 62 per cent global market share in cross-border funds, along with136 international banks from 29 countries and over 35,000 listed tradable securities, Luxembourg is today one of the world’s leading financial centers.

“A recognized European leader in green and sustainable finance, Luxembourg is stepping up its commitment to support the efforts of the International Network of Financial Centers for Sustainability,” said Pierre Gramegna, Minister of Finance of Luxembourg, as he signed the agreement to provide USD 500,000 in funding to FC4S. “This commitment is aimed at helping the FC4S to better connect financial centers, to foster exchange of knowledge and thus help shaping the trends and developments that will define sustainable finance in the years to come.”

The levels of green and sustainable finance needed to deliver on the Paris Agreement and the sustainable development goals are still insufficient. For example, the World Resources Institute estimates that USD 5.7 trillion will need to be invested annually in green infrastructure by 2020. However, 2018 research by the United Nations Framework Convention on Climate Change found that climate finance, while growing, had hit only USD 681 billion annually by 2016.

“Much of the resources needed to finance the transition to a low-emission, sustainable world will have to come from private sources,” said Satya S. Tripathi, UN Assistant Secretary-General and head of UN Environment’s New York office. “This is why the work of FC4S, helping financial centres to green their flows, is crucial. UN Environment is very grateful to Luxembourg for increasing its commitment to green and sustainable finance.”

Luxembourg’s commitment to financial innovation and sustainable finance has led to the launch of a wide range of initiatives, including  the first Stock Exchange dedicated to green, socially responsible and sustainable securities: The Luxembourg Green Exchange (LGX) in 2016.

The LGX has the largest market share of listed green bonds worldwide. Luxembourg leads the European market when it comes to responsible investment funds, with a market share of 39 per cent. 69 per cent of worldwide assets in microfinance investment vehicles are Luxembourg domiciled funds.

“Financial centres are key pressure points in the global financial system, and FC4S members like Luxembourg are pressing hard to make the system sustainable,” said Stephen Nolan, head of the FC4S network. “This contribution from Luxembourg is yet another sign that the smart money is getting behind sustainability.”

The signing took place at an event during the Spring Meetings of the World Bank Group and the International Monetary Fund, at which Mr. Gramegna, John Berrigan, Deputy Director-General, Financial Services and Capital Markets Union (FISMA), and Marcos Ayerra, Chair of the Inter-American Regional Committee and others looked at how to increase the role of financial centres in financing sustainability.

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ADB Loan to Improve Water Supply System in Tashkent Province

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The Asian Development Bank (ADB) has approved a $105.3 million loan to help rehabilitate and expand the regional water supply system in the Yangiyul and Chinaz districts of Tashkent Province in Uzbekistan, delivering safe potable water to over 220,000 people.

Tashkent Province, Uzbekistan’s largest and most economically advanced region generating almost 25% of the country’s gross domestic product, suffers from pervasive urban service limitations, particularly in water supply and sanitation (WSS). Most of its Soviet-era WSS infrastructure are deteriorated and outdated, with about 80% of residents in the two project districts unable to receive municipal water supplies and forced to purchase or obtain unsafe water from various sources.

“Reliable and safe water supply and sanitation service is crucial for a growing area like Tashkent Province, particularly in its importance in the overall economy and development of Uzbekistan,” said ADB Senior Urban Development Specialist for Central and West Asia Mr. Jung Ho Kim. “ADB’s loan to expand and rehabilitate WSS services in the two districts will not only provide safe drinking water but also improve the quality of life of residents in Tashkent Province.”

The Second Tashkent Province Water Supply Development Project will finance the rehabilitation and improvement of the VU-1 regional water supply system in Tashkent Province. This includes the construction of 65 kilometers (km) of transmission mains; 27 km of distribution mains; 540 km of distribution network; 37 water reservoirs; 22 water distribution centers; 5 pressure towers; 2 administration buildings; 2 water quality laboratories; 37,500 metered water supply connections; and 4,000 individual wastewater disposal systems—which is a first in Uzbekistan.

ADB’s assistance include the initiation of smart technology features including supervisory control and data acquisition, geographic information system, and meters for improved billing and increased revenue. This is on top of a pilot public-private partnership initiative to invite private contractors to carry out operation and maintenance of water supply facilities in some settlements.

Total cost of the project is $124.7 million, with the Government of Uzbekistan contributing $19.4 million. The project is expected to be completed by August 2025.

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