The World Economic Forum today announced the theme and details for its 50th Annual Meeting, to be held 21-24 January in Davos, Switzerland. The Meeting’s theme will be Stakeholders for a Cohesive and Sustainable World. It will bring together 3,000 participants from around the world, and aim to give concrete meaning to “stakeholder capitalism”, assist governments and international institutions in tracking progress towards the Paris Agreement and the Sustainable Development Goals, and facilitate discussions on technology and trade governance.
“People are revolting against the economic ‘elites’ they believe have betrayed them, and our efforts to keep global warming limited to 1.5°C are falling dangerously short,” said Professor Klaus Schwab, Founder and Executive Chairman at the World Economic Forum. “With the world at such critical crossroads, this year we must develop a ‘Davos Manifesto 2020’ to reimagine the purpose and scorecards for companies and governments. It is what the World Economic Forum was founded for 50 years ago, and it is what we want to contribute to for the next 50 years.”
The Programme for the Annual Meeting will prioritize six key areas:
Ecology: How to mobilize business to respond to the risks of climate change and ensure that measures to protect biodiversity reach forest floors and ocean beds.
Economy: How to remove the long-term debt burden and keep the economy working at a pace that allows higher inclusion.
Technology: How to create a global consensus on deployment of Fourth Industrial Revolution technologies and avoid a ‘technology war’.
Society: How to reskill and upskill a billion people in the next decade.
Geopolitics: How the ‘spirit of Davos’ can create bridgesto resolve conflicts in global hotspots. Informal meetings to set kickstart conciliation.
Industry: How to help business create the models necessary to drive enterprise in the Fourth Industrial Revolution. How to navigate an enterprise in a world exposed to political tensions and driven by exponential technological change as well as increasing expectations from all stakeholders.
The World Economic Forum and stakeholder capitalism
The Forum’s first meeting in 1971 was established to further the idea put forward by Professor Klaus Schwab that business should serve all stakeholders – customers, employees, communities, as well as shareholders. It was reaffirmed in 1973 in the “Davos Manifesto,” a document that has shaped the work of the Forum ever since. In a major update, this year’s Annual Meeting will see the publication of a universal “ESG scorecard” by the Forum’s International Business Council, which is currently chaired by Brian Moynihan, Chief Executive Officer of Bank of America.
A more sustainable Annual Meeting
The 2020 Annual Meeting will be among the most sustainable international summits ever held. Awarded the IS0 20121 standard for sustainable events in 2018, the Annual Meeting is fully carbon neutral through reducing, calculating and offsetting event-related emissions. Initiatives put in place to achieve this goal include using locally-sourced food suppliers, introducing alternative sources of protein to reduce meat consumption, sourcing 100% renewable electricity, and reducing or eliminating the use of materials that cannot easily be recycled or re-used, such as carpets and introducing more electric vehicles.
Explainer: New EU strategy on adaptation to climate change
1. What is the objective of the new EU Adaptation Strategy?
The Strategy outlines a long-term vision for the EU to become a climate-resilient society, fully adapted to the unavoidable impacts of climate change by 2050. Complementing the EU’s ambitious goal to become climate neutral by mid-century, this strategy aims to reinforce the adaptive capacity of the EU and the world and minimise vulnerability to the impacts of climate change, in line with the Paris Agreement and the proposal for the European Climate Law. The new Strategy seeks to step up action across the economy and society in synergy with other Green Deal policies such as biodiversity protection and sustainable agriculture. This will be done by making adaptation smarter, swifter and more systemic, as well as stepping up international action on adaptation. This means improving our knowledge of climate impacts and adaptation solutions; stepping up adaptation planning and climate risk assessments; accelerating adaptation action; and helping to strengthen climate resilience globally. This strategy sets out a whole-economy approach, with particular consideration for those among us who are most vulnerable to guarantee that resilience is achieved in a just and fair way.
2. Why do we need a new EU Adaptation Strategy now?
Halting all greenhouse gas emissions today would still not prevent the climate change impacts that are already occurring. The severe effects of the COVID-19 pandemic on our health and socio-economic wellbeing are a stark warning of the dangers of insufficient preparation. The frequency and severity of climate and weather extremes is increasing. They range from unprecedented forest fires and heatwaves to devastating droughts; and from hurricanes ravaging EU outermost regions to forests decimated by unprecedented bark beetle outbreaks in Central and Eastern Europe. Water shortages in the EU have affected economic activities as diverse as agriculture, aquaculture, tourism, power plant cooling, and cargo shipping on rivers. In the EU, economic losses from extreme weather already average over €12 billion per year.
While the 2013 EU Adaptation Strategy was positively evaluated in 2018, there is a need to deepen and to expand adaptation actions, e.g. to make data more uniform and accessible, to bridge the climate protection gap – the share of non-insured economic losses – and to scale up finance for climate adaptation in the EU and globally. The EU’s adaptive capacity needs to be reinforced in line with the Paris Agreement and the proposed European Climate Law. The strategy comes at an important moment, ahead of the COP26 in Glasgow, where adaptation to climate change will play a key role.
3. What actions are planned in the EU as part of the strategy?
The Strategy pursues three objectives and proposes a range of actions in order to meet them:
- To make adaptation smarter – improving knowledge and availability of data, while managing the inherent uncertainty brought upon us by climate change; securing more and better data on climate-related risk and losses, and making Climate-ADAPT the authoritative European platform for adaptation knowledge.
- To make adaptation more systemic – supporting policy development at all levels of governance, society and the economy and in all sectors by improving adaptation strategies and plans; integrating climate resilience in macro-fiscal policy, and promoting nature-based solutions for adaptation.
- To speed up adaptation across the board – by accelerating the development and rollout of adaptation solutions; reducing climate-related risk; closing the climate protection gap , and ensuring the availability and sustainability of fresh water.
At the same time, the Commission will continue to provide guidelines, technical capacity and funding opportunities to help Member States, regions, and local administrations to develop and implement comprehensive adaptation strategies and actions. The Commission will also continue to mainstream adaptation by integrating climate change considerations into EU policies and programmes to make them climate resilient.
4. How does the Strategy integrate international action into its framework?
Our climate change adaptation ambition must match our global leadership in climate change mitigation. The Paris Agreement established the global goal on adaptation and highlighted adaptation as a key contributor to sustainable development. Adaptation is a crosscutting element in the EU and Member States’ external action, spanning development cooperation, migration, trade, agriculture and security. The EU already has a history of cooperating with other countries on climate adaptation at all levels, but the strategy brings this into a coherent framework around three actions:
- increasing support for international climate resilience and preparedness, for example in support of the development and implementation of Nationally Determined Contributions (under the Paris Agreement) in partner countries;
- scaling up international finance to build climate resilience, for example through the EU instruments for external action and leveraging private sector investments;
- strengthening global engagement and exchanges, learning from our international partners who have long been on the frontlines of climate change and have valuable experience that can help Europe become more climate resilient and sharing information for example from the COPERNICUS programme.
The EU and its Member States increased their overall climate finance support to third countries by 7.4% in 2019, amounting to €21.9 billion, 52% of which was spent on helping our partners adapt to climate change. In order to close the climate change adaptation financing gap, the Commission will aim to increase resources and mobilise larger scale adaptation finance, including through innovative mechanisms such as the European Fund for Sustainable Development Plus, as well as making resources available through bilateral channels and through the Member States.
5. Where can I find more information on adaptation in Europe?
The adaptation strategy aims to make Climate-ADAPT the authoritative European platform for adaptation knowledge, linking it up with other relevant knowledge portals and sources and making it more accessible for citizens, local governments and other stakeholders. Already today, Climate-ADAPT provides access to reliable data on the likely impacts of climate change, their socio-economic aspects, and the costs and benefits of adaptation options. Its continued development will give decision-makers vital support, and will help policy-makers at EU, national, regional and local levels to develop informed climate change adaptation measures and policies.
Climate-ADAPT will also host the new European Climate and Health Observatory. This Observatory will boost our awareness and understanding of the growing health risks, which climate change will entail, such as heat stress, food and water safety and security threats, or the emergence and spread of infectious diseases. It will help us to better anticipate and minimise these risks, and to improve our individual and collective preparedness.
6. What will Member States need to do under the new Strategy and how will progress be measured?
Adapting to climate change is a process. Discussions on standardised indicators that accurately capture progress are ongoing at EU and international level. The strategy aims to enlarge and make more accessible a toolbox that adaptation actors can use in their work and adapt to their individual needs, be they national, regional or local administrations, SMEs or individual citizens. To help informed decisions, the strategy promotes knowledge sharing and data availability. Adaptation reporting requirements for Member States are already set out in dedicated legislative instruments, such as the Energy Union Governance Regulations. The European Climate Law will, once adopted, also set out obligations for the EU and its Member States in this respect.
7. What EU-level resources are available for adaptation?
Financial support for adaptation is made available through the European Structural and Investment Funds, the Common Agricultural Policy, the LIFE Programme, and the Recovery and Resilience Facility. The proposed Horizon Europe Mission on Adaptation to Climate Change will also leverage significant resources in the effort to make Europe climate resilient. The Commission will support the local uptake of data, digital and smart solutions related to climate adaptation. To help local authorities move from planning to action, the EU will pilot a policy support facility to assist local and regional authorities under the EU Covenant of Mayors.
Public-private partnerships could play key role in combatting deforestation
As environmental leaders and change makers meet virtually for the Fifth Session of the United Nations Environment Assembly (UNEA) in February 2021, the issue of deforestation has been central to their discussions.
“There can be no conversation on climate change without including forests and deforestation,” said Gabriel Labbate, a forestry expert with the United Nations Programme on Reducing Emissions from Deforestation and Forest Degradation (UN-REDD). “It is fundamental in the fight against the environmental emergency that faces us.”
Forests and woodlands are important stores of planet-warming carbon dioxide, soaking up 30 per cent of emissions from industry and fossil fuels. Their role in capturing and storing carbon is critical to mitigating the risks that climate change poses to the world’s food systems.
But every year, the world loses 7 million hectares of forests, an area the size of Portugal. Globally, primary forest area has fallen by over 80 million hectares since 1990, found the hallmark State of the World’s Forests report, produced by the United Nations Environment Programme (UNEP) and the Food and Agriculture Organisation (FAO). Today, forest fires, pests, diseases, invasive species, drought and extreme weather events put at least another 100 million hectares at risk.
At the UN Environment Assembly, experts discussed the Green Gigaton Challenge, an ambitious public-private partnership backed by the United Nations Environment Programme (UNEP). It aims to catalyse funds for initiatives to combat deforestation, with the target of reducing 1 gigaton (or 1 billion metric tonnes) of emissions by 2025.
The challenge channels public and private sector finance into efforts led by national and subnational governments to halt deforestation, while helping companies support their internal emissions reductions with the purchase of carbon credits. It advocates using nature-based solutions, such as replanting and restoring tropical forests, to reduce emissions. As well as cutting emissions, forests increase biodiversity and regulate water, offering a rounded environmental solution.
“Reducing emissions by 1 gigaton is the same as taking 80 per cent of all cars off the roads in the United States. It has a huge impact and the potential to deliver lasting environmental change. As countries look to rebuild their economies in the wake of COVID-19, 2021 can be the year we make a quantum shift in scale, funding and results,” said Niklas Hagelberg, Coordinator of UNEP’s climate change programme.
At the Green Gigaton Challenge event, participants – who included Ministers of the Environment from various countries – discussed how private sector funding can jump-start forest-based solutions to climate change. Key to this is getting large corporations to understand how reforesting can help them meet their emissions reduction targets in a cost-effective way.
“We see private sector commitment growing and this is crucial in reducing emissions,” said Tim Christophersen, a UNEP ecosystems expert. “2021 provides a unique opportunity to make forests a real pillar of climate mitigation efforts. We will need to send clear and consistent policy signals to ensure this emerging market will be useful and can grow.”
The Green Gigaton Challenge is measurable, and financing can be results-based, meaning funds are released as targets are met. This results in more resources allocated as it gives donors, both private and public, peace of mind that they are getting what they pay for.
Initiatives like this are a step towards reducing global warming. The past decade was the hottest in human history and experts say the planet is on pace for in excess of 3°C of warming, a figure that could have catastrophic consequences.
UNEP is at the forefront of efforts to meet the targets of the Paris Agreement, namely keeping the global temperature rise to well below 2°C, and preferably to 1.5°C, compared to pre-industrial levels.
To this end, UNEP has developed a Six-Sector Solution to cutting emissions. The solution provides a roadmap to how emissions can be reduced across sectors in order to meet the annual 29-32 gigaton reduction needed to limit temperature rise. The six sectors identified are agriculture and food; forests and land use; buildings and cities; transport; energy; and cities.
Lao PDR: New Project to Protect Landscapes and Enhance Livelihoods
The World Bank’s Board of Executive Directors today approved a US$57 million project to help Lao PDR promote sustainable forest management, improve protected area management, and enhance livelihoods opportunities in eight provinces across the country. Project funding comes from the World Bank’s International Development Association, with contributions from the Global Environment Facility and the Canada-World Bank Clean Energy and Forest Climate Facility.
The Lao Landscapes and Livelihoods Project will support economic recovery in light of the adverse impacts of the COVID-19 pandemic by focusing on preservation of natural capital such as forests, biodiversity, water resources, soil, and land. The Project will help communities in over 600 villages and 25 forest areas to secure livelihoods and jobs from sustainably managed forests, including opportunities in timber and non-timber products, and nature-based tourism.
“This project will be crucial to helping Lao PDR recover from the global coronavirus shock by protecting and enhancing its natural capital, and supporting the creation of green jobs in vulnerable communities,” said the World Bank Lao PDR Country Manager Nicola Pontara.
Despite enjoying sustained periods of high economic growth in the last three decades, Lao PDR has experienced a gradual deterioration of its natural capital, making vulnerable rural people more susceptible to floods and droughts while jeopardizing their access to food, fiber, fresh water and income.
The Government of Lao PDR will implement the project through the Department of Forestry at the Ministry of Agriculture and Forestry. To create jobs and livelihoods and secure environmental benefits, the project will develop environmentally and socially sustainable partnerships among communities, government, nature-based-tourism companies, and forest plantations.
The Lao Landscapes and Livelihoods Project complements other partnerships between Laos and the World Bank on biodiversity protection, carbon emission reductions and nature-based tourism. It also supports the priorities of the government’s ninth National Socio-Economic Development Plan for 2021-25 and the 2030 National Green Growth Strategy.
Explainer: New EU strategy on adaptation to climate change
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