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Stakeholder Capitalism: A Manifesto for a Cohesive and Sustainable World

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The World Economic Forum Annual Meeting 2020, taking place on 21-24 January in Davos-Klosters, Switzerland, will focus on establishing stakeholder capitalism as a way of addressing the world’s greatest challenges, from societal divisions created by income inequality and political polarization to the climate crisis we face today.

Underpinning the meeting will be the Davos Manifesto 2020. This document builds on the original Davos Manifesto of 1973, which set out for the first time the stakeholder concept that businesses should serve the interests of all society rather than simply their shareholders. The Davos Manifesto 2020 provides a vision for stakeholder capitalism that touches on a range of important issues of our time, including fair taxation, zero tolerance for corruption, executive pay and respect for human rights.

“Business has now to fully embrace stakeholder capitalism, which means not only maximizing profits, but use their capabilities and resources in cooperation with governments and civil society to address the key issues of this decade. They have to actively contribute to a more cohesive and sustainable world,” said Klaus Schwab, Founder and Executive Chairman of the World Economic Forum.

Building on the Manifesto 2020, this year’s programme focuses on achieving maximum impact on the Forum’s platform for public-private cooperation across six core areas of activity: Ecology, Economy, Society, Industry, Technology and Geopolitics. More than 160 individual initiatives, each capable of delivering system-wide transformation, are active on the Forum platform. Significant advances in a number of these, especially in the fields of responsible business, the environment and social mobility, are expected to be confirmed during the meeting.

Among the initiatives to be launched at the Annual Meeting is one that aims to plant 1 trillion trees over the next decade and to equip 1 billion people with the necessary skills in the age of the Fourth Industrial Revolution. More details on this and the others will be disclosed at the meeting. To learn more about the Forum’s Lighthouse initiatives, click here.

Nearly 3,000 leaders will participate in this year’s Annual Meeting. Top political leaders taking part include:

Donald Trump, President of the United States of America; Han Zheng, Vice-Premier of the People’s Republic of China; Angela Merkel, Federal Chancellor of Germany; Giuseppe Conte, Prime Minister of Italy; H.R.H. The Prince of Wales; Ursula von der Leyen, President of the European Commission; Pedro Sanchez, Prime Minister of Spain; Simonetta Sommaruga, President of the Swiss Confederation; Mohammad Ashraf Ghani, President of the Islamic Republic of Afghanistan; Sebastian Kurz, Federal Chancellor of Austria; Ivan Duque, President of Colombia; Felix Tshisekedi, President of the Democratic Republic of the Congo; Lenin Moreno Garcés, President of Ecuador; Sanna Marin, Prime Minister of Finland; Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana; Kyriakos Mitsotakis, Prime Minister of Greece; Barham Salih, President of Iraq; Leo Varadkar, Taoiseach of Ireland; Omar Al Razzaz, Prime Minister of Jordan; Khaltmaagiin Battulga, President of Mongolia; Mark Rutte, Prime Minister of the Netherlands; Erna Solberg, Prime Minister of Norway; Imran Khan, Prime Minister of Pakistan; Mohammad Ibrahim Shtayyeh, Prime Minister of the Palestinian National Authority; Andrzej Duda, President of Poland; Maxim Oreshkin, Minister of Economic Development of the Russian Federation; Macky Sall, President of Senegal; Lee Hsien Loong, Prime Minister of Singapore; Kais Saied, President of Tunisia; Volodymyr Zelenskyy, President of Ukraine.

Leaders from international organizations include:

Antonio Guterres, Secretary-General, United Nations; Kristalina Georgieva, Managing Director, International Monetary Fund; Roberto Azevêdo, Director-General, World Trade Organization (WTO); Mohammad Sanusi Barkindo, Secretary-General, Organization of the Petroleum Exporting Countries (OPEC); David Beasley, Executive Director, United Nations World Food Programme (WFP); Filippo Grandi, United Nations High Commissioner for Refugees; Liu Fang, Secretary-General, International Civil Aviation Organization (ICAO; Tedros Adhanom Ghebreyesus, Director-General, World Health Organization (WHO); Angel Gurría, Secretary-General, Organisation for Economic Co-operation and Development (OECD); Christine Lagarde, President, European Central Bank; Peter Maurer, President, International Committee of the Red Cross (ICRC); Luis Alberto Moreno, President, Inter-American Development Bank; Guy Ryder, Director-General, International Labour Organization (ILO); Jürgen Stock, Secretary-General, International Criminal Police Organization (INTERPOL); and Jens Stoltenberg, Secretary-General, North Atlantic Treaty Organization (NATO).

More than 1,680 leaders from the private sector will participate in the Annual Meeting this year, including Members and Partners of the World Economic Forum.

Leaders from civil society taking part in the meeting include:

Sharan Burrow, General Secretary, International Trade Union Confederation (ITUC); Luca Visentini, General Secretary, European Trade Union Confederation (ETUC); Micah White, Co-Creator, Occupy Wall Street; Kenneth Roth, Executive Director, Human Rights Watch; Jennifer Morgan, Executive Director, Greenpeace International; David Miliband, President, International Rescue Committee; Seth F. Berkley, Chief Executive Officer, Gavi, the Vaccine Alliance; Hindou Oumarou Ibrahim, President, Association for Indigenous Women and Peoples of Chad (AFPAT); and His All-Holiness Patriarch Bartholomew, Archbishop of Constantinople-New Rome and Ecumenical Patriarch.

This year over 120 of our civic-minded young leaders will join as members of the our Global Shapers, Young Global Leaders, and Social Entrepreneur communities. We will also welcome 10 leaders under the age of 20 representing the viewpoints of younger generations. For more information on these young teenage changemakers, click here.

Adding a new dimension this year is the Arts and Culture Festival. Running alongside the Annual Meeting, the Festival will feature a number of sessions and immersive art installations, including those featuring the participation of the winners of the 26th Annual Crystal Awards and our Cultural Leaders.

The 50th Annual Meeting will also be climate-neutral for the fourth consecutive year. New initiatives to boost resource efficiency and reduce emissions will build on the Forum’s 2018 ISO 20121 certification for sustainable event management. Learn more about our strategy and efforts here.

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Africa Today

World Bank Supports Recovery and Resilience of Rwanda’s COVID-19-Affected Businesses

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The World Bank Group today approved $150 million from the International Development Association (IDA)* to help the Government of Rwanda increase access to finance and to support recovery and resilience of businesses affected by the COVID-19 pandemic.

The Access to Finance for Recovery and Resilience (AFIRR) Project also benefits from $25 million in IDA grants, as well as an additional $7.5 million grant from the Global Risk Financing Facility (GRiF), to help enhance business’ access to finance.

This project is an important contribution to the government’s post-COVID Economic Recovery Plan, promoting investment in priority growth sectors, supporting jobs and reinforcing Rwanda’s financial system’s crisis preparedness.” said Rolande Pryce, World Bank Country M anager. “The AFIRR project provides significant resources to help further capitalize the Economic Recovery Fund coupled with enhanced support programs to improve firms’ capacity and remove barriers to access to finance. It provides a suite of instruments that strengthen the existing recovery ecosystem ranging from financial instruments to adjustment mechanisms that include innovative risk mitigation solutions.”

The project will provide financing targeting affected businesses to facilitate refinancing of existing debt obligations, provide working capital, and support investments for business adaptation and growth through the provision of longer-term sources of finance. This will be complemented by risk sharing instruments, including a partial credit guarantee scheme and a bridge loan and insurance facility, to increase access to finance for underserved segments, such as micro, small and medium sized enterprises (MSMEs). In addition, the project will provide targeted technical assistance to firms, participating financial institutions, and government implementing agencies, to address existing constraints for increasing uptake of the Economic Recovery Fund.

Interventions under the project will help businesses to continue to operate and adapt to the post-COVID-19 environment. They will also provide a lifeline to firms in growth-potential sectors that find it difficult to access financing from financial institutions; this will contribute to preserving jobs and mitigating loss of otherwise productive firms that can help drive economic recovery” said Brice Gakombe, World Bank Financial Sector Specialist, and Task Team Leader of the project.

In addition to providing financing, the AFIRR project will bolster the capacity of key government and private sector stakeholders on the technical aspects of the financing and risk-sharing instruments, as well as disaster risk financing principles. As women were hardest hit by the COVID-19 (coronavirus) pandemic, the project focuses on increasing the share of women-inclusive enterprises able to access financing under the liquidity and financing facility and through targeted training to address gender specific constraints for MSMEs as well as improve outreach in underserved segments.

The AFIRR project will be co-financed in the amount of $100 million by the Asian Infrastructure Investment Bank (AIIB), of which Rwanda is a non-regional member. It is AIIB’s first investment in Rwanda.

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How to Make Your Hospitality Business More Sustainable

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Climate change and its impact on the world has been a major news story for decades, but it’s only in recent years that awareness has been pushed to the fore. This is thanks to the actions of activists such as Greta Thunberg and Sir David Attenborough.

However, it’s also because 2020 was the joint hottest year on record, tying with 2016 – although, unlike 2016, there was no El Nino event last year to contribute to these temperatures.  

While there is pressure on companies to play their part and think more sustainably, there are things that smaller businesses can do too. As someone who runs a hospitality business, you can make operations more environmentally aware. If you want to think green, here are some ideas to help. 

Consider the materials

How much paper does your business use? There’s a real trend for cardboard menus and paper flyers showcasing the latest dining deals. Hotel rooms are filled with directories and leaflets, too – and these need replacing when they get tatty.

To resolve the issue, try switching to digital. Create online menus that diners can access, have a screen detailing the latest meal deals and specials, and introduce tablets to bedrooms in your hotel. If you’re reluctant to include tablets, try creating a directory on the TV where guests can browse the services your hotel offer, from breakfast serving times to the food on offer.

Rethink utilities

How much electricity does your business use a day? How much water is wasted?

Try looking at introducing motion sensitive lighting to avoid empty rooms being lit. Also, while it can be tricky to encourage guests to think about the water they use, you can get your staff to set an example by switching off taps when not in use. Even small changes can both save energy and money.

Manage waste

Hospitality businesses see a lot of waste, especially hotels. There’s paper waste, bottles, and food waste to consider, among other things.

Having a robust recycling system in place can help to keep your business sustainable. Introduce recycling bins in guest bedrooms and have these in offices too to encourage best practice.

Additionally, separate food waste bins for your restaurant are an essential part of waste management. By keeping food waste separate, it can be easily removed from the premises.

As with any waste management, there are risks here. Staff could cut themselves on glass or encounter other injuries, so think about how to keep your team safe while they do their job. Arm protection and overalls, for instance, can be useful.

Look at the décor

As well as the day-to-day operations in your business, it’s worth thinking about the materials used in the design and décor. Where possible, try to source reclaimed furniture and trawl the vintage and flea markets for beautiful pieces that could work well in your hotel foyer or guest rooms.

By taking the time to reassess the way your business runs, you could find that you’re lowering your carbon footprint and becoming more sustainable.

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Tech News

New Space Sustainability Rating Addresses Space Debris with Mission Certification System

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In early 2022, space organizations will be able to give their missions, including satellite launches and crewed missions, certifications for sustainability with the finalization of the Space Sustainability Rating (SSR).

With ever more satellites being launched each year, the risk of collisions and the proliferation of space debris continues to rise. This has created a need to find ways to maximize the long-term sustainability of the space environment and encourage responsible behaviour.

The SSR system aims to address these issues by quantifying the sustainable behaviour of space actors. These scores will be based on factors ranging from data sharing, choice of orbit, measures taken to avoid collisions, plans to de-orbit satellites on completion of missions, and even how well they can be detected and identified from Earth. The choice and characteristics of a launch provider will also have an impact on the score.

There will be bonus marks for adding optional elements, such as de-orbiting fixtures, which could be used for the active removal of the object once its operational lifetime has been fulfilled.

“The Forum is very glad to support such an innovative approach to a global challenge of space debris,” said Nikolai Khlystov, Lead for Mobility and Space, World Economic Forum. “Incentivizing better behaviour by having actors compete on sustainability will create a race to the top and eSpace at EPFL is a great organization to take the SSR to the next level.”

After a robust selection process involving close to 20 stakeholders, the EPFL Space Center (eSpace) at the Swiss Federal Institute of Technology Lausanne (EPFL), based in Lausanne, has been selected to lead and operate the SSR, in preparation for the roll-out of the transparent system for scoring the space sustainability efforts of different space actors.

“Space sustainability is in eSpace’s DNA, as one of our research projects led to the creation of ClearSpace – a pioneer spin-off selected by ESA [European Space Agency] for the first debris removal mission. Hosting the SSR is a strategic move for our Center. With our experience and the partners that will support SSR at EPFL, Switzerland and international levels, we intend to initiate in 2022 what could be a game changer in the way space missions are carried out,” said Jean-Paul Kneib, Professor of Astrophysics and Director of eSpace.

“The SSR aims to influence behaviour by all spaceflight actors, especially commercial entities, and help bring into common usage the sustainable practices that we desperately require,” said Holger Krag, Head of ESA’s Space Safety Programme. “To achieve this, the SSR rating includes a peer-reviewed assessment of the short- and long-term risks that any mission presents to other operators and for our orbital environment in general.”

The SSR initiative was developed over the past two years by the Forum, the ESA and a joint team led by Space Enabled Research Group at the MIT Media Lab, with collaboration from BryceTech and the University of Texas at Austin, and it comes at a critical time. While satellites have long been used for navigation services, weather monitoring and television broadcasts, humankind’s reliance on space infrastructure is set to increase sharply with the launch of large constellations of small satellites designed to boost global internet access.

“The design process of the SSR catalysed a creative community of commercial firms, universities, government agencies and civil society organizations,” said Danielle Wood, Director of the Space Enabled Research Group at the MIT Media Lab. “There is more important work to do in engineering research, policy-making and norm building to ensure that the global community can operate in space for decades to come. All of us who contributed to the SSR are committed to continuing this important work and we hope others will continue to join in.”

There are now nearly 4,000 active satellites in orbit, including the inhabited outposts of the International Space Station and the Tiangong Space Station, currently under construction. As many more organizations from many more countries prepare to launch new missions, this number is set to grow exponentially. The risk of collisions will inevitably increase and raise questions about the capacity of near-Earth orbit to accommodate so many objects safely and sustainably.

By voluntarily taking part in the new SSR system, spacecraft operators, launch service providers and satellite manufacturers will be able to secure one of four levels of certification which they can share externally to show their mission’s level of sustainability.

This will increase transparency, without disclosing any mission-sensitive or proprietary information. The goal is to incentivize good behaviour by all space actors in addressing the problem of space debris. A favourable score for a particular rated party might, for example, result in lower insurance costs or improved funding conditions from financial backers.

Over the two-year development period of the SSR, numerous operators within the space industry have been engaged in the evolution of the rating system and there is already widespread interest in this new tool. Several companies, including Airbus, Astroscale, AXA XL, elseco, Lockheed Martin, Planet, SpaceX and Voyager Space Holdings, have actively supported the SSR concept and expressed interest in participating once it is publicly launched.

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