The 50th World Economic Forum Annual Meeting closed today, a historic meeting bringing all stakeholders together to shape a cohesive and sustainable world.
World Economic Forum President Børge Brende said “Our 50th Annual Meeting has been truly remarkable, due to the real progress that we created on a spectrum of issues where public-private collaboration is crucial. We laid the basis for a decade of delivery.”
Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), told participants that we are in a better place in January 2020 than we were in October 2019. There are several drivers for this positive momentum: trade tensions are receding; central banks have loosened monetary policy; and global industrial production is bottoming out.
The IMF’s economic forecast is for 3.3% growth this year and 3.4% next year. This level of growth was characterised as “sluggish”, and governments were called on to enact structural reforms and boost spending.
In 2019, 29 central banks globally reduced rates 71 times and it is now time to pass the baton on to fiscal policy. “We need to go beyond monetary stimulus – fiscal policy needs to become more aggressive,” Georgieva added.
Christine Lagarde, President of the European Central Bank, shared this relatively sanguine outlook. Uncertainties have abated on issues like trade and Brexit, she said, and it is likely that income growth and low unemployment will eventually be reflected in prices.
“The European Central Bank has launched a broad strategic review, the first since 2003, to revisit the bank’s processes and policies and to recommend structural changes,” she said, committing to delivering the outcomes of this review at the next Annual Meeting.
Steven Mnuchin, Secretary of the Treasury of the United States, said: “The US economy continues to be the bright spot in the world.” The economic outlook for 2020 is very robust, he added. Inflation remains muted, incomes are rising and unemployment is near historic lows.
“Trade negotiations have started with both the EU and the UK and we look forward to completing both of those deals this year,” he said.
Haruhiko Kuroda, Governor of the Bank of Japan, said: “We expect Japan’s economy to grow by 1% to 1.5% this year.” Nevertheless, inflation in Japan is stubbornly low. Continued accommodative monetary policy will be required for some time to achieve the 2% inflation objective, he added.
Climate risk is quite real for Japan, he said. In the fourth quarter of last year, the Japanese economy experienced negative growth largely because of two large typhoons. These types of natural disasters are intensifying and Japan stands ready to do more to reduce greenhouse gas emissions and combat global climate change.
Germany has embarked on an expansionary fiscal policy programme, said Olaf Scholz, Vice-Chancellor and Federal Minister of Finance of Germany. Taxes have been reduced by about $25 billion a year, investment in infrastructure is at record levels and R&D spending is targeted to reach 3.5% of GDP.
“Germany’s economy remains strong and we expect these investment measures to have a material impact on demand,” he added.
However, we must act urgently on sustainability issues, he said. Europe will continue to lead on climate change, with a target to be carbon neutral by 2050 backed by investments in the green economy and renewable energy.
Outcomes of the Annual Meeting 2020
In a letter sent to participants in advance of the Annual Meeting, Klaus Schwab, the Forum’s Founder and Executive Chairman, and the heads of Bank of America and Royal DSM, asked all members and partners to commit to achieving net zero carbon emissions by 2050 or earlier. In part inspired by this, the World Economic Forum Annual Meeting 2020 saw a number of outcomes that made progress towards a more cohesive and sustainable world:
Skills and Work
· The Reskilling Revolution was launched to provide better education, skills and jobs to 1 billion people by 2030, with the initial backing of the governments of Bahrain, Brazil, Denmark, France, India, Oman, Pakistan, Singapore, United Arab Emirates and the United States as well as business partners, including PwC, Salesforce, ManpowerGroup, Infosys, LinkedIn, Coursera Inc. and The Adecco Group. Commitments to provide better education, skills and work for 250 million people have already been made. The Forum’s Global Shaper community further pledged to provide skills to 100,000 people in vulnerable communities.
· Six leading platform companies – Cabify, Deliveroo, Grab, MBO Partners, Postmates and Uber – became founding signatories of the Forum’s Charter of Principles for Good Platform Work.
· The Valuable 500 initiative of companies committed to placing disability inclusion on their leadership agendas that was launched last year in Davos, announced that 241 companies from 24 countries have pledged their support.
· Ingka Group (IKEA) and Royal DSM became founding members of the Forum’s Hardwiring Gender Parity in the Future of Work initiative. McKinsey joined as knowledge partner.
· The Partnership for Global LGBTI Equality, which was launched in Davos last year to accelerate inclusion for lesbian, gay, bisexual, transgender and intersex (LGBTI) people, announced that it has grown its membership to 17 international businesses.
· The International Business Council, incorporating 140 of the world’s largest companies, agreed to support efforts to develop a core set of common metrics and disclosures that could be used to measure private sector progress against key environmental, social and governance (ESG) goals.
· The Forum also became a founding partner this week, alongside Refinitiv, United Nations and others in the Future of Sustainable Data Alliance. The alliance focuses on improving the quality of ESG data available to governments and investors to inform decision-making.
· The Davos Friends of Africa Growth Platform launched with the support of the Presidents of Botswana and Ghana to promote entrepreneurism in Africa. The platform’s initial target is to reach 1 million entrepreneurs by the end of 2020.
· A strategic partnership was signed between the World Economic Forum and the Organisation for Economic Co-operation and Development (OECD) to accelerate progress towards inclusive and sustainable growth globally.
· Some 42 organizations, including businesses from mining, automotive, chemical and energy that have a combined revenue of $1 trillion dollars agreed on 10 guiding principles for a sustainable battery value chain, enabled by a traceability platform called Battery Passport.
· The Australian state of Queensland announced it will join the Forum’s Global Lighthouse Network in a bid to help small and medium-sized enterprises adopt advanced manufacturing technologies.
· CEPI, the Coalition for Epidemic Preparedness Innovations that was launched in Davos in 2017, today announced the initiation of three programmes to develop vaccines against the novel coronavirus, nCoV-2019, in partnership with Moderna and the Wellcome Trust. The swift action was made possible by the fact that the leaders of the partner organizations were all in Davos.
· GAVI, the Vaccine Alliance, celebrated its 20th anniversary. GAVI was launched at the Annual Meeting 2000 with the backing of the Gates Foundation, World Health Organization, pharmaceutical companies and governments to bring vaccines to children who lacked access. Since then, GAVI has reached 760 million children.
· The World Economic Forum announced a partnership with the Global CEO Initiative (CEOi) to form a coalition to accelerate diagnostics and treatments for Alzheimer’s disease.
· The Forum initiated Ending Workplace Tuberculosis, a multi-sector initiative aimed at tapping into the business community to help stop TB in countries affected disproportionately by the disease.
· Ministers at Davos announced negotiations between 99 economies on a new international agreement on investment facilitation at the WTO. The agreement is aimed at making it easier for investment to flow between economies while increasing its development impact.
· As theUS and France agreed a detente on digital tax during the Annual Meeting, the Forum received a mandate from multistakeholder partners to further build multistakeholder understanding of and input to international tax reforms and assist the search for broadly supported solutions.
· The Forum partnered with the Japanese government on a multistakeholder effort to find practical mechanisms to enable free “Data Free Flow with Trust” in support of the Osaka Track process that was initiated at the G20 in 2019.
· The Schwab Foundation for Social Entrepreneurship announced that its community has improved the lives and livelihoods of more than 622 million people in 190 countries since 2000. Impacts include distributing $6.7 billion in loans or value of products and services; mitigating more than 192 million tonnes of CO2; improving education for more than 226 million children and youth; improving energy access for more than 100 million people and driving social inclusion for over 25 million people.
· 11 NGO executives united to stop sale of .org domain to a private equity firm. Executive directors of Greenpeace International, Access Now, Human Rights Watch, ACLU, International Trade Union Confederation, Sierra Club, Amnesty International, Consumer Reports, 350.org, Color of Change and Transparency International released an open letter on 21 January 2020 “calling on the leaders of Internet Society (ISOC) and Internet Corporation for Assigned Names and Numbers (ICANN) to stop the sale of the .org top-level domain to private equity firm Ethos Capital”.
Combating climate change
· 1t.org, a new multistakeholder initiative aimed at supporting efforts to grow, conserve and restore 1 trillion trees by the end of the decade was announced. Within the first days of its launch, the US and China announced support. Salesforce announced a new commitment to plant 100 million trees; Colombia confirmed its existing commitment to plant 180 million trees by 2022; Pakistan reaffirmed its 10 billion trees campaign; and the Global Shapers also committed to planting 1 million trees by 2021 across its 400 hubs worldwide.
· New members signed up to the Forum’s community of CEO Climate Leaders. The community are committed to helping their respective companies meet the Paris Climate Goals. New members include: AstraZeneca; Bayer AG; BBVA, Dalmia Cement; Jacobs Engineering Group; JLL; Newmont Corporation; OVG Real Estate, and Zurich Insurance Group.
· The Sustainable Markets Initiative, backed by a Sustainable Markets Council, was launched by HRH The Prince of Wales in collaboration with the World Economic Forum with the goal of bringing about a transition to sustainable markets and rapid industry-wide decarbonization.
· The Forum’s Advanced Manufacturing and Production community launched the Carbon Reduction in Manufacturing Initiative with Johnson & Johnson, Schneider Electric and Unilever, with support from Al Gore’s Generation Investment Management to achieve a goal of cutting carbon emissions in manufacturing by 50% by 2030.
· The Net Zero Asset Owner Alliance of 16 pension funds and insurers committed to helping achieve the Paris Climate Goals added the Church of England and Generali as new members. The alliance’s portfolio now stands at $4.3 trillion.
· The Champions for Nature, a high-level group calling for raised ambition on nature, was launched. It is chaired by the Executive Director of UN Environment Programme, the CEO of Unilever, and the President of Costa Rica. The launch followed a new report Nature Risk Rising which found that over half the world’s total GDP – is moderately or highly dependent on nature.
Sustainable Development Goals
· Frontier 2030 was launched as a platform to leverage the technologies of the Fourth Industrial Revolution to accelerate the Sustainable Development Goals. The platform is chaired by UNDP in partnership with the governments of Botswana, South Korea and Norway, as well as private sector commitment from Microsoft, Google, Cisco, Arm, Planet Labs, X, Amazon Web Services and Chipsafer. It is hosted by the World Economic Forum.
· The Food Action Alliance was launched by over 25 partners of the World Economic Forum, UN agencies, companies, farmer organizations, civil society, and finance institutions to scale collective action and transform foods systems to be sustainable, nutritious and healthy, efficient and inclusive.
· A new multistakeholder partnership, SDG500, was launched to mobilize $500 million towards achieving the Sustainable Development Goals in emerging markets through a series of six blended finance funds. SDG500 is a partnership between the International Fund for Agricultural Development, the United Nations Capital Development Fund, Smart Africa, Stop TB Partnership, the IDB Lab of the Inter-American Development Bank, the International Trade Centre, CARE USA, and Bamboo Capital Partners.
A Cohesive and Sustainable Fourth Industrial Revolution
· The Forum partnered with a community of 40 central banks, international organizations, academic researchers and financial institutions to create a framework to help central banks evaluate, design and potentially deploy Central Bank Digital Currency (CBDC).
· The World Economic Forum, in collaboration with 100 stakeholders, produced theEmpowering AI Toolkit to help board members better understand the positive and negative implications of deploying artificial intelligence.
· The Government of Brazil, together with the World Economic Forum and key business stakeholders, rolled out a set of new scalable policy interventions to increase successful adoption of industrial internet of things technologies by small and medium-sized enterprises in manufacturing.
· Partners of the Centre for the Fourth Industrial Revolution Global Network, including Brazil, Colombia, Japan and Saudi Arabia, expanded their commitment to ensuring responsible and ethical governance of smart city technologies through the G20 Global Smart Cities Alliance on Technology Governance, led by the World Economic Forum.
· The World Economic Forum’s Global AI Council, launched in 2019, collaborated with UNICEF to create guidelines for AI-supported toys for under seven-year-olds, as well as identifying young people under the age of 18 to sit on a Global AI Youth Council.
· A group of private-sector leaders from cybersecurity companies, services providers and global corporations along with law enforcement agencies, Interpol and Europol, agreed to work together with the World Economic Forum through 2020 to foster a global public-private alliance against cybercrime.
· A group of telecommunications stakeholders, including BT, Deutsche Telekom, Du Telecom, Europol, Global Cyber Alliance, Internet Society, Korea Telecom, Proximus, Saudi Telcom, Singtel, Telstra and ITU, endorsed new principles combating high-volume cyberattacks that could protect up to 1 billion consumers in 180 countries.
· Navdeep Bains, Canadian Minister of Innovation, Science and Industry, and Ajay Banga, CEO of Mastercard, announced a $510 million investment by Mastercard to establish a new global Intelligence and Cyber Centre in Vancouver, British Columbia.
Online game showcases plight of our planet’s disappearing coral reefs
One of the world’s leading producers of online word games joined a global effort to help protect the planet’s coral reefs, which a new report finds are disappearing at an alarming rate.
Sweden’s MAG Interactive has unveiled six ocean-themed games to educate people about the ocean, coral reefs and climate change risks. The games will be launched in Wordzee, Ruzzle, Word Domination, WordBrain, WordBrain 2 and New QuizDuel.
Players are encouraged to either add their name to the petition for greater ocean and climate action and/or donate to projects associated with the Global Fund for Coral Reefs that are working to protect ocean health.
MAG Interactive is part of United Nations Environment Programmes’s (UNEP’s) Playing for the Planet Alliance that brings together gaming companies worldwide with a monthly active player base of more than 1.5 billion and a common goal of improving the environment through play.
The initiative has seen developers, including the popular Rovio Angry Birds, integrate environmental messages into their games to support the global environmental agenda, ranging from planting millions of trees to reducing plastic in their products.
Gaming companies are also supporting the Playing4Forests pledge, asking world leaders to protect forests as a line of defence against climate change.
“We couldn’t be more excited to join hands with MAG Interactive and Playing for the Planet partners, to raise awareness and resources for our planet’s precious coral reefs on the front line of climate change,” said Leticia Carvalho, Head of Marine and Freshwater at UNEP.
“Many people have no idea of the value of coral reefs to the well being of species and humans alike. Gaming can be transformational in inspiring this learning and action journey,” she added.
While they may look like plants or hard rocks, most corals are made up of thousands of small, soft-bodied animals, called polyps, surrounded by stony exoskeletons. Coral reefs support a quarter of all marine life. They also provide at least half a billion people with jobs and food while protecting coastlines from storms and flooding.
Coral reefs are also extremely sensitive to climate change. Corals have shown the most rapid increase in extinction risk of all the species assessed by the Global Biodiversity Outlook.
When waters get too warm, corals release the symbiotic algae turning white, a process known as bleaching. While corals can recover from bleaching if conditions improve, prolonged coral bleaching can be fatal.
The Status of Coral Reefs of the World: 2020, released last week by the Global Coral Reef Monitoring Network in partnership with UNEP, found that 14 per cent of the world’s coral has been lost since 2009, and climate change is threatening what remains of these fragile ecosystems, often call the “rainforests of the sea.”
In the last 12 years, around 11,700 square kilometres of coral has disappeared. That is more than all the living coral in Australia.
But there is still hope for corals. Across the globe, scientists are identifying pockets of coral habitats that have greater resilience to climate change and may provide the key to their survival. The research shows that incorporating coral safe havens, known as climate refugia, into conservation plans is vital for ensuring their future survival as we work to halt and reverse current threats.
“Our goal is to create engaging content for our players while spreading an important message, that they have the power to help preserve marine ecosystems,” said Daniel Hasselberg, CEO of MAG Interactive.
MAG Interactive, whose ten game titles have been downloaded over 350 million times, developed the ocean-themes games based on the UNEP-led campaign Glowing Glowing Gone.
The creative campaign works to curb the threats to coral reefs, which along with climate change are under siege from overfishing, coastal development, pollution and ocean acidification.
The debut of the ocean-themed games preceded the recent announcement of US$125 million earmarked for the Global Fund for Coral Reefs to address critical financing and private investment barriers centered around the blue economy and to protect coral reefs. As the Global Climate Fund’s first at-scale private sector programme in climate adaptation, this investment signifies a major achievement for coral and climate resilience.
Act Urgently to Preserve Biodiversity for Sustainable Future — ADB President
The world must act urgently to preserve ecosystems and biodiversity for the sake of a sustainable future and prosperity, Asian Development Bank (ADB) President Masatsugu Asakawa said at the opening of a global event on biodiversity here today.
“The world is at a critical turning point. If we are to reverse the alarming decline in nature, we must respond with urgency and coordinated action,” Mr. Asakawa said. “These efforts are needed to ensure the survival of our ecosystems, and for the sake of our shared future and prosperity.”
Asia and the Pacific is one of the most biodiverse regions in the world—home to 17 of the 36 global biodiversity hotspots, 7 of the 17 megadiverse countries, and the greatest marine diversity. “If restored and well-managed, these natural capital assets can help to mitigate global climate change and biodiversity loss in a cost-effective and impactful manner,” Mr. Asakawa said in his opening remarks at the Ecological Civilization Forum at the 15th Conference of Parties to the Convention on Biological Diversity (COP15) in Kunming, the People’s Republic of China (PRC).
The event is cohosted by the PRC’s Ministry of Ecology and Environment, Yunnan provincial government, and the Secretariat of the Convention on Biological Diversity. Participants include high-level representatives from governments, the private sector, development agencies including ADB, and civil society.
ADB is committed to helping accelerate and increase nature-positive investments in Asia and the Pacific. “Through our ADB Nature-Positive Investment Roadmap, we are working with partners to scale up finance, develop knowledge of natural capital, and generate financially sustainable projects that deliver on biodiversity and healthy ecosystems,” Mr. Asakawa said.
At COP15, ADB is launching a new publication, Greening Development in the People’s Republic of China, which outlines how ADB and the PRC have successfully partnered to promote green development and ecological restoration in a way that complements economic and social priorities.
In partnership with the Chinese Academy of Science and Stanford University, ADB is sharing progress on its new Natural Capital Lab due for launch in 2022. This will be a digital platform for sharing methods for valuing biodiversity and ecosystems, and for building knowledge, capacities, and alliances across the region.
In addition, ADB with partners will be launching the Regional Flyway Initiative that will conserve ecosystem services that support people and critical habitats for more than 50 million migratory waterbirds.
Stockholm+50: Accelerate action towards a healthy and prosperous planet for all
The United Nations General Assembly agreed on the way forward for plans to host an international meeting at the highest possible level in Stockholm next June, during the week of World Environment Day. The event will commemorate the 50 years since the United Nations Conference on the Human Environment and serve as a contribution to accelerate action towards a more sustainable society.
The Declaration of the United Nations Conference on the Human Environment was made in 1972 in Stockholm, Sweden, resulting in what is often seen as the the first step toward the development of international environmental law, recognizing the importance of a healthy environment for people, and creating the UN Environment Programme (UNEP).
Five decades after the 1972 Stockholm Conference, the Government of Sweden, with support from the Government of Kenya, will host Stockholm+50, an international meeting in 2022 to commemorate the 50 years since the United Nations Conference on the Human Environment and its outcome documents, as a contribution to the environmental dimension of sustainable development to accelerate the implementation of commitments in the context of the decade of action and delivery for sustainable development, including a sustainable recovery from the coronavirus disease (COVID-19) pandemic.
The international meeting, “Stockholm+50: a healthy planet for the prosperity of all – our responsibility, our opportunity”, will take place in Stockholm on 2 and 3 June 2022, following a UN General Assembly resolution. In three leadership dialogues, the meeting will reflect on the urgent need for actions towards a healthy planet and prosperity of all, achieving a sustainable and inclusive recovery from the COVID-19 pandemic, and accelerating the implementation of the environmental dimension of Sustainable Development in the context of the Decade of Action. The meeting will also reinforce the messages and the outcomes of the event to commemorate UNEP’s 50th anniversary (UNEP@50), which will have taken place in March 2022, in Nairobi.
Per Bolund, Sweden’s Minister for the Environment and Climate, and Deputy Prime Minister, said “Our aim is clear, we want Stockholm+50 to make a concrete contribution to accelerating the transformation to a sustainable future. We call this meeting to commemorate the fiftieth anniversary of the 1972 conference. We are running out of time and urgent action is needed. These challenges are global, and we must meet them with a global response that drives action on the ground.”
Inger Andersen, Executive Director of UNEP, who was on 11 October appointed by UN Secretary-General António Guterres as the Secretary-General of the Stockholm+50 international meeting, said: “We need to urgently work to transform our economies and societies, but our branches will spread only as far as our roots are deep. By remembering Stockholm at 50, we also remember how the world came together to heal the ozone layer in 2013, phase out leaded fuel this year and stop endangered species from going extinct. By convening in Stockholm, we also recommit to human and planetary health, responsibility, prosperity, equality and peace – as we have seen only too clearly in COVID-19.”
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