Connect with us

News

Defining the Decade of Delivery: 50th Annual Meeting Calls for Stakeholder Responsibility

Published

on

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:

Cohesive 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.

Inclusive Growth

· 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.

Saving Lives

· 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.

Trade

· 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.

Civil Society

· 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”.

Sustainable World

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

Emerging Technologies

· 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.

Cybersecurity

· 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.

· A community of key stakeholders from international organizations, government and business was formed to reinforce cyber resilience in global aviation.

· 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.

Continue Reading
Comments

Health & Wellness

Minimal risk of monkeypox transmission in UK following confirmed case

Published

on

Risk of monkeypox transmission in the United Kingdom is minimal following a confirmed case of the rare and sometimes fatal animal-bourne disease, the World Health Organization (WHO) said on Monday. 

On 7 May, UK health authorities notified WHO of the confirmed case in an individual who had recently returned to the country from Nigeria. 

Monkeypox is a viral disease that occurs primarily in tropical rainforest areas of Central and West Africa.  It is occasionally exported to other regions. 

Modes of transmission 

The monkeypox virus is mostly transmitted to people from wild animals such as rodents and primates, though human-to-human transmission also occurs.   

The disease typically presents with fever, rash and swollen lymph nodes

Contact with live and dead animals – for example through hunting and consumption of wild game or bush meat – are known risk factors. 

Extensive contact tracing 

WHO said the case travelled to Nigeria in late April, staying in Lagos and Delta states, and developed a rash on 29 April. 

They returned to the UK on 4 May and went to a hospital that same day. As monkeypox was suspected, they were immediately isolated.  

Extensive contact tracing has identified exposed persons in the community, the healthcare setting, and on the international flight.  So far, none has reported compatible symptoms. 

“Since the case was immediately isolated and contact tracing was performed, the risk of onward transmission related to this case in the United Kingdom is minimal. However, as the source of infection in Nigeria is not known, there remains a risk of ongoing transmission in this country,” the UN agency said. 

No travel or trade restrictions 

Nigerian authorities were informed about the case on 7 May.  

The individual did not report contact with anyone with a rash illness, or known monkeypox, in Nigeria. Details of travel and contacts within the country have also been shared for follow up as necessary. 

WHO currently does not recommend any restriction for travel to, and trade with, Nigeria or the UK, based on available information at this time. 

More about monkeypox 

The monkeypox virus belongs to the orthopoxvirus family, which includes smallpox. 

It can be transmitted by contact and droplet exposure, and the incubation period is usually from six to 13 days but can range from 5 to 21 days. 

Symptoms can be mild or severe, and usually resolve spontaneously within 14 to 21 days. However, lesions can be very itchy or painful. 

There have been seven cases of monkeypox previously reported in the UK, all of which were related to a travel history to or from Nigeria. 

Two separate cases were also reported in the United States last year, also imported from Nigeria. 

Since September 2017, the West African country has continued to report cases of the disease, with 558 suspected cases up to 30 April of this year.   

The figure includes 241 confirmed cases, including eight deaths from the disease. 

Continue Reading

Finance

Zero Waste Europe endorses ENVI Commitee decisions in RED III and ETS

Published

on

Today, the European Parliament’s Environment, Public Health and Food Safety (ENVI) committee voted on the Renewable Energy Directive (RED III) and the EU Emissions Trading System (ETS). Zero Waste Europe (ZWE) supports the decisions taken to help accelerate the transition to a circular economy in Europe.

RED  III (Renewable Energy Directive)

The ENVI committee has agreed to limit the use of mixed waste for the ‘renewable energy’ generation purposes. 

Mixed waste sorting & support schemes

The ENVI Committee is modifying the definition of biomass, removing the expression “fraction of” in reference to the waste,  and introducing a mandatory mixed waste sorting system. The two changes ensure that only non-recyclable biogenic waste will be used for renewable energy purposes. Moreover, waste incineration of biogenic waste (biowaste, paper, etc.)  can only be supported if separate collection, recycling,  and reuse obligations are fully met. 

For Janek Vähk, ZWE’s Climate, Energy and Air Pollution Programme Coordinator: “The change is very positive because, at incineration plants, the ‘biodegradable fraction of waste’  is always combusted with fossil-derived materials. This will put an end to generating renewable energy using a technology that is powered by a substance – mixed waste-  which is far from being renewable”. 

Recycled Carbon Fuel – RCF

The agreed text also improves the European Commission’s wording to limit the potential use of fossil waste-derived ‘recycled carbon fuels’ – such as plastic-to-fuels.  

In the proposed methodology to assess the greenhouse gas (GHG) emissions savings for recycled carbon fuel, the ENVI Committee has removed the reference to the concept of ‘avoided emissions’. The concept would have allowed plastic-to-fuels manufacturers to subtract emissions that are ‘avoided’ from alternative use, such as waste incineration, making it easier for those fuels to meet the 70% GHG savings threshold required, in the transport sector to contribute towards renewable energy targets. A recent study on plastic-to-fuels shows that plastic-derived fuels produce high exhaust emissions compared to diesel.  
 
Lauriane Veillard, ZWE Chemical Recycling and Plastic-to-Fuels Policy Officer said: “We welcome the committee decision to exclude ‘avoided emissions’ from the calculation rules for recycled carbon fuels.  From a ZWE perspective, supporting the development of RCF in the context of RED III would  have undermined the higher tiers of the waste hierarchy by discouraging ‘reduce and reuse’ behaviour”.  

ZWE calls on the European Parliament to improve the wording. in its upcoming vote in September. to fully exclude the use of fossil-based fuels in the Renewable Energy Directive.

ETS  (EU Emissions Trading System)

The ENVI committee has proposed the inclusion of municipal waste incineration under the EU ETS. This means that, from 2026,  these highly climate polluting facilities will have to pay an ETS carbon price (fee) per each tonne of fossil CO2 they emit. This additional cost of incineration will act as an incentive for waste prevention and recycling, which will then become more competitive (i.e. less costly) than incineration.  Moreover, additional jobs will be created since recycling and waste prevention activities are more labour-intensive than waste incineration. 

Janek Vähk, ZWE’s Climate, Energy and Air Pollution Programme Coordinator: “The proposed inclusion of incinerators is extremely positive as the doubling of fossil CO2 emissions from those facilities have gone unnoticed and unaddressed for decades”. 
 
A recent report shows that one-third of the CO2 emissions from the plastics system are caused by incineration of plastic waste. The inclusion of incinerators is needed to incentivise plastics circularity and waste prevention, and to reduce CO2 emissions (see  ZWE’s report on ETS). 
 
Nevertheless, the ENVI committee is only  proposing to include incinerators from 2026 after conducting a review in 2024 to consider potential measures to avoid ‘unintended consequences’ of the inclusion.

Janek Vähk added: “From ZWE’s perspective, the late inclusion and the review are not justified. Shipping and landfilling of waste are both well regulated and have specific targets such as landfill minimisation and pre-treatment obligations.  These rules will be further tightened with the current review of Waste Shipment regulation and the Waste Framework Directive“.

“The inclusion is of fundamental importance to allow the EU climate and circularity goals to be successfully met. We hope that the European Parliament will support the ENVI committee position in its upcoming vote in June  by supporting the inclusion of  municipal waste incinerators in the EU ETS”. 

Continue Reading

Energy News

Q&A: ‘People have to be at the centre of the energy transformation’

Published

on

Nebojsa Nakicenovic, Vice-Chair, GCSA

In June 2021, the EU’s Group of chief Scientific Advisors (GCSA) published the Scientific Opinion entitled “A systemic approach to the energy transition in Europe”, arguing that the clean energy transition in the European Green Deal must keep people at its centre. In light of tomorrow’s RePowerEU announcement that is critical to the future of energy supply in Europe, we invite GCSA Vice-Chair Nebojsa Nakicenovic to comment on the centrality of a just transition and the importance on staying focused on a clean energy future even at times of intensifying pressure. 

 Tell us why the European Commission even needs a scientific opinion at all. Does not the evidence speak for itself?

This publication (A Systemic Approach to energy Transition in Europe) is part of the Science Advice Mechanism (SAM) of the European Commission. From my perspective, this is a very unique way of providing scientific advice to the decision makers.  Many governments have chief scientific advisors with that function. What is unique about SAM in the European Commission is that it has three independent parts. 

First, there is the Group of Chief Scientific Advisors who provide the scientific opinion. There are very clear process rules about how that happens. The other independent part is the so-called SAPEA (Scientific Advice for Policy of the European Academies). This is a consortium of over 100 European academies. They provide a scientific evidence review, similar to the climate change assessment of the IPCC (Intergovernmental Panel on Climate Change).

The assessment is a scientific analysis of what we know about a particular topic. They (SAPEA) do not provide a scientific opinion or scientific advice, importantly they look into the possible options. We, the group of seven chief scientific advisors, based on this evidence review — evidence, so factual scientific knowledge — provide a scientific opinion to the European Commission. 

There is also a unit in the Commission that catalyses this process. The three groups work closely together but we are independent. That explains the context. Why would we provide a scientific opinion? It is because the topic is considered really crucial and central to multiple crisis facing Europe and the world.

Does a just transition require a transformation of the economic model of energy services? People own the problem, should they not own the solution too?  

That is precisely what we have tried to address in our scientific opinion – based on the scientific evidence. We didn’t go beyond the scientific evidence. 

Energy cannot be seen as a silo. We – people – have to be at the centre. That means it has to be an inclusive process involving everybody and, importantly, not leaving anyone behind. Because there is a great danger that any transformation, unfortunately, leads to winners and hopefully there will be many, many winners but also – I wouldn’t say “losers” – but there are people who fall through the cracks who might be left behind and do not have an escape hatch. This is what was a high priority – to identify how to do that.

In our scientific opinion – and in fact we say explicitly, it is essential that sustainable energy, lifestyles, and behaviours become the preferred choice for the people – become a natural choice. For that, we have to create an environment that allows that. This is clearly very, very complex, I don’t think anybody has a silver bullet on that question.  

The world has changed since the paper was published in June 2021. In particular war, inflation and recent dire warnings from the IPCC about rising temperatures. How does that affect your opinion on a just transition?

I have to be very careful to distinguish what is in our scientific opinion based on the evidence and what is my personal view. It’s important not to mix the two or I would not be reflecting the scientific advice mechanism which I think is very unique – I just want to make that clear. Here is my private opinion based on our scientific opinion but not in it.

Geo-politics are changing. There is no doubt that we are in a crucial moment in history. And this is why we argued before – again, my view – that we shouldn’t lose sight of the long term objectives .

We are likely to exceed 1.5 degrees – it is almost certain that by 2040 we will be above (the limit prescribed), perhaps even earlier. From the scientific point of view, this is not new.

From the policy point of view and behavioural point of view, this is something one needs to somehow internalise. We will exceed that goal and we will bear the dangerous consequences. But, we should not lose the perspective of doing our utmost to reach 1.5 degrees in the future – and for that we need to act now.

This is another dimension of justice – intergenerational justice. We have to make sure that we leave the planet to the future generations (hopefully) in better condition than what will occur over the next decade or two.

Is it even possible for the EGD to achieve ‘a clean, circular economy, a modern, resource-efficient and competitive economy’ by 2050?

Again, we are in the realm of opinion. Nobody can tell what the future will be like.

I was very enthusiastic when in 2015 all of the world adopted the UN’s Sustainable Development Goals (SDGs) and when there was the Paris Agreement on climate change. I think those were the two really important visionary steps towards this aspirational transformation that we were talking about.

I would also argue that the European Green DealFit for 55 and New European Bauhaus initiatives are even more actionable in some sense. They provide a clearer agenda for how the world and life might and should look in 2050.

I don’t want to sound too pessimistic and again let me add, this is my personal perspective – you know, 30 years is a long enough time to achieve this transformation. 

We have done that before. The most recent example is of mobile phones. It all started in 1990 and today, everybody in the world has a phone. Even the poorest people have a phone because it has enabled new economic activities, because it’s beneficial for many (despite the nuisance of always being reachable!)

Another example just to show in principle this is doable, is the replacement of horses by motor vehicles. That also took 30 years in most of the countries. We have 30 years to replace our vehicle fleet by hydrogen and electric. We have just enough time for the transformation if we act immediately.

The research in this article was funded by the EU. This article was originally published in Horizon, the EU Research and Innovation Magazine.  

Continue Reading

Publications

Latest

Trending