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

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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.

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Environment

Norwegian scientists finally find good news from Norilsk Nickel

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The state of the environment in the border areas is the main topic of the «Pasvikseminaret 2021», organized by the public administrator in Troms county and Finnmark in cooperation with the municipality of Sør-Varanger municipality.

The purpose of the annual Pasvik seminar is to provide the local population and local politicians all information about the environmental situation in the border area Norway – Russia. Program focused on pollution from the Nickel Plant and monitoring of the environment in the border area.

The activities of Norilsk Nickel have been the main focus of the workshop for many years.

For the first time in many years, Norwegian scientists have found only positive news from Russia.

Tore Flatlandsmo Berglen, a researcher at the Norwegian Institute for Atmospheric Research (NILU), noted a significant improvement in air quality in the border area. Berglen remembered the 70-80s of the last century, when one of the divisions of Norilsk Nickel “Pechenganikel” annually emitted 400 thousand tons of sulfur dioxide into the atmosphere, in the 90s this figure dropped to 100 thousand tons. After the closure plant in Nikel in December 2020, the content of sulfur dioxide and heavy metals in the atmosphere at the border between Norway and the Murmansk region meets all international requirements.

“And I know that these emissions from the Kola MMC will continue to decline. Compared to 2015, this figure will be 85 percent. This is very positive news. Air quality issues are being addressed in the right direction. We have been talking about this for many years and finally the problem has been resolved, emissions significantly reduced. This is the most excellent presentation I have ever make! ” – said Tore Berglen.

Earlier it was reported that Russia’s Norilsk Nickel, the world’s largest producer of nickel and palladium, closed its smelter in the city of Nickel in northern Russia at the end of 2020. Kola is a subsidiary of Norilsk Nickel on the Kola Peninsula with mines, processing plants and pellets in Zapolyarny, as well as metallurgical plants in Monchegorsk and a plant in Nikel, which closed at the end of December 2020.

The Norwegian environmentalists who participated in the workshop also noticed positive changes.

“The smelter is closed and Norilsk Nickel is working hard to become a ‘green’ metallurgical company – it reduces emissions, uses advanced technology and cooperates with Pasvik nature reserve which is our good partner in Russia. Today, a lot of interesting things are happening in the border areas. We have many common interests and there is a certain key to ensuring that everything works out for us – this is good coordination, cooperation, a large knowledge base,” said the representative of the environmental center NIBIO Svanhovd.

Other studies examining water resources, fish, berries, also prove that nature in the border area is recovering. All this testifies to the work of ecologists who care about the environment.

“We see examples of what has already been done. And this allows us to plan with confidence our future joint work, projects,” says senior adviser representative Anne Fløgstad Smeland at the county governor in Finnmark.

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Energy News

World Adds Record New Renewable Energy Capacity in 2020

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Global renewable energy capacity additions in 2020 beat earlier estimates and all previous records despite the economic slowdown that resulted from the COVID-19 pandemic. According to data released today by the International Renewable Energy Agency (IRENA) the world added more than 260 gigawatts (GW) of renewable energy capacity last year, exceeding expansion in 2019 by close to 50 per cent.

IRENA’s annual Renewable Capacity Statistics 2021 shows that renewable energy’s share of all new generating capacity rose considerably for the second year in a row. More than 80 per cent of all new electricity capacity added last year was renewable, with solar and wind accounting for 91 per cent of new renewables.

Renewables’ rising share of the total is partly attributable to net decommissioning of fossil fuel power generation in Europe, North America and for the first time across Eurasia (Armenia, Azerbaijan, Georgia, Russian Federation and Turkey). Total fossil fuel additions fell to 60 GW in 2020 from 64 GW the previous year highlighting a continued downward trend of fossil fuel expansion.

“These numbers tell a remarkable story of resilience and hope. Despite the challenges and the uncertainty of 2020, renewable energy emerged as a source of undeniable optimism for a better, more equitable, resilient, clean and just future,” said IRENA Director-General Francesco La Camera. “The great reset offered a moment of reflection and chance to align our trajectory with the path to inclusive prosperity, and there are signs we are grasping it.

“Despite the difficult period, as we predicted, 2020 marks the start of the decade of renewables,” continued Mr. La Camera. “Costs are falling, clean tech markets are growing and never before have the benefits of the energy transition been so clear. This trend is unstoppable, but as the review of our World Energy Transitions Outlook highlights, there is a huge amount to be done. Our 1.5 degree outlook shows significant planned energy investments must be redirected to support the transition if we are to achieve 2050 goals. In this critical decade of action, the international community must look to this trend as a source of inspiration to go further,” he concluded.

The 10.3 per cent rise in installed capacity represents expansion that beats long-term trends of more modest growth year on year. At the end of 2020, global renewable generation capacity amounted to 2 799 GW with hydropower still accounting for the largest share (1 211 GW) although solar and wind are catching up fast. The two variable sources of renewables dominated capacity expansion in 2020 with 127 GW and 111 GW of new installations for solar and wind respectively.

China and the United States of America were the two outstanding growth markets from 2020. China, already the world’s largest market for renewables added 136 GW last year with the bulk coming from 72 GW of wind and 49 GW of solar.  The United States of America installed 29 GW of renewables last year, nearly 80 per cent more than in 2019, including 15 GW of solar and around 14 GW of wind. Africa continued to expand steadily with an increase of 2.6 GW, slightly more than in 2019, while Oceania remained the fastest growing region (+18.4%), although its share of global capacity is small and almost all expansion occurred in Australia.

Highlights by technology:

Hydropower: Growth in hydro recovered in 2020, with the commissioning of several large projects delayed in 2019. China added 12 GW of capacity, followed by Turkey with 2.5 GW.

Wind energy: Wind expansion almost doubled in 2020 compared to 2019 (111 GW compared to 58 GW last year). China added 72 GW of new capacity, followed by the United States of America (14 GW). Ten other countries increased wind capacity by more than 1 GW in 2020. Offshore wind increased to reach around 5% of total wind capacity in 2020.

Solar energy: Total solar capacity has now reached about the same level as wind capacity thanks largely to expansion in Asia (78 GW) in 2020. Major capacity increases in China (49 GW) and Viet Nam (11 GW). Japan also added over 5 GW and India and Republic of Korea both expanded solar capacity by more than 4 GW. The United States of America added 15 GW.

Bioenergy: Net capacity expansion fell by half in 2020 (2.5 GW compared to 6.4 GW in 2019). Bioenergy capacity in China expanded by over 2 GW. Europe the only other region with significant expansion in 2020, adding 1.2 GW of bioenergy capacity, a similar to 2019.

Geothermal energy: Very little capacity added in 2020. Turkey increased capacity by 99 MW and small expansions occurred in New Zealand, the United States of America and Italy.

Off-grid electricity: Off-grid capacity grew by 365 MW in 2020 (2%) to reach 10.6 GW. Solar expanded by 250 MW to reach 4.3 GW and hydro remained almost unchanged at about 1.8 GW.

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Environment

New project to help 30 developing countries tackle marine litter scourge

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Litter is removed from a beach in Watamu in Kenya. UNEP/Duncan Moore

A UN-backed initiative aims to turn the tide on marine litter, in line with the global development goal on conserving and sustainably using the oceans, seas and marine resources. 

The GloLitter Partnerships Project will support  30 developing countries in preventing and reducing marine litter from the maritime transport and fisheries sectors, which includes plastic litter such as lost or discarded fishing gear. 

The project was launched on Thursday by the Food and Agriculture Organization (FAO) and the International Maritime Organization (IMO), with initial funding from Norway. 

Protecting oceans and livelihoods 

“Plastic litter has a devastating impact on marine life and human health”, said Manuel Barange, FAO’s Director of Fisheries and Aquaculture.  “This initiative is an important step in tackling the issue and will help protect the ocean ecosystem as well as the livelihoods of those who depend on it.” 

Protecting the marine environment is the objective of Sustainable Development Goal 14, part of the 2030 Agenda to create a more just and equitable future for all people and the planet. 

The GloLitter project will help countries apply best practices for the prevention and reduction of marine plastic litter, in an effort to safeguard the world’s coastal and marine resources. 

Actions will include encouraging fishing gear to be marked so that it can be traced if lost or discarded at sea. Another focus will be on the availability and adequacy of port reception facilities and their connection to national waste management systems.  

“Marine litter is a scourge on the oceans and on the planet”, said Jose Matheickal, Head of the IMO’s Department for Partnerships and Projects. “I am delighted that we have more than 30 countries committed to this initiative and working with IMO and FAO to address this issue.” 

Five regions represented 

The nations taking part in the GloLitter project are in Asia, Africa, the Caribbean, Latin America and the Pacific. 

They will also receive technical assistance and training, as well as guidance documents and other tools to help enforce existing regulations. 

The project will promote compliance with relevant international instruments, including the Voluntary Guidelines for the Marking of Fishing Gear, and the International Convention for the Prevention of Pollution from Ships (MARPOL), which contains regulations against discharging plastics into the sea.

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