By Janet Ekstract
ISTANBUL- In wrapping up the World Economic Forum (WEF) in Davos, Switzerland this week, world leaders made pledges for new partnerships and collaborations while German Chancellor Olaf Sholz called for “a sustainable, resilient globalization which uses natural resources sparingly and, above all, takes the needs of future generations into account.” Sholz added that the new approach to globalization includes a series of steps “based on solidarity which benefits all citizens – in all parts of the world.”
The major focus was on Ukraine with global leaders further committing additional assistance to the war-torn nation after Russia’s invasion on February 24. Ukraine’s President Zelensky addressed the annual meeting via video urging leaders to remember that “values must matter.” The WEF proposed a “Marshall Plan” to reconstruct Ukraine as WEF founder and Executive Chairman Klaus Schwab commented: “In Davos, our solidarity is foremost with the people suffering from the atrocities of this war.” To that end, The Special Dialogue on Ukraine was convened that comprised 70 global CEOs as well as the Prime Minister of Ukraine via video with the President of the European Commission, the Foreign Minister of Ukraine and the First Deputy Prime Minister of Ukraine at Davos with a number of other dignitaries. The discussion centered on how CEOs and their companies can offer support to the Ukraine government and its private sector in the reconstruction of Ukraine immediately, not waiting for the war to end. The WEF also proposed support to advance discussions on new partnerships and market-driven solutions to enable a scaled-up response to the humanitarian situation in Ukraine and other global crises.
Meanwhile, climate was front and center with U.S. Climate Envoy John Kerry unveiling an $8.5 trillion market signal to commercialize zero-carbon technology while more than 50 companies joined the First Mover’s Coalition whose goal is to decarbonize heavy industry and transport. China’s Special Envoy for Climate Change Xie Zhenhua, announced its commitment to plant and conserve 70 billion trees by 2030. There were pledges for new partnerships and collaborations concerning global food security, energy and health systems which were particularly hard hit during the pandemic leaving a large part of the world in a worsening food crisis. Leaders agreed that the energy crisis that has deepened since the war on Ukraine, must not lead to more dependence on fossil fuels. The focus was on increasing the use of clean energy and climate solutions. In addition to the U.S., eight new countries joined the coalition as government partners that include Denmark, India, Italy, Japan, Norway, Singapore, Sweden and the UK. All of them committed to create early markets for clean technologies.
Massive new technology investments were announced with a new $15 million investment over five years to support entrepreneurs who can drive innovation in freshwater resource management with the initiative hosted by UpLink platform. In addition, CEOs met in dialogue with regional climate envoys, COP26, COP27, COP28 leadership to make progress on global climate policies that include the importance of settling a global price on carbon and other major policy measures to fast-track the transition. More than 70 CEOs participated in the Climate Leaders Alliance – the largest CEO-led climate action group and agreed on taking bold action to put pledges into working emission reductions in line with the planet temperature goal of 1.5C.
The overall focus of WEF 2022 centered on global cooperation and ways for countries and leaders to collaborate on the most pressing issues facing the world right now. The urgency of the need for global cooperation and massive action were ubiquitous as well as the need to renew commitments on a massive scale to ensure that goals are met on target and in the most efficient manner possible. WEF wrapped up with renewed motivation on the part of all nations to realize that the time to act is now and that without a global plan that includes sustainability and parameters that can be achieved in a timely manner, that the world would be on a collision course of no return.
