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Urgent Action Needed to Ensure a Resilient Energy Transition

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Urgent Action Needed to Ensure a Resilient Energy Transition - TRAVELINDEX - ACCENTUREGeneva, Switzerland, May 18, 2022 / TRAVELINDEX / A special report on the state of the global energy transition, released today by the World Economic Forum indicates that urgent action is required by both private and public sectors to ensure a resilient transition as the world faces the most severe energy crisis since the 1970s. According to the report, Fostering Effective Energy Transition 2022, the urgency for countries to accelerate a holistic energy transition is reinforced by high fuel prices, commodities’ shortages, insufficient headway on achieving the climate goals and slow progress on energy justice and access.

Building on 10 years of the Energy Transition Index, an annual country benchmarking report, this special edition report, launched in collaboration with Accenture, details key recommendations for governments, companies, consumers and other stakeholders on how to progress the energy transition.

Prioritizing a resilient energy transition and diversification of the energy mix is crucial in responding to energy market volatility. To accelerate the transition to cleaner energy supply and demand, the report notes that more countries need to make binding climate commitments, create long-term visions for domestic and regional energy systems, attract private sector investors for decarbonization projects and help consumers and the workforce adjust.

“Countries are at risk of future events compounding the disruption of their energy supply chain at a time when the window to prevent the worst consequences of climate change is closing fast,” said Roberto Bocca, Head of Energy, Materials and Infrastructure, World Economic Forum. “While there are difficult decisions to be taken to align the imperatives of energy security, sustainability and affordability in the short term, now is the time to double down on action.”

The report also reveals the structural barriers to balancing energy affordability, security and availability with sustainability. This is due to compounded shocks to the energy system from a post-pandemic surge in energy demand, fuel supply bottlenecks, inflationary pressures and reconfigured energy supply chains as a result of the war in Ukraine.

To navigate this challenging situation, countries must pursue diversification on two fronts – not only in the domestic energy mix in the long term but also in considering their fuels and energy suppliers in the shorter term. Most countries rely on just a handful of trade partners to meet their energy requirements and have a deficient diversification of energy sources, providing limited flexibility to deal with disruptions. The report notes that of 34 countries with advanced economies, 11 rely on only three trade partners for over 70% of their fuel imports.

“The current energy crisis reveals just how important energy is to people and the economy,” said Espen Mehlum, Head of Energy, Materials and Infrastructure Programme for Benchmarking, World Economic Forum. “It is now critical to tackle the structural risks that have become evident while also increasing momentum on climate action. Success will largely hinge on policy and investments. Prioritizing energy efficiency and ramping up investment in clean energy infrastructure, renewables, clean hydrogen and new nuclear capacity can strengthen energy system resilience and will be a win-win for reducing emissions.”

Muqsit Ashraf, a Senior Managing Director and Global Energy Business Lead, Accenture, said: “Governments need to invest in decarbonizing their energy systems while securing affordable energy supply and companies should look to adopt low-carbon technologies and energy-efficient processes. A key area of focus should be value chain and industrial decarbonization initiatives, which hold great promise for emissions reductions, particularly when they involve collaboration across multiple stakeholders, including customers, suppliers and regulators, on initiatives like circular supply networks and CO2 handling infrastructure.”

There’s also a need to protect consumers and ensure affordable access to energy.

“While navigating this challenging energy and materials landscape, companies have to help protect against rising costs of living for consumers, including in transportation, utilities and electricity,” said Kathleen O’Reilly, Global Lead, Accenture Strategy. “Vulnerable populations in particular, who most feel the impact of volatile energy prices and their impact on other basic goods and services, must be a strategic focus in a transition to sustainability that is equitable in value and scalable in impact. A key facet of this involves defining financial mechanisms to help vulnerable consumers cope with economic shocks, while not reducing incentives for companies to focus on energy efficiency and adoption of sustainability services”.

First published at TravelNewsHub.com – Global Travel News

Serbia Joins Centre for Fourth Industrial Revolution Network

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Serbia Joins Centre for Fourth Industrial Revolution Network - TRAVELINDEX

Belgrade, Serbia, February 11, 2022 / TRAVELINDEX / The Republic of Serbia and the World Economic Forum have established a Center for the Fourth Industrial Revolution Network in Serbia (C4IR Serbia). The Centre will be an autonomous non-for-profit organisation, leading on policy and governance for emerging technologies.

The document was signed by Jeremy Jurgens, Managing Director, World Economic Forum, and Mihailo Jovanović, Director, Office for Information Technologies and eGovernment, Government of the Republic of Serbia.

“The strong partnership between the Republic of Serbia and the World Economic Forum has reached a new level and I am very proud that today we are launching a Centre for the Fourth Industrial Revolution in Serbia (C4IR Serbia). This Centre is another step towards digitalization as Serbia’s top priority. It will help us adopt the most cutting edge policies and solutions developed with partners from all over the world. Key areas of Serbia’s C4IR will be AI and Bioengineering – two areas already recognized in Serbia as critical for future economic growth. Our close cooperation with the World Economic Forum also contributes to Serbia’s international recognition as a global hub for research and development in new technologies,” said Ana Brnabić, Prime Minister of Serbia.

“I am delighted to see that Serbia has joined the Forum’s Centre for the Fourth Industrial Revolution Network,” said Børge Brende, President of the World Economic Forum. “Innovation is the key to fulfilling our shared priorities of sustainability, equity, and resilience. The new Centre in Serbia will join a growing platform as a focal point for advancing innovation and industrial transformation. ”

C4IR Serbia will be formed inside the Government Office for IT and eGovernment, a top-level Government institution directly reporting to the Prime Minister.

The ecosystem developed around the Center will leverage existing infrastructure such as the national platforms for AI development, the Center for Genome Sequencing, and a planned bioeconomy hub – BIO4 Campus – to create solutions that benefit Serbian citizens.

The Center will also engage with critical national stakeholders, like the National AI Institute and Institute for Molecular Genetics and Genetic Engineering, other Government institutions, and the private sector.

An arena for public-private cooperation on Fourth Industrial Revolution

The Fourth Industrial Revolution has led to technological breakthroughs in many fields, including artificial intelligence and machine learning, IoT and robotics, 3D printing, nanotechnology, and biotechnology, among others.

The Forum’s global network is a platform for multi-stakeholder collaboration bringing together public and private sectors to maximize technological benefits to society while minimizing the risks associated with 4IR technologies.

C4IR Serbia is the 16th centre to join a network that spans 4 continents.

First Fourth Industrial Revolution Centre in the region

C4IR Serbia will be a platform through which the country will shape the development of local and national 4IR strategies and contributes to the global trajectory of these technologies. It is the first 4IR Centre in the Balkan region. It will become a hub of expertise to co-design and pilot future-focused policy frameworks that enable the development and deployment of ethical technology in the region and the world.

First published at TravelCommunication.net – Global Travel News

First published at TravelNewsHub.com – Global Travel News

Davos Agenda Closes with Calls for New Models of Public-Private Cooperation

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Davos Agenda Closes with Calls for New Models of Public-Private Cooperation - TRAVELINDEXGeneva, Switzerland, January 25, 2022 / TRAVELINDEX / The Davos Agenda closed today following headline-making dialogues with heads of state and government, international organizations, business and civil society.

The week-long meeting convened leaders on “The State of the World”. It was the first global platform of the year and focused on driving concerted action among key global stakeholders.

“We are seeing challenges mounting from supply chain disruptions to tectonic shifts in labour markets, to inflation figures which are of concern to policy-makers and individuals alike. The year ahead is a crucial one to work together, rebuild trust and shape a better and more inclusive future for all,” said Klaus Schwab, Founder and Executive Chairman of the World Economic Forum.

World leaders spoke on the global economic outlook, energy transition, social justice, healthy futures and resiliency in special address. In order of appearance this week:

“We need to embrace cooperation and jointly defeat the pandemic. Confronted by the once-in-a-century pandemic, which will affect the future of humanity, the international community has fought a tenacious battle,” said Xi Jinping, President of the People’s Republic of China. “Facts have shown once again that amidst the raging torrents of a global crisis, countries are not riding separately in some 190 small boats but are rather all in a giant ship on which our shared destiny hinges. Small boats may not survive a storm, but a giant ship is strong enough to brave a storm.”

“In the midst of new challenges, the world today needs new avenues, new resolutions. Today, every country in the world needs cooperation with each other more than ever before,” said Narendra Modi, Prime Minister of India. “Our multilingual, multicultural environment is a great strength that teaches us not just to think of ourselves in times of crisis but to work in the best interests of the world.”

“Turning this ship around will take immense willpower and ingenuity from governments and businesses alike, in every major-emitting nation,” António Guterres, Secretary-General, United Nations said. “We see a clear role for businesses and investors in supporting our net-zero goal.”

“In order for the world to meet the 2050 net-zero emission goal, we need technologies that do not yet exist, we need inventions that do not exist yet,” said Naftali Bennett, Prime Minister of Israel.

“A key focus of my administration will be the revitalization of Japan through a new form a capitalism,” said Kishida Fumio, Prime Minister of Japan. He emphasized that the time has come for “historic economic and social transformations” and that Japan will pioneer a new form of public-private partnership, with leaders of government, industry and labour all working together to develop paradigm-shifting policies.

“Some will try to tell us dialogue and compromise are forms of weakness, said Olaf Scholz, Federal Chancellor of Germany. “Some will try and pitch climate action against prosperity. Some will argue that social progress hampers economic growth. Some will try to divide us. The truth is the progress we want will only occur if we overcome these divisions. Working together is the only way and restoring trust is our goal.”

Joko Widodo, President of Indonesia, spoke on the strengthening of global health resilience and the need for advanced economies and the G20 to support a renewed global architecture, “The costs will be much lower than the losses we sustained due to the vulnerability of the system during the pandemic,” he said.

“Europe’s global semiconductor market share is only 10%. And today, most of our supply comes from a handful of producers outside Europe. This is a dependency and uncertainty we simply cannot afford,” said Ursula von der Leyen, President of the European Commission. “We have no time to lose. And this is why I announce here today that we will propose our European Chips Act in early February.”

“The lesson of these times is that supply chain resilience requires a new partnership between countries, governments and businesses,” said Scott Morrison, Prime Minister of Australia.

Access to COVID-19 vaccines continues to pose a serious problem for Africa, with fewer than 10% of populations fully vaccinated in most countries, said Yemi Osinbajo, Vice-President of Nigeria. He called for patent waivers to permit African countries to manufacture vaccines locally. “Now is a good time to test global will,” he said, in building international cooperation to prepare for new, possibly worse pandemics to come.

“We aren’t just focused on achieving a high top line growth number that is unsustainable,” said Janet L. Yellen, Secretary of the Treasury of the United States of America. “We’re instead aiming for growth that is inclusive and green. The economic moment is well suited to accommodate such a modern, supply side expansion.”

During the Davos Agenda, pioneering new research and project milestones were released to support stakeholders:

– Sustainable finance is increasing but the funds are not always reaching those most in need – see how public-private collaboration can facilitate sustainable investment for development.
– More than 100 million have been impacted by the work of the Schwab Foundation for Social Entrepreneurship. The foundation includes over 400 of the world’s leading social innovators operating in over 190 countries.
– Davos Alzheimer’s Collaborative is a leading global initiative to accelerate progress on the discovery, testing and delivery of precision interventions – it has created a new global system to reduce the time and cost of clinical trials.
– A new set of policy enablers to boost investment and innovation in digital economies was released to ensure digital transformation is inclusive and sustainable.
– Quantum science promises to disrupt the future of business, science and government – the first quantum computing guidelines launched to help leaders build an equitable framework.
– The global digital economy has surged off the back of the COVID-19 pandemic, but so has cybercrime – ransomware attacks rose 151% in 2021 – the new annual The Global Cybersecurity Outlook 2022 examined how leaders can close the cyber gap and build resilience.
– The Forum worked closely with the International Financial Reporting Standards Foundation as a member of the Technical Readiness Working Group. In so doing, the Forum contributed to the running start of the International Sustainability Standards Board supporting the creation of the standards prototypes that will now go through a standard-setting process.
– Plastic waste was in the spotlight as world leaders this week highlighted how they are moving fast to fight the climate crisis. Forum-supported companies are rolling out innovative reuse models to protect the planet.
– Nature-positive practices, those that add value to nature, could contribute $1.9 trillion to the economy a year and 88 million jobs by 2030.
– Cities can create 60 million jobs and save 50% on new infrastructure projects by adopting nature-based solutions. Nearly half of city GDP, $31 trillion, is at risk of disruption from nature loss.
– More partners announced plans to adopt nature-based solutions as part of the Forum’s 1t.org platform bringing total global pledges to over 30 companies committing to conserve, restore and grow more than 3.6 billion trees in over 60 countries.
– Only 20% of companies both disclose their full value chain emissions and have emissions reduction targets in place. Winning the Race to Net-Zero outlines how businesses can close the emissions gap and stay competitive.
– A new accelerator dedicated to shaping the future of crypto-enabled environmental, social and governance (ESG) efforts aims to bring key players and industry leaders together to shape a more inclusive future.
– The Belt and Road Initiative offers a new development paradigm through investment in green infrastructure – a new insight report highlights the role of the financial sector and how to capitalize on the growing global appetite for green investment

Featured quotes from Davos Agenda 2022 panels

Ivan Duque, President of Colombia, said: “Colombia closed 2021 with positive results”, noting his country’s positive economic growth and high percentage of vaccination rates. He said the goal for 2022 is to maintain growth while, at the same time, closing the social inequality gap.

Carlos Alvarado Quesada, President of Costa Rica, said 85% of his country’s population had received a second COVID shot and that the process of vaccinating children was under way. “The main thing for Costa Rica is our vaccination drive. This is the only way to exit the health crisis.”

Alejandro Giammattei, President of Guatemala, said: “The challenge we have now is not only to promote growth but to turn growth into something sustainable. We need to improve the labour market and create more jobs. This will lead to better prosperity, health and education.” Generating new opportunities and ensuring economic benefits would reach all parts of society which, he pointed out, would also curb migration. “The only thing that stops a person is a wall of prosperity.”

Guillermo Lasso, President of Ecuador, highlighted the need for governments to commit to ethics and principles. “We need economic and inclusive growth within the rule of law and programmes that promote new opportunities. It is not just about economic growth but about quality of life and social cohesion.”

José Pedro Castillo Terrones, President of Peru, said his priority was economic reforms, noting that his government has invested $10 billion in strategic areas such as education, health and transport, and recently signed an infrastructure bill that will lead to more jobs. “We also want to invest in energy and natural gas, especially in transportation, so the entire country is connected.”

Christine Lagarde, President, European Central Bank, said: “In Europe, we are not seeing inflation spiral out of control. We assume energy prices will stabilize from the middle of 2022, bottlenecks will also stabilize in 2022 and, gradually, inflation numbers will decline.”

Kristalina Georgieva, Managing Director, International Monetary Fund, said, “The response to the pandemic crisis has been anything but orthodox. In a highly coordinated manner both central banks and finance authorities have prevented the world falling into yet another great depression.”

“We should have had a much more coordinated global response, as I’ve said so many times,” said Anthony S. Fauci, Director, National Institute of Allergy and Infectious Diseases (NIAID). “A global pandemic requires a global response, and we have to keep in mind the issue of equity all the time because you can’t have a situation where you have virus circulating freely in one part of the world.”

“The private sector has to be engaged,” said John Kerry, Special Presidential Envoy for Climate. “It will be private sector investment and private sector discovery more than anything else, together with governments…that will get us out of this hole.”

About The Davos Agenda 2022
For over 50 years, the World Economic Forum has been the international organization for public-private cooperation. The Davos Agenda 2022 is the focal point at the start of the year for leaders to share their outlook, insights and plans relating to the most urgent global issues. The meeting will provide a platform to accelerate the partnerships needed to tackle shared challenges and shape a more sustainable and inclusive future.

First published at TravelCommunication.net

First published at TravelNewsHub.com – Global Travel News

Nigeria Vice-President Osinbajo Demands Right for Africa to Manufacture its Own Vaccines

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Nigeria Vice-President Osinbajo Demands Right for Africa to Manufacture its Own Vaccines - TRAVELINDEXAbuja, Nigeria, January 24, 2022 / TRAVELINDEX / Access to COVID-19 vaccines continues to pose a serious problem for Africa, with fewer than 10% of populations fully vaccinated in most countries, said Yemi Osinbajo, Vice-President of Nigeria, in his address to the Davos Agenda 2022. He called for patent waivers to permit African countries to manufacture vaccines locally.

Osinbajo complimented COVAX and other global vaccine alliances for their contribution but noted that the price tag for vaccinating the entire world is just $50 billion, according to the Organisation for Economic Co-operation and Development. “This is affordable, he said, but we should not allow this opportunity “to slip through the cracks”.

“Now is a good time to test global will,” he said, in building international cooperation to prepare for new, possibly worse pandemics to come.

He called for natural gas – which Africa has in abundance – to be accepted as a transitional fuel. Africa is the continent that contributes least to climate change yet has been most negatively affected by it, he said. This situation cannot be compounded by rules that hamper Africa from adapting.

“For many gas-rich African countries, one of the biggest shocks is the notion that fossil fuels including gas should be defunded, especially by international financial institutions.” He added: “We think that gas as a transition fuel is absolutely crucial, not just for an effective transition but also for our economies.” He made it clear that gas is “without doubt the only pathway” for Africa to transition out of more hazardous fuels such as coal and heavy oil.

Osinbajo claimed that Nigeria is “probably the first country in Africa to develop an energy transition plan and to cost it out”. The plan, which he said will be launched in the next couple of weeks, includes connecting 5 million homes to solar power, requiring more foreign investment in manufacturing panels and components.

He said there is a “unique opportunity” for companies to invest in Nigerian renewable energy and that the government is providing debt for those who wish to do business in the sector. He also called on developed economies to honour their long-standing pledge to provide $100 billion annually in climate finance to developing countries.

Peace and security on the continent are seriously threatened by global terrorist franchises from the Sahel to the Horn to Southern Africa, Osinbajo said. As with coronavirus, “terrorism anywhere is a threat to peace everywhere” and he warned global partners not to sit by and allow Africa to be overrun by such extremists. “It is imperative for the international community to make more robust interventions to clear terrorists from Africa just as it did in the Middle East.”

Despite the enormous challenges of tackling COVID-19, climate change and terrorism, Osinbajo remained upbeat about economic prospects for Africa and Nigeria. The sub-Saharan economy grew by 3.7% in 2021 and is projected to continue this trajectory into 2022. Nigeria’s National Development Plan 2021-2025 envisages investments totalling $840 billion, of which 86% is expected to come from the private sector.

In the next three decades, the global population will swell by 2 billion people; 1 billion of those will come from Africa, which now has the world’s fastest growing working-age population. “Africa has the potential to become the factory of the world,” he said.

About the Davos Agenda 2022
For over 50 years, the World Economic Forum has been the international organization for public-private cooperation. The Davos Agenda 2022 is the focal point at the start of the year for leaders to share their outlook, insights and plans relating to the most urgent global issues. The meeting will provide a platform to accelerate the partnerships needed to tackle shared challenges and shape a more sustainable and inclusive future.

First published at TravelCommunication.net

First published at TravelNewsHub.com – Global Travel News

Davos Agenda Session on Space Opens Up New Frontiers

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Davos Agenda Session on Space Opens Up New Frontiers - MADEINSPACE.com - TRAVELINDEXIntrnational Space Station, Space, January 24, 2022 / TRAVELINDEX / European Space Agency astronaut Matthias Maurer connected live to a session on Thursday at the Davos Agenda 2022 from the International Space Station, somewhere high above the Pacific, to discuss how space research can improve life on Earth.

For a better understanding of Space and to join the economic and industrial development of space follow MadeInSpace.com. Contributors welcome.

While in orbit on a six-month mission with the European Space Agency (ESA), Maurer will support a wide range of science experiments and technological research, including those that address transmissions of disease, the reduction of carbon emissions and human health-related activities. Knowledge gained through his mission will contribute to development that benefits life on Earth.

“We have worked hard in the past few weeks and months to send back cargo that we harvested for scientists to analyse all these samples that we produced in space, and to produce science and knowledge for humanity out of it,” he said.

He added that the cross-country and international collaboration aboard the space station should also be a model for how the world tackles major challenges, such as climate change. From his view, Maurer described the beauty of the planet, but also pointed out that he could see the impact of climate change from space.

“When we fly around the Earth (16 times a day), we cross over areas that are very arid and dry and I can see scars on the planet where people are digging deep to extract resources. So we are actively reshaping the planet. We are cutting down trees and burning down rainforests. I see the flames. I also see the flooding.”

Back on Earth, Al Gore, Vice-President of the United States (1993-2001); Chairman and Co-Founder, Generation Investment Management, explained how space technology and artificial intelligence can help address climate action. He highlighted the work of Climate TRACE, a global coalition created to make meaningful climate action faster and easier by independently tracking greenhouse gas emissions with unprecedented detail and speed.

“Some things you can see directly from space, like methane, but the difficulty of measuring CO2 emissions against a highly varied CO2 background on the Earth make it necessary to use AI to get precision we need,” he said. He added that if you consider something like GPS, it is clear how quickly the opportunities offered by space tech and space exploration can become integrated into our lives.

But the data and knowledge that is gained from space should not be limited to those who own satellites, said Sarah Al Amiri, Minister of State for Advanced Technology, Ministry of Industry and Advanced Technology of the United Arab Emirates. “If only countries with access to satellites get access to the data, we deny other countries the opportunity to benefit from that knowledge,” she said.

According to the World Economic Forum’s Global Risks Report 2022, space is increasingly crowded and commercialized. While the diversification of actors is for many an exciting development, dated space governance frameworks are coming under considerable pressure, exposing fault lines between the ambitions of different players and the acceptability of their actions.

Echoing this message, Josef Aschbacher, Director-General of the ESA, noted that the volume of satellites indicates that regulation is important.

For a better understanding of Space and to join the economic and industrial development of space follow MadeInSpace.com. Contributors welcome.

However, it will have to keep up with a fast-changing industry, which, according to Chris Kemp, the Founder, Chairman and Chief Executive Officer of Astra, is currently seeing a revolution of sorts. “Access is increasing all the time thanks to significant falls in the cost of putting satellites into space and this has enabled a new generation of entrepreneurs to build companies, to take these companies public and provide new capabilities.”

About the Davos Agenda 2022
For over 50 years, the World Economic Forum has been the international organization for public-private cooperation. The Davos Agenda 2022 is the focal point at the start of the year for leaders to share their outlook, insights and plans relating to the most urgent global issues. The meeting will provide a platform to accelerate the partnerships needed to tackle shared challenges and shape a more sustainable and inclusive future.

First published at TravelCommunication.net – Global Travel News

First published at TravelNewsHub.com – Global Travel News

China President Xi Opens Davos Agenda with Call for Greater Global Cooperation

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China President Xi Opens Davos Agenda with Call for Greater Global Cooperation - TRAVELINDEXGeneva, Switzerland, January 20, 2021 / TRAVELINDEX / President Xi Jinping of China called for stronger international cooperation in overcoming shared global challenges including defeating COVID-19, revitalizing the economy and addressing climate change, in the opening session of the World Economic Forum’s virtual event, the Davos Agenda 2022.

Xi outlined that the international community is still locked in a tenacious battle against what he called “a once-in-a-century pandemic”. Calling for greater global cooperation, he said: “The fight against the pandemic is proving to be a protracted one. COVID-19 is resurging with different variants and spreading faster than before. He added that shifting blame will only cause delays in response.”

Speaking in a special address to business, government and civil society leaders taking part in the week-long virtual event, he laid out a three-pronged approach to safeguard people’s health. First, countries need to strengthen active cooperation on research and development of medicines. Second, leaders need to build multiple lines of defence against the coronavirus. Third, countries need to fully leverage vaccines by ensuring equitable distribution, boosting vaccination rates and closing the global immunization gap.

Xi said that China is doing its part, having already sent more than 2 billion doses of vaccines to more than 120 countries and international organizations, to be closely followed by at least another 1 billion doses.

As the world emerges from the depths of pandemic gloom, Xi cautioned that several risks threaten to derail economic recovery, including disruptions in global supply chains, tight energy supply and rising commodity prices. He said: “If major economies take a U-turn in their monetary policies, there would be serious negative spillovers which will challenge global economic and financial stability.”

To fully unleash the vitality of the world economy, he also called for less protectionism, especially on trade. Economic globalization is an unstoppable trend which will not veer off course, he said, despite counter-currents along the way: “We should remove barriers, not erect walls. We should open up, not close off. We should seek integration, not de-couple.”

Xi highlighted China’s reform path. He pointed out that China’s domestic growth in 2021 hovered around a healthy 8% annually, with the country achieving its dual target of high growth with low inflation. Nevertheless, he also said Chinese leaders are aware of the further work necessary to achieve prosperity that benefits all people. “We remain committed to reform and opening up,” he said. “A rising tide indeed lifts all boats.”

On climate change, the Chinese president said that China stands ready to help the international community realize the UN 2030 agenda for sustainable development and to achieve carbon neutrality in the long term. He outlined that China would honour its word to achieve carbon peaking by 2030 followed by specific industry plans towards carbon neutrality. Xi pointed out that China has the world’s biggest carbon market and clean energy capability.

Xi also cautioned that “weaponizing economic, scientific and technological issues will gravely undercut international efforts to tackle common challenges”. He said: “Developed countries should take the lead in honouring their emission reductions, deliver on their commitment to financial and technological support and create conditions for developing countries to address climate change,” he added.

Klaus Schwab, the World Economic Forum’s Founder and Executive Chairman, thanked China for taking an active part in collaborative global efforts to combat shared challenges. “The year 2022 will provide a unique opportunity for global leaders to work jointly towards a more inclusive, more sustainable and more prosperous world,” Schwab said. “We must unite despite the different views we hold; ultimately we belong to a single global humanity whose fate is increasingly interconnected.”

About The Davos Agenda 2022
For over 50 years, the World Economic Forum has been the international organization for public-private cooperation. The Davos Agenda 2022 is the focal point at the start of the year for leaders to share their outlook, insights and plans relating to the most urgent global issues. The meeting will provide a platform to accelerate the partnerships needed to tackle shared challenges and shape a more sustainable and inclusive future.

First published at TravelCommunication.net

First published at TravelNewsHub.com – Global Travel News

UN Secretary-General Calls Private Sector to Help with Post-Pandemic Recovery

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UN Secretary-General Calls Private Sector to Help with Post-Pandemic Recovery - TRAVELINDEXGeneva, Switzerland, January 19, 2021 / TRAVELINDEX / In a special address at the virtual World Economic Forum Davos Agenda 2022 on Monday, United Nations Secretary-General António Guterres outlined three urgent areas that need to be addressed for the world to emerge from the ongoing global economic and health crisis and to ensure the UN Sustainable Development Goals are achieved.

“Recovery remains fragile and uneven amid the lingering pandemic, persistent labour market challenges, ongoing supply chain disruptions, rising inflation and looming debt traps,” he said. “To chart a new course, we need all hands on deck, especially the global business community.”

The first area that needs immediate attention is confronting the COVID-19 pandemic with equity and fairness. Citing the World Health Organization’s global target to vaccinate 40% of people in all countries by the end of 2021 and 70% by the middle of 2022, Guterres said the world is nowhere near these targets. “If we fail to vaccinate every person, we give rise to new variants that spread across borders and bring daily life and economies to a grinding halt,” he said.

To ensure vaccine equity, he called on countries and manufacturers to prioritize vaccine supply to the global programme COVAX and to support the local production of tests, vaccines and treatments around the world. He also asked pharmaceutical companies to stand in solidarity with developing countries by sharing licences, know-how and technology to find a way out of the pandemic.

The second challenge is the need to reform the global financial system, especially as low-income countries are at a huge disadvantage and are experiencing their slowest growth in a generation. “The burdens of record inflation, shrinking fiscal space, high interest rates and soaring energy and food prices are hitting every corner of the world and blocking recovery, especially in these low- and middle-income countries,” Guterres said. This is stifling any hope of growth by making it even more difficult for governments to invest in the sustainable and resilient systems.

He urged business leaders to help shape a global financial system that works for all countries. This includes working to restructure the long-term debt architecture, addressing corruption and illicit financial flows, ensuring that tax systems are fair and designed in a way that reduce inequalities, and bringing together governments, businesses, the financial sector and international financial institutions to build up private investment in developing countries.

Supporting climate action in developing countries is the third area that needs immediate attention, especially as global emissions are set to increase by 14% by 2030.

“Even if all developed countries kept their promises to drastically reduce emissions by 2030, global emissions would still be too high to keep the 1.5 degree Celsius goal within reach. We need a 45% reduction in global emissions this decade,” Guterres stressed.

Climate shocks, including extreme weather events, forced 30 million people to flee their homes in 2020 alone – three times more than those displaced by war and violence. And 1 billion children are at an extremely high risk of the impacts of climate change. “Turning this ship around will take immense willpower and ingenuity from governments and businesses alike, in every major-emitting nation,” he said. “We see a clear role for businesses and investors in supporting our net-zero goal.”

This, he said, calls for the creation of coalitions of government, public and private financial institutions, investment funds and companies with the technological know-how to provide targeted financial and technical support for every country that needs assistance.

The World Economic Forum’s Climate Action Platform is helping businesses, governments and NGOs accelerate and scale ambition and partnerships needed to drive a sustainable and inclusive future, and its Alliance of CEO Climate Leaders is engaging policy-makers to help deliver the transition to a net-zero economy.

Guterres concluded by saying that many countries need the support, ideas, financing and voice of the global business community.

“If we fail to provide debt relief and financing to developing countries, we create a lopsided recovery that can send an interconnected global economy into a tailspin,” he said. “If we fail to reduce inequalities, we weigh down economic progress for all people in all countries.”

About the Davos Agenda 2022
For over 50 years, the World Economic Forum has been the international organization for public-private cooperation. The Davos Agenda 2022 is the focal point at the start of the year for leaders to share their outlook, insights and plans relating to the most urgent global issues. The meeting will provide a platform to accelerate the partnerships needed to tackle shared challenges and shape a more sustainable and inclusive future.

First published at TravelCommunication.net – Global Travel News

First published at TravelNewsHub.com – Global Travel News

Climate Failure and Social Crisis Top Global Risks 2022

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Climate Failure and Social Crisis Top Global Risks 2022 - TRAVELINDEXGeneva, Switzerland, January 15, 2022 / TRAVELINDEX / Climate risks dominate global concerns as the world enters the third year of the pandemic. According to the Global Risks Report 2022, while the top long-term risks relate to climate, the top shorter-term global concerns include societal divides, livelihood crises and mental health deterioration.

Additionally, most experts believe a global economic recovery will be volatile and uneven over the next three years.

Now in its 17th edition, the report encourages leaders to think outside the quarterly reporting cycle and create policies that manage risks and shape the agenda for the coming years. It explores four areas of emerging risk: cybersecurity; competition in space; a disorderly climate transition; and migration pressures, each requiring global coordination for successful management.

“Health and economic disruptions are compounding social cleavages. This is creating tensions at a time when collaboration within societies and among the international community will be fundamental to ensure a more even and rapid global recovery. Global leaders must come together and adopt a coordinated multistakeholder approach to tackle unrelenting global challenges and build resilience ahead of the next crisis,” said Saadia Zahidi, Managing Director, World Economic Forum.

Carolina Klint, Risk Management Leader, Continental Europe, Marsh, said: “As companies recover from the pandemic, they are rightly sharpening their focus on organizational resilience and ESG credentials. With cyber threats now growing faster than our ability to eradicate them permanently, it is clear that neither resilience nor governance are possible without credible and sophisticated cyber risk management plans. Similarly, organizations need to start understanding their space risks, particularly the risk to satellites on which we have become increasingly reliant, given the rise in geopolitical ambitions and tensions.”

Peter Giger, Group Chief Risk Officer, Zurich Insurance Group, said: “The climate crisis remains the biggest long-term threat facing humanity. Failure to act on climate change could shrink global GDP by one-sixth and the commitments taken at COP26 are still not enough to achieve the 1.5 C goal. It is not too late for governments and businesses to act on the risks they face and to drive an innovative, determined and inclusive transition that protects economies and people.”

The report closes with reflections on year two of the COVID-19 pandemic, yielding fresh insights on national-level resilience. The chapter also draws on the World Economic Forum’s communities of risk experts – the Chief Risk Officers Community and Global Future Council on Frontier Risks – to offer practical advice for implementing resilience for organizations.

The Global Risks Report 2022 has been developed with the invaluable support of the World Economic Forum’s Global Risks Advisory Board. It also benefits from ongoing collaboration with its Strategic Partners, Marsh McLennan, SK Group and Zurich Insurance Group, and its academic advisers at the Oxford Martin School (University of Oxford), the National University of Singapore and the Wharton Risk Management and Decision Processes Center (University of Pennsylvania).

First published at TravelCommunication.net – Global Travel News

First published at TravelNewsHub.com – Global Travel News

World Economic Forum’s Annual Meeting 2022 Deferred

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World Economic Forum’s Annual Meeting 2022 Deferred - TRAVELINDEXGeneva, Switzerland, December 21, 2021 / TRAVELINDEX / The World Economic Forum will defer its Annual Meeting in Davos, Switzerland, in the light of continued uncertainty over the Omicron outbreak.

The Annual Meeting was scheduled to take place in Davos-Klosters, Switzerland between 17-21 January, 2022. It is now planned for early summer.

Participants will instead join a headline series of State of the World sessions bringing together global leaders online to focus on shaping solutions to the world’s most pressing challenges.

Current pandemic conditions make it extremely difficult to deliver a global in-person meeting. Preparations have been guided by expert advice and have benefited from the close collaboration of the Swiss government at all levels.

Despite the meeting’s stringent health protocols, the transmissibility of Omicron and its impact on travel and mobility have made deferral necessary.

The health and safety of everyone involved in physical meetings – participants, collaborators and the host community – have always been the Forum’s priority.

“The deferral of the Annual Meeting will not prevent progress through continued digital convening of leaders from business, government and civil society,” said Professor Klaus Schwab, Founder and Executive Chairman of the World Economic Forum. “Public-private cooperation has moved forward throughout the pandemic and that will continue apace. We look forward to bringing global leaders together in person soon.”

First published at TravelCommunication.net

First published at TravelNewsHub.com – Global Travel News

World Economic Forum Helps Colombia Transition to Data-Driven Economy

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World Economic Forum Helps Colombia Transition to Data-Driven Economy - TRAVELINDEXBogota, Colombia, December 17, 2021 / TRAVELINDEX / The Centre for the Fourth Industrial Revolution and a multistakeholder community have developed a technology and governance framework for trustworthy and commercially sustainable public-private data exchanges in Colombia. This new public-private resource will give individuals greater control over how their data is used and serve as a means for responsible value creation.

The multistakeholder community comprises more than 150 business leaders, academics and policy-makers in 60 organizations from 25 countries. It was led by PwC Colombia, the Colombian government and the World Economic Forum’s Data for Common Purpose Initiative (DCPI).

Benefits of Data-Driven Economy

The group put together a framework that supports Colombia’s national digitization strategy as part of a broader effort to transition from a traditional to a data-driven economy as data exchanges will play a pivotal role in facilitating this transition. Creating a governance structure that makes them sustainable both technologically and ethically is essential.

With rising energy costs, disrupted supply chains and rising concern for the environment, the urgency and necessity to act on data-driven insights grows. Officials and private sector experts will focus their initial efforts to address the net-zero transition within the Colombian energy sector and apply utility-based, data-insight models to the energy sector. The insights and best practices will be applied in other sectors over time.

Toolkit for Meaningful Trust

One of the main challenges in implementing a sustainable, equitable and accountable data strategy for Colombia is strengthening trust in the use of data. According to the recent Fall 2021 Visa, Inc. Consumer Empowerment Study of the connected population in Colombia, only 9% of connected Colombians feel entirely in control of their data, and 89% want at least the option of more control over how their data is used. In response, with Visa International as a co-creator, a new toolkit was designed to strengthen trust via new consent mechanisms.

The DCPI aims to build meaningful trust with citizens by highlighting the importance of individuals’ consent to use personal data within public-private data exchanges. By providing a clear roadmap for policy-makers to co-design these collaborative exchanges, the underlying data economics can be addressed in the early design phase to ensure sustainable commercial value is created over time.

With the erosion of trust throughout the digital ecosystem – putting control back into the hands of the individuals has become a global priority. Clear, consistent and granular consent mechanisms are foundational for driving meaningful change in data-driven insights and the decisions that come from them. The mutual exchange of strategic digital assets and insights, such as carbon emissions and energy usage indicators combined with an underlying framework for strengthening and maintaining trust, is central to creating a sustainable and inclusive digital ecosystem.

In the first half of 2022, a toolkit will be published on strengthening trust through individual consent experience. The focus is on enhancing the consent of individuals in terms of how data is internally governed within an exchange, the commercial interactions with the user and the underlying technology architecture. The toolkit is being piloted by C4IR Colombia and the City of Medellín as they examine several models for public-private data exchanges in 2022.

Expert Quotes

Sheila Warren, Deputy Head of the Centre for the Fourth Industrial Revolution Network, World Economic Forum, said: “The core focus of the Data for Common Purpose Initiative is centered on unlocking the sustainable value of data while protecting individual privacy rights. This new report marks another milestone of the Centre for the Fourth Industrial Network to deliver real-world impact in accelerating the responsible transition to a data-driven economy.”

Víctor Manuel Muñoz Rodríguez, Director of the Administrative Department of the Presidency, Colombia, said: “The unfolding of the Fourth Industrial Revolution has highlighted the need to collect and process data in a strategic and innovative manner. The development of tools or models, such as data marketplaces and data trusts among others, are beginning to show their potential to promote economic and social objectives for the common good. Aware of this new reality, Colombia’s public policy instruments have established the development of a governance model that aims to facilitate the effective use and exchange of data through emerging technologies such as artificial intelligence, as well as providing the necessary framework to ethically and responsibly implement it.”

José Antonio Vargas Lleras, President World Energy Council Colombia, said: “Digitalization is a major player in the energy transition. Indeed, tools such as mobile applications, big data, artificial intelligence and blockchain have become major transformers of our sector. Digitalization is allowing us to further optimize energy consumption in terms of efficiency. In addition, it allows the incorporation of new technologies such as hydrogen and therefore contribute to the reduction of CO2 emissions and mitigate the carbon footprint. In short, digitalization is at the heart of the humanization and sustainability of global energy systems.”

Felipe Bernal Guarín, PwC Strategy Consulting Manager, World Energy Council Colombia and the Forum’s DCPI community member, said: “Data-energy-trust was the pivotal triad discussed at COP26 as key enablers to attain the universal ambition of limiting global warming to 1.5ºC and achieving net-zero economies in 2050. What do they have in common? Where do they meet? And how can we leverage their sweet spot amidst cross-border data exchange initiatives? Not only for climate change action and energy transition but also for the threads that globally bind us.”

Erez Zaionce, Director, C4IR Colombia, said: “In 2022, in alliance with Colombian national government entities, C4IR.CO will participate in implementing a pilot project in data exchange within the framework of the National Data Infrastructure Plan of Colombia, as part of the strategy of reactivation, repowering, and sustainable and inclusive growth of Colombia.”

Silvia Constain, Head of Government Engagement for Visa Latin America and the Caribbean, said: “At Visa, we are committed to working to empower all individuals and raising overall consumer confidence in the digital ecosystem. One way we hope to materialize this commitment is by championing approaches to ecosystem design, consumer choice and consent management experiences that support transparency, consistency and empowerment for individuals. Through our work with DCPI and pilots like in Colombia, we are testing and improving approaches to build trust through consent management in a repeatable fashion and provide a roadmap for other nations or organizations to follow.”

First published at TravelCommunication.net – Global Travel News

First published at TravelNewsHub.com – Global Travel News