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Unchecked Cyberattacks Are Growing Threat to Global Economy

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Unchecked Cyberattacks Are Growing Threat to Global Economy - TRAVELINDEX - WORLD ECONOMIC FORUMDavos-Klosters, Switzerland, January 27, 2023 / TRAVELINDEX / Adoption of connected devices during the pandemic led to a dramatic increase in cyberattacks. According to a new report launched today at the World Economic Forum Annual Meeting 2023, if left unchecked, the cost of cyberattacks will continue to rise, threatening a fragile global economy.

The report, The State of the Connected World 2023 edition, a collaboration of the World Economic Forum with the Council on the Connected World, says the immediate threats can be mitigated through robust security protocols and governance through public-private cooperation.

The State of the Connected World is the only global report that tracks and quantifies governance gaps for the universe of connected devices, known as the internet of things (IoT). The report surveyed 270 experts around the world to understand the state of play and establish clear priorities for technology governance.

“At a time when the global economy is fragile, we have the necessary tools to reduce at least one of the major threats to the global economy – cyberattacks,” said Jeff Merritt, Head of Urban Transformation, World Economic Forum. “The State of the Connected World report is a call to action for protecting against cybercrimes, which would also improve individual security and protect small and medium-sized business, transit systems, utilities – everything that relies on connected devices.”

“Our increasingly connected existence brings with it vulnerabilities that can be exploited by malicious actors,” said Akshay Joshi, Head of Industry and Partnerships, Centre for Cybersecurity, World Economic Forum. “Despite calls for embedding cybersecurity by design, the low level of confidence in the security of connected devices expressed by experts in this report is a testament to the fact that we still have a long way to go in terms of realizing trust in the technology we use.”

The report calls for increased consumer education through digital literacy campaigns, standardization practices of cybersecurity measures, prioritizing security by design and default (as opposed to reacting after the fact) and developing more agile policies to better address the quick-changing landscape of cybersecurity.

“We find ourselves at an inflection point this year with a number of global forces putting downward pressure on the economy,” said Madeline Carr, Professor of Global Politics and Cyber Security, Department of Computer Science, University College London. “It is essential that cybersecurity challenges are not left unchecked to further exacerbate this but are taken seriously as an integrated element of a thriving global economy.”

What other experts are saying:

“Open standards in technology have always led to greater innovation and greater consumer confidence. This year’s report from the Forum really emphasizes the importance of that direction. We’re very pleased to see the focus on privacy and security as a key priority. Solving for these ensures the greatest adoption of IoT, and the greatest likelihood of landing on valuable solutions for consumers in the ever-growing connected world.”
Tobin Richardson, President and CEO, Connectivity Standards Alliance

“Planned spending on a security programme costs less than unplanned spending by 10 to 100 times, so it really makes sense now to evaluate and redouble your efforts to attain and maintain a mature programme. The year 2023 is predicted to deliver a perfect storm – from expected challenging economic conditions, ransomware up over 30% from last year, cyber insurance rates dramatically rising, coverage lowering, a severe skill and staff shortage, massive growth in vulnerable IoT connected devices and security products becoming the breach vector. Now is the time to redouble your focus on your security posture.”
Peter Nicoletti, Field Chief Information Security Officer of the Americas, Check Point Software Technologies

“At Schneider Electric, we envision a fully connected, net-zero world which is more electrified, digitized and sustainable for future generations. To realize this future, businesses, organizations and governments must work together to address challenges such as cybersecurity, open standards and accessibility. I’m proud of our work with these stakeholders and the World Economic Forum and commit to continued vigilance to make the needed progress.”
Scott Harden, Chief Technology Officer, Innovation, Schneider Electric

“As the world gets more connected, complex and at times unpredictable, it is critical to drive and govern the change in a way that we not only address and mitigate risks but also emphasize the positive impact that connected technology brings.”
Anton Kotov, Chief Digital and Strategy Officer, ABB Electrification, ABB

“The ongoing advancement of emerging technologies highlights the importance of establishing strong governance to ensure safe and secure use of the technology. Security, privacy, trust and interoperability among IoT devices are serious issues that need to be addressed to accelerate IoT adoption and embrace a connected world. This can be achieved through collective action from the international community and by establishment of public-private partnerships. The 2023 report on the state of the connected world highlights the current gaps in governance and paves the path to address the associated risks for the benefit of humankind.”
Mariam Nouh, Vice-President of Economies of the Future Sector, King Abdulaziz City for Science and Technology (KACST)

“In order to ensure that connected devices and related technologies are accessible and beneficial for all members of society, adaptive and sustainable governance is needed for multistakeholders to expand the boundaries of their respective scope of works, to share risk and co-invest in the digital infrastructure together.”
Fanyu Lin, CEO, Fluxus

About the World Economic Forum Annual Meeting 2023
The World Economic Forum Annual Meeting 2023 convenes the world’s foremost leaders under the theme Cooperation in a Fragmented World. It calls on world leaders to address immediate economic, energy and food crises while laying the groundwork for a more sustainable, resilient world.

First published at TravelNewsHub.com – Global Travel News

World Economic Forum Announces 2023 Crystal Award Winners

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World Economic Forum Announces 2023 Crystal Award Winners - TRAVELINDEXGeneva, Switzerland, January 11, 2023 / TRAVELINDEX / Artist Maya Lin, acclaimed soprano and arts/health advocate Renée Fleming and actors and humanitarians Idris Elba and Sabrina Dhowre Elba are the recipients of the 29th Annual Crystal Award, the World Economic Forum announced today. The winners will be honoured at the opening session of the Forum’s Annual Meeting 2023 in Davos-Klosters, Switzerland, on the evening of Monday, 16 January. The award celebrates the achievements of leading artists who are bridge-builders and role models for all leaders of society.

The Crystal Award is presented at Davos each year by Hilde Schwab, Chairwoman and Co-Founder of the World Economic Forum’s World Arts Forum. The cultural leaders receiving the 2023 Crystal Award are bridge-builders. They connect us to each other; they help us reflect on the human condition and they provide visions of the world that can cut through the limitations of short-term or linear thinking.

Awardees
Maya Lin receives the 2023 Crystal Award for her extraordinary creative talent in combining science, art and architecture and her exemplary leadership in the promotion of nature and environment. Lin has fashioned a remarkable interdisciplinary career through her highly acclaimed art and architectural works, showcasing sustainable design and emphasizing a stronger connection to the land and nature.

>From her first public work, the Vietnam Veterans Memorial in Washington D.C., Lin has been committed to focusing attention on the key issues of our time: women’s rights, civil rights, Native American history and the climate crisis. In 2016, on awarding Lin the Presidential Medal of Freedom, President Barack Obama said her Vietnam Veterans Memorial “changed the way we think about sacrifice and patriotism and ourselves”.

Lin’s latest memorial, What is Missing?, is experimental and multidisciplinary in nature. In this work, Lin uses science-based artworks to raise awareness of the current mass extinctions of species, while emphasizing that by protecting and restoring habitats and reforming our land-use practices we could significantly reduce emissions and restore and protect biodiversity

Renée Fleming receives the 2023 Crystal Award for her leadership in championing the power of music and its relation to health, community and culture.

Renée Fleming is one of the most acclaimed sopranos of our time and a leading advocate for research at the intersection of arts, health and neuroscience. She launched the first ongoing collaboration between the Kennedy Center for the Performing Arts and the US National Institutes of Health (NIH) with the participation of the National Endowment for the Arts (NEA). The Sound Health initiative explores and brings attention to research and practice at the intersection of music, health and neuroscience. This collaboration has led to workshops at the NIH and events and performances at the Kennedy Center. It also led the NIH to recently award $20 million in funding for music and neuroscience research over five years. The Renée Fleming Foundation is now partnering with the Foundation for the NIH to develop a toolkit for standardizing music and health clinical research for brain disorders of ageing. Fleming has presented her programme, Music and the Mind, around the world.

Idris Elba and Sabrina Dhowre Elba receive the 2023 Crystal Award for their leadership in addressing food security, climate change and environmental conservation.

Actor, filmmaker and humanitarian, Idris Elba, and his wife, the model, actress and humanitarian, Sabrina Dhowre Elba, were appointed UN Goodwill Ambassadors for IFAD in April 2020. As IFAD Goodwill Ambassadors, they focus on issues related to food security, climate change and environmental conservation. The couple recently visited an IFAD-supported project in Sierra Leone, where they met farmers who received support for rice production and assistance with rural finance after the Ebola crisis.

The late Queen Elizabeth II awarded Idris Elba with the Most Excellent Order of the British Empire (OBE) in 2016 and the Prince’s Trust, founded by King Charles in 1976 – which Elba credits with helping to start his career – appointed him as its anti-crime ambassador in 2009

Elba supports causes related to poverty, HIV/AIDS, at-risk and disadvantaged youth, health and education. He worked with the UN and the Department for International Development in the UK during the Ebola health crisis and filmed campaigns in support of UNICEF, as well as the Sustainable Development Goals. He has recently created a number of youth-focused campaigns to promote education and learning and discourage violence.

Sabrina Dhowre Elba works with a variety of civil society organizations, including Farm Africa, raising funds to help farmers across eastern Africa, and Conservation International on environmental issues. She promotes gender equality and the empowerment of women and girls worldwide. She chairs the European board for Global Citizen and has been a keynote speaker at leading global events.

Idris Elba and Sabrina Dhowre Elba are board members of Conservation International.

Crystal awardees are part of a large community of cultural leaders in Davos.

The World Economic Forum Annual Meeting brings together governments, international organizations, business, civil society, cultural leaders, media, experts and young leaders from all over the world.

First published at TravelNewsHub.com – Global Travel News

Targeted Financing Crucial for Ocean Health and Achieving SDGs

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WEF - Targeted Financing Crucial for Ocean Health and Achieving SDGs - TRAVELINDEXGeneva, Switzerland, June 10, 2022 / TRAVELINDEX / A new white paper, published on World Ocean Day by the World Economic Forum, outlines critical steps to channel funding to support the health of the ocean and those who depend on it.

SDG14 Financing Landscape Scan: Tracking funds to realize sustainable outcomes for the ocean highlights the fragmented nature of current data on ocean financing and points to the need for innovative tools to track commitments towards and investment in the Sustainable Development Goal for the ocean, SDG14, with better traceability and granularity of information on financial commitments for the ocean.

SDG14 remains the least funded of all 17 global goals, yet achieving it will have significant exponential benefits for people and the planet. Key targets in SDG14 include ending overfishing and harmful fisheries subsidies, tackling marine pollution and minimizing ocean acidification, protecting and restoring ocean ecosystems, and supporting artisanal fishers and Small Island Developing States.

“When accomplished, SDG14 will have impacts that extend far beyond the ocean itself, by boosting food and job security, bolstering our ability to tackle the climate crisis, strengthening coastal defences, and enhancing health and wellbeing for people everywhere,” said Kristian Teleki, Director of Friends of Ocean Action at the World Economic Forum. “We cannot afford to waste precious time or money, and need to direct financing to the areas that need it most. This landscape report is intended to help us do just this.”

Emerging from this new landscape scan is the need to improve the resolution and integration of current data systems and in parallel move towards outcome-based financing. Doing so will require a substantial shift across multiple institutions that track and report on funding. It is also essential to improve SDG14 data capacity at the national and trans-national level. Existing funding streams for SDG14 must be optimized, and critical resources for ocean health must be directed to promote gender equity, target least developed areas, and efficiently leverage funding across sectors to support a sustainable blue economy.

“Our research shows that we must shift to tracking output rather than boosting input in order to overcome the challenges of transparency, traceability, optimization and personalization of financing data,” said Jillian Conrad, Lead Author of the report and Student Fellow at the Nippon Foundation Ocean Nexus Center at UW EarthLab. “The ocean needs ambitious funding and results if we are to promote equitable development of marine systems to benefit coastal communities and stop the decline in ocean health, which has knock-on detrimental effects on us all.

“With a dynamic tool tracking how financing ties to impact, the global community can better direct SDG14 funding with greatest possible positive impact for people and the ocean alike,” she added.

A Friends of Ocean Action statement released earlier this year – No Healthy Planet without a Healthy Ocean – also calls for global action around critical opportunities in 2022 to advance progress for a thriving ocean and stop the decline in its health.

The global community is convening for the UN Ocean Conference from 27 June to 1 July 2022 in Lisbon, Portugal, co-hosted by the governments of Portugal and Kenya. This is a critical opportunity to advance ocean financing and progress towards achieving SDG14.

First published at TravelNewsHub.com – Global Travel News

World Leaders Pledge to Fight for Freedom and Values

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World Leaders Pledge to Fight for Freedom and Values - TRAVELINDEXDavos, Switzerland, June 8, 2022 / TRAVELINDEX / World leaders came together at the World Economic Forum Annual Meeting 2022 against a backdrop of deepening global frictions and fractures and a once-in-a-century pandemic.

On Monday, President Zelenskyy addressed participants live from Kyiv. He said that the words “turning point” have “become more than just a rhetorical figure of speech” and emphasized that “values must matter”.

The war in Ukraine has created immense human suffering. And the wider impacts of the conflict are being felt around the world.

The World Economic Forum called for a “Marshall Plan” for the reconstruction of Ukraine. “In Davos, our solidarity is foremost with the people suffering from the atrocities of this war,” said Klaus Schwab, the Forum’s Founder and Executive Chairman.

The Special Dialogue on Ukraine session brought together 70 global CEOs alongside the Prime Minister of Ukraine (who joined virtually), with the President of the European Commission, the Foreign Minister of Ukraine and the First Deputy Prime Minister of Ukraine at Davos in person, alongside other dignitaries. CEOs offered concrete ways of how their companies can support the Ukraine government and its private sector in the reconstruction of Ukraine now, rather than waiting for the war to end.

The World Economic Forum offered its support in this endeavour, advancing discussions on new partnerships and market-driven solutions to enable a scaled up response to the humanitarian situation in Ukraine and other global crises.

Meeting in person after a two-year hiatus, there were over 450 sessions at the meeting, which brought together 2,500 leaders and experts from around the world, including 300 government leaders and 50 heads of state. It was a critical opportunity to foster stronger global and regional cooperation to restore stability and create real impact.

Nature and climate

The energy crisis, exacerbated by the war in Ukraine, must not deepen the world’s dependence on climate-warming fossil fuels. During the week, there was a focus on accelerating clean energy and climate solutions:

  • More than 50 companies have now joined the First Movers Coalition, which was launched by US President Biden and the World Economic Forum at COP26 to decarbonize the heavy industry and long-distance transport sectors – the sectors responsible for 30% of global emissions.
  • This week at Davos, John Kerry, the United States Special Presidential Envoy for Climate, joined these companies in sending a powerful market signal to commercialize zero-carbon technology. Their market cap represents about $8.5 trillion across five continents and they are making unprecedented advance purchase commitments by 2030.
  • Eight new countries have joined the First Movers Coalition as government partners – Denmark, India, Italy, Japan, Norway, Singapore, Sweden and the UK. All are committed to create early markets for clean technologies. Alongside the United States, there are nine committed government partners.
  • Some 70+ CEOs of the CEO Climate Leaders Alliance – the largest CEO-led climate action group globally – agreed on taking bold action to translate pledges into tangible emission reductions in line with 1.5C. Covering 26 countries and 12 industries and representing 120 companies in total, the alliance has a combined annual emission footprint greater than India or the EU.
  • CEOs agreed to push for progress on critical 2030 and 2050 global climate targets, mobilizing dialogue between governments and the private sector to deliver a successful outcome at COP27 in Sharm el-Sheikh.
  • China’s Special Envoy for Climate Change Xie Zhenhua announced his country’s contribution to plant and conserve 70 billion trees by 2030. The World Economic Forum and China Green Foundation will undertake concrete measures together through 1t.org China Action to support the fulfilment of China’s contribution.
  • A new $15 million investment over five years was announced to support entrepreneurs who can drive innovation in freshwater resource management – the initiative will be hosted by our UpLink platform.
  • CEOs also held dialogues with regional climate envoys, COP26, COP27 and COP28 leadership to make progress on global climate policies, including the importance of setting a global price on carbon and other key policy measures to fast-track the transition.
  • Youth activist Elizabeth Watuthi spoke on Safeguarding our People and Planet, sharing the local perspective and direct impacts of climate change in vulnerable communities, and youth climate activist Vanessa Nakate, speaking at the Staying on Course for Climate Action session, said: “When we talk about climate change we’re also talking about food security. It’s really important to understand the intersections of this crisis.”
  • The Forum’s Global New Mobility Coalition is launching the Urban Mobility Scorecards initiative. Over 30 companies, such as Visa, Hyundai, Uber, Volta Trucks and TIER, will work with policy-makers from cities and regions to better understand challenges and solutions to create a shared, connected and decarbonized mobility ecosystem.
  • A new Global Commission on the Economics of Water was launched to redefine the way we value and incorporate water into economic decision-making. It is led by Ngozi Okonjo-Iweala, Director-General of the World Trade Organization; Mariana Mazzucato, Founding Director of the UCL Institute for Innovation and Public Purpose; Tharman Shanmugaratnam, Senior Minister of the Government of Singapore; and Johan Rockström, Director of the Potsdam Institute for Climate Impact Research.

Economic transformation

The Forum’s Chief Economists Outlook report warned of “dire human consequences” from the fragmentation of the global economy. It said that developing economies face trade-offs between the risks of debt crisis and securing food and fuel. The rising cost of living hits the world’s poorest communities hardest. The Ukraine conflict has exacerbated already fragile energy and food systems. Co-investment by the public and private sector is critical to restarting a new era of growth, one that integrates inclusion and sustainability at its core rather than an afterthought, and is the best way forward for shared prosperity.

  • A leading group of CEOs, ministers and academic experts agreed on the roadmap for the Market Creators Alliance to develop fairer principles for governments, businesses and public-private partnerships on innovation and industrial development. This will be launched later this year.
  • Four Futures for Economic Globalization: Scenarios and Their Implications outlines how the nature of globalization may shift as economic powers choose between fragmentation or integration in both the physical and virtual dimensions of the world economy.
  • The Government of Rwanda and the United Arab Emirates announced that they are joining the Food Action Alliance for driving food systems transformation. They are part of a growing group of first-mover countries. The new partnership will harness innovation to accelerate country goals on food security and nutrition, inclusive growth, sustainability and climate resilience, in line with the UN Sustainable Development Goals.

Work, wages and job creation

  • The Jobs Consortium, a group of public and private sector leaders focused on investment in the jobs of tomorrow, held their inaugural meeting in Davos to drive a global recovery and investment agenda for the next two years. They aim to create growth in the jobs of tomorrow, new standards in the workplace and better wages for all, focusing on social, green and tech jobs as the high-growth, job-creating sector of the future.
  • Over 6 million refugees have left Ukraine to other countries since February, adding to the estimated 31 million people worldwide forcibly displaced across borders. The Refugee Employment and Employability Initiative was launched, a coalition of chief human resources officers from over 140 organizations who support the integration of Ukrainian refugees in Europe. This will pilot its work supporting learning and job opportunities for Ukrainian refugees in Europe in its first phase – aiming to expand to other regions of the world in the future.

Education and skills

  • The Reskilling Revolution initiative, launched at the Annual Meeting in 2020, has now mobilized a community of over 50 CEOs, 350 organizations and 15 countries all working towards a vision of giving 1 billion people better education, reskilling and upskilling. A network of country accelerators in Bahrain, Bangladesh, Brazil, Cambodia, Georgia, Greece, India, Oman, Pakistan, South Africa, Turkey and the United Arab Emirates, with support from Denmark, Finland, Singapore and Switzerland, and a consortium of the largest online learning platforms are working together.
  • The initiative will now expand beyond adult learning to add a focus on education for children and youth. These efforts will be taken forward by a new Education 4.0 Alliance, bringing together 20 leading education organizations, and Bangladesh has become the first country to adopt the education accelerator model in Davos.
  • A new report, Catalysing Education 4.0 Investing in the Future of Learning for a Human-Centric Recovery, focuses on preparing today’s generation of school-age children with better collaborative problem-solving that could add $2.54 trillion – over $3,000 per school-age child – from this one skill alone.

Diversity, equity, inclusion and social justice

  • The Gender Parity Accelerators are a global network of national public-private collaboration platforms working to close existing gender gaps and reshape gender parity for the future. This year two G20 countries, Mexico and Japan, will initiate Gender Parity Accelerators in the coming months.
  • The Valuable 500 initiative announced a unique mentorship programme – Generation Valuable – for people with disabilities to build the future executive leadership, driving disability inclusion by revolutionizing the boardrooms of tomorrow.
  • The Edison Alliance launched a new programme to speed up digital inclusion in the life-critical sectors of health, education and finance. It launched a new network of “lighthouse countries”, including Bahrain, Bangladesh and Rwanda, working with the UN Development Programme to further the alliance’s 1 billion lives vision of providing people with affordable, digital solutions by 2025.

Trade and supply chains

Business and government leaders highlighted the potential of trade facilitation, finance and trade technology to tackle supply chain barriers. Trade ministers gathered in Davos to hear from business and civil society and prepare for next month’s World Trade Organization Ministerial Conference. Leaders called for diversifying trade and investment relationships to bolster development and support common values. Indigenous and labour leaders called for inclusive outcomes from trade. Food security was high on the agenda.

  • The World Investment for Development Alliance was launched together with OECD Secretary-General Matthias Cormann, the World Bank, UNCTAD and other partners, to increase collaboration in addressing investment policy and practice.
  • The Forum’s Platform for Trade and Investment, together with the Digital Cooperation Organization, launched a Digital FDI initiative to support investment in the digital economy in developing economies.
  • The World Economic Forum convened Friends of the Africa Continental Free Trade Area, a group of heads of state and business leaders, which advanced a framework on how public-private partnerships can support the implementation of the AfCFTA.
  • Global supply chain disruptions make it harder to reach children with life-saving supplies. This week UNICEF co-signed an extended charter with the World Economic Forum and 16 logistics leaders to prioritize support for humanitarian supply transports.

Health

COVAX the multilateral initiative aimed at ensuring equitable access to life-saving COVID-19 vaccines was conceived in Davos two years ago. In the past seven days it has shipped its 1.5 billionth dose.

The COVID-19 pandemic has caused enormous disruptions to healthcare – reversals in testing and treatment of life-threatening diseases. Crucial steps have been taken to help counteract these setbacks. These include:

  • The Global Fund to Fight AIDS, tuberculosis and malaria announced its first pledge from the private sector in Davos. It has raised a third of the $18 billion needed to reverse setbacks caused by the pandemic.
  • Building on recommendations developed in partnership with the European Union COVID-19 lung cancer taskforce, the Forum, together with the Lung Ambition Alliance, launched the Global Lung Cancer Collaboration to bring together organizations in healthcare delivery, research, diagnostics, biopharma, patient advocacy and non-governmental organizations to facilitate greater collaboration and solutions to eliminate lung cancer as a leading cause of death.
  • An Accord for a Healthier World was launched at Davos by Pfizer this week, providing all its current and future patent-protected medicines and vaccines available in the US or EU on a not-for-profit basis to 45 lower-income countries. Pfizer called on global health leaders and organizations to join the accord, bringing their expertise and resources to close the health equity gap and help create a healthier world for 1.2 billion people. Rwanda, Ghana, Malawi, Senegal and Uganda are the first five countries to commit to join the accord. Health officials in these countries will help identify and resolve hurdles beyond supply to inform the roll-out in all 45 lower-income countries.
  • The World Economic Forum’s Platform for Health and Healthcare signed an MoU with Saudi Arabia in support of the Global Coalition for Value in Healthcare. This partnership will increase collaborative efforts to build a global healthcare movement on value-based health systems and people-centred care, alongside global government policy-makers, industry and academia through accelerating public-private partnerships.

Tech frontiers

  • The World Economic Forum unveiled the concept of a Global Collaboration Village, a major initiative to harness the potential of the metaverse to create a place where international cooperation can be strengthened.
  • The Defining and Building the Metaverse initiative was launched bringing together key stakeholders to define and build the parameters of an economically viable, interoperable, safe and inclusive metaverse.
  • The Global Coalition for Digital Safety has committed to developing emergency protocols for protecting digital safety during wars, particularly to tackle online exploitation and abuse, violent extremist and terrorist content, and mis- and disinformation. This will complement the broader work of the coalition to make the internet safer by tackling harmful content and conduct online.
  • The Annual Meeting hosted its first public panel on Unlocking Quantum, with leaders committing to focus on how technologies and deeper analytics could transform decarbonization and accelerate the fight against climate change. They will work with Qlimate, Volkswagen and the Netherlands government on identifying and scaling solutions.
  • Malaysia’s Finance Minister announced his country will be the first location for a Centre for the Fourth Industrial Revolution (C4IR) in the ASEAN region. And, the Dubai Future Foundation, with support from the Government of UAE, has signed a collaboration agreement to continue the operations of C4IR UAE. The centre will focus on blockchain, artificial intelligence and other emerging technologies.
  • Samantha Cristoforetti became the first astronaut to join the Annual Meeting live from space aboard the International Space Station, orbiting the planet at 17,500 miles an hour. The Live from Space session looked at how government and business can collaborate to ensure that space exploration benefits people and the planet.

In a closing address, Olaf Scholz, Chancellor of Germany, called for “a sustainable, resilient globalization which uses natural resources sparingly and, above all, takes the needs of future generations into account”, adding that a new approach to globalization would be “based on solidarity which benefits all citizens – in all parts of the world.”

First published at TravelNewsHub.com – Global Travel News

More Industrial Hubs to Accelerate Net-Zero Transition

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More Industrial Hubs to Accelerate Net-Zero Transition - NETZERO.tax - TRAVELINDEXDavos, Switzerland, May 30, 2022 / TRAVELINDEX / Four leading industrial clusters in the Netherlands, Belgium and the US today announced that they are working together with the World Economic Forum to reduce their carbon emissions faster through the Transitioning Industrial Clusters towards Net Zero initiative.

• Sustainable Solutions for Net Zero in Energy, Innovation, Sustainability, Transport and Tourism with NetZero.tax Initiative.

Launched at COP26 in November 2021, the initiative aims to accelerate the decarbonization of hard-to-abate industrial sectors, while maximizing job creation and economic competitiveness. The approach focuses on building cross-industry and cross-cluster partnerships to better implement low-carbon technologies – as in the case of the regionally developed Basque Hydrogen Corridor – and on accessing public funding and blended-finance options for clusters’ decarbonization projects.

Under this initiative, the World Economic Forum, working closely with Accenture and the Electric Power Research Institute (EPRI) as knowledge partners, connects private and public stakeholders to assess how to meet individual and collective decarbonization goals, fosters new enabling policies and provides guidance and support for local community engagement.

Industrial clusters are geographic regions where industrial companies are concentrated, making them an attractive target for impactful emissions reduction strategies. Since industrial assets are located in close proximity of each other, sharing of infrastructure (such as CO2 and hydrogen pipelines or renewable energy assets), financial and operational risks, and natural and human resources becomes possible. This also provides opportunities to deploy and scale new green technologies, such as hydrogen and the capture, utilization and storage of carbon for industrial applications, enabling a systemic approach to emissions reduction.

The clusters joining the initiative are:

– Brightlands Circular Space, together with Brightlands Chemelot Campus, Chemelot, and the Chemelot Circular Hub in Geleen, Netherlands. It will help accelerate the energy transition and circular economy.
– H2Houston Hub, formed through the Center for Houston’s Future and encompassing more than 100 organizations and companies. It will leverage the Houston area’s position as the US’s largest hydrogen producer and consumer, and use innovation and scale to reduce the cost of clean hydrogen and emissions.
– Ohio Clean Hydrogen Hub Alliance, with approximately 100 corporate, governmental and community organization members. It will lead the region’s campaign to establish a clean hydrogen hub in the state of Ohio, US.
– Port of Antwerp-Bruges, Europe’s second-largest port. It will drive the circular economy and energy transition.

These four large industrial emissions centres, involving oil and gas extraction and processing, shipping, heavy-duty transportation, chemicals and other sectors, currently account for CO2 emissions of 296 million metric tonnes per year – greater than the annual emissions of Poland. They employ more than 470,000 people and represent an annual gross domestic product (GDP) of $135 billion.

“Supporting industrial clusters and corporate partners in the development and implementation of their net-zero strategies is at the heart of what we do,” said Roberto Bocca, Head of Energy, Materials and Infrastructure Platform, World Economic Forum. “We are proud to leverage our collaborative platform and expertise in partnership building to grow the clusters initiative as well as other decarbonization efforts we support, such as the First Movers Coalition, Mission Possible Partnership and Clean Hydrogen Initiative.”

The four new clusters join four others in the UK (Zero Carbon Humber and Hynet North West), Australia (Kwinana Industries Council) and Spain (Basque Net-Zero Industrial Supercluster), which were part of the initial launch of the initiative. Based on metrics provided by each cluster, all eight clusters could potentially save more than 334 million tonnes of CO2 – more than the equivalent annual emissions output of France. They could also create and protect 1.1 million jobs and contribute $182 billion to regional GDP.

“The Ohio Clean Hydrogen Hub Alliance seeks to locate a clean hydrogen hub in the state of Ohio, leading to the eventual decarbonization of much of the transportation, electricity, industrial and heating sectors,” said Kirt Conrad, Co-Founder, Ohio Clean Hydrogen Alliance and Chief Executive Officer, Stark Area Regional Transit Authority. “Investment into a clean hydrogen hub in Ohio will help create massive economic, environmental and health benefits for the state and its citizens.”

“With our focus on becoming the premier circular ecosystem in Europe, it is of upmost importance that we foster competitive collaboration between the companies in our cluster as well as with other global clusters,” said Lia Voermans, Director Brightlands Circular Space, “We believe that this initiative provides a gateway to access the best practices and processes supporting industrial decarbonization.”

The new clusters are already actively advancing their decarbonization journey. For instance, the Port of Antwerp-Bruges is starting to convert hydrogen into sustainable raw materials and fuel for the port’s chemicals sector, whereas the Ohio Clean Hydrogen Hub Alliance has developed hydrogen fuel cell buses which tour around the US, educating transit authorities on the potential and viability of clean transportation. However, to achieve net-zero emissions, these efforts must be scaled up. Often, financial mechanisms, rather than technology, are the main roadblock, and policy frameworks to support valuable future technologies are lacking. As value chains are transformed, the creation of new partnerships will be key.

“The Houston region has the talent, expertise and infrastructure needed to lead the global energy transition to a low carbon world,” said Brett Perlman, CEO of the Center for Houston’s Future. “Clean hydrogen, alongside carbon capture, use and storage are among the key technology areas where Houston is set to succeed and can be an example to other leading energy economies around the world.”

“The Port of Antwerp-Bruges hosts Europe’s largest chemical cluster and supports the European Green Deal to become climate neutral by 2050,” said Jacques Vandermeiren, Chief Executive Officer, Port of Antwerp. “To reach this goal we will all have to work together with respect for individual company needs, industry characteristics and timing. The Transitioning Industrial Clusters towards Net-Zero initiative is a means to inspire and incentivize companies to share best practices in our common pursuit of staying well below 2°C.”

In addition to the eight clusters currently involved in the initiative, more than a dozen in the US, Europe and the Asia-Pacific region are also in the process of joining. The aim is to build a community of 100 global industrial clusters to accelerate industrial decarbonization.

• Sustainable Solutions for Net Zero in Energy, Innovation, Sustainability, Transport and Tourism with NetZero.tax Initiative.

About the Annual Meeting 2022
For over 50 years, the World Economic Forum has been the international organization for public-private cooperation. The Annual Meeting is the focal point for leaders to accelerate the partnerships needed to tackle global challenges and shape a more sustainable and inclusive future. Convening under the theme History at a Turning Point: Government Policies and Business Strategies, the Annual Meeting 2022 and its 200 sessions bring together global leaders from business, government and civil society. Learn more about the programme and view sessions.

First published at TravelNewsHub.com – Global Travel News

New Travel and Tourism Development Index Benchmarks 117 Countries

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WEF-New Travel and Tourism Development Index Benchmarks 117 Countries - TRAVELINDEXDavos-Klosters, Switzerland, May 28, 2022 / TRAVELINDEX / The World Economic Forum released today its latest travel and tourism study, revealing that the sector is showing signs of recovery in many parts of the world after being hard-hit by the COVID-19 pandemic. Japan, the United States, Spain, France and Germany are at the top of the list.

The Travel & Tourism Development Index 2021: Rebuilding for a Sustainable and Resilient Future, ranks 117 economies on a range of factors that are crucial to the development, sustainability and resiliency of their travel and tourism industry, which in turn contributes to economic and social development.

“COVID shutdowns have re-emphasized the important contribution travel and tourism makes to many economies around the world,” said Lauren Uppink, Head of Aviation, Travel and Tourism at the World Economic Forum. “As the world emerges from the pandemic, economies must invest in building a strong and resilient environment to deliver the travel and tourism experience and services for many decades to come.”

While overall international tourism and business travel is still below pre-pandemic levels, the sector recovery has been bolstered by greater vaccination rates, return to more open travel, and growing demand for domestic and nature-based tourism. Many businesses and destinations have adapted to these shifting demand dynamics. According the UNWTO, the difference in international tourist arrivals between just January 2021 and January 2022 is greater than arrivals growth in all of 2021.

As the sector slowly recovers from the global health crisis – especially as vaccines become more available and health restrictions lifted – it will be important for the travel and tourism sector to take steps that embed long-term inclusivity, sustainability and resilience as it continues to face evolving challenges and risks.

Despite positive trends, the travel and tourism sector is still facing many hurdles with its recovery. This includes uneven vaccine distribution, capacity constraints, labour shortages, supply chain disruptions and more.

“Government, business and civil society leaders can address barriers to recovery by looking at the different factors that can support the long-term development and resiliency of their respective travel and tourism economies,” added Uppink. “This will require decision-makers to restore consumer confidence and international openness by prioritizing such things as enhanced health and security measures, encouraging inclusive labour practices, improving environmental sustainability and investing in digital technology.”

Travel and Tourism Development Index 2021 results

In this year’s index, Japan takes the top spot followed by the United States, Spain, France and Germany rounding out the top five.

Other than the US, the top-10 scoring economies are high-income economies in Europe or Asia-Pacific. After top-ranking Japan, regional economies Australia and Singapore come in seventh and ninth, respectively. Italy joined the top 10 (up from 12th in 2019) in 2021, while Canada slid from 10th to 13th.

Viet Nam experienced the greatest improvement in score (from 60th to 52nd) on the overall index, while Indonesia (44th to 32nd) and Saudi Arabia (43rd to 33rd) had the greatest improvement in rank.

While Europe, Eurasia and Asia-Pacific dominate the 2021 rankings, Europe is the only region to have decreased its average score since 2019, slightly eroding its considerable lead. Sub-Saharan Africa had the greatest improvement in performance, but far more needs to be done for economies in the region to catch up with the global average.

The Travel and Tourism Development Index 2021 is a direct evolution of the Travel & Tourism Competitiveness Index, which has been published biennially for the past 15 years. The change reflects the new index’s enhanced focus on the sector’s overall role in economic and social development and the greater need for stakeholder collaboration and development strategies. Based on an altered framework, methodology and other differences, the 2021 index should not be compared to the one published in 2019. To help address this, the 2019 results were recalculated using the new framework, methodology and indicators; all comparisons in score and rankings throughout the new report are between the 2019 results and the 2021 results of the Travel and Tourism Development Index.

Rebuilding for a sustainable and resilient future

Given the travel and tourism sector’s important role in global economic and social prosperity, investing in the drivers of its development will be crucial in the coming years, according to the publication. As economies look to rebuild their travel and tourism sectors, they should focus on making their travel sectors more inclusive, sustainable and resilient to future risks.

To achieve this, one top enabling factor that should be prioritized is restoring and accelerating international openness and consumer confidence by improving, for example, health and security. This could include more investments into healthcare infrastructure and personnel and greater distribution of COVID-19 vaccinations in lower-income economies.

“Efforts to build favourable and inclusive labour practices, improve environmental sustainability and strengthening the management of tourism demand and impact will help economies ensure strong development of their travel destinations,” said Uppink. For example, sustainable environmental policies that can help protect natural resources have become even more vital as consumer preference for sustainable travel options and nature-based travel grows.

Digital technology will also be vital to achieving all of this. New digital tools can be used to manage tourism flows, optimize visitors’ experiences and reduce overcrowding. Addressing issues such as the digital divide, skills gaps and fully including small and medium-sized enterprises (SMEs) in digitalization efforts will be critical to fully leveraging digital technology to improve the tourism sector as a whole.

About the Annual Meeting 2022
For over 50 years, the World Economic Forum has been the international organization for public-private cooperation. The Annual Meeting is the focal point for leaders to accelerate the partnerships needed to tackle global challenges and shape a more sustainable and inclusive future. Convening under the theme History at a Turning Point: Government Policies and Business Strategies, the Annual Meeting 2022 and its 200 sessions brings together global leaders from business, government and civil society.

Read the full Travel and Tourism Development Index here

First published at TravelNewsHub.com – Global Travel News

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