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September 29, 2020
World Economic Forum: Leaders Rally for a 'Great Reset' to Achieve Global Goals
The global pandemic shows that the world urgently needs a new model for international cooperation.
Public-private collaboration is required more than ever to ensure this reboot is sustainable and inclusive.
The mobilization of 1,200 organizations through the COVID Action Platform shows what we can do to improve lives and livelihoods on a global scale.
Photos: Impressions from the Farewell Lunch at the Schatzalp session at the World Economic Forum Annual Meeting 2020 in Davos-Klosters, Switzerland. 24 January 2020. Images provided by & Copyright © World Economic Forum / Mattias Nutt.
Geneva, Switzerland, 24 September 2020 - In the closing session of the World Economic Forum’s fourth Sustainable Development Impact Summit, leaders called for governments, businesses, and civil society to create new kinds of cooperation to tackle COVID-19 and the climate crisis.
To achieve the Sustainable Development Goals (SDGs), diplomats urged leaders to seize the opportunity for a Great Reset; the idea championed by Klaus Schwab, Founder and Executive Chairman of the World Economic Forum.
The concept of globalization needs to be redefined, said Subrahmanyam Jaishankar, India’s Minister of External Affairs. “If you do an honest stocktaking of this last six or seven months, I don’t think it would be a good report card on most countries in most regions of the world,” he said, adding that the previous focus on trade, investment, and capital flows has to be broadened.
“Corona anywhere is corona everywhere,” he said. Along with issues such as terrorism and climate change, the pandemic forces us to “revise our sense of what is globalization,” he said.
Rania A. Al-Mashat, Minister of International Cooperation of Egypt, echoed these themes, saying of the COVID-19 pandemic: “Everybody has to be part of a collective solution. No country has a silver bullet. All of us had a chance to learn from each other. Despite shortcomings and pitfalls in handling certain things in the pandemic, there have also been a few successes. These successes have given us confidence,” she said.
One of the critical areas where more public-private dialogue and cooperation could be useful is between the United States, Europe, and China. Susana Malcorra, Dean, IE School of Global and Public Affairs, IE University, Spain, said that competition between the United States and China is not the only rivalry of concern. “There are tensions around the world,” she said. “So, what I would suggest is that we need to think about what I would call the best possible scenario, which is a competitive multilateralism,” she said. “We will not have in the foreseeable future a multilateral system based on one member state being in the driver’s seat and essentially having the rest lining up, like it or not.”
Pekka Haavisto, Foreign Minister of Finland, said that while European countries value transatlantic cooperation and share many values - Europe needs to “work with China on the big global issues, to find a global solution.”
The World Economic Forum designed the summit around the five pillars of the Great Reset: Better Business, Catalysing Cooperation, Harnessing Technology, Liveable Planet, and Shared Prosperity.
• Better Business
To help companies “walk the talk” on stakeholder capitalism and demonstrate how businesses generate long-term value.
The World Economic Forum, in collaboration with Bank of America, Deloitte, EY, KPMG, and PwC, released a set of environmental, social, and governance (ESG) metrics and disclosures.
• Catalyzing Cooperation
The COVID-19 Response Alliance for Social Entrepreneurs launched the Action Agenda with 60 organizations to support over 50,000 social entrepreneurs worldwide.
The World Economic Forum partnered with the International Renewable Energy Agency to help accelerate the industry transition to clean energy.
• Harnessing Technology
UpLink, launched at last year’s summit, now has 4,000 innovators and entrepreneurs on its platform, who have created over 500 solutions to help achieve the SDGs.
Through the UpLink Trillion Trees challenge and 1t.org, for example, 20 innovative and scalable solutions will be fast-tracked to conserve, restore, and grow 1 trillion trees by 2030.
• Liveable Planet
In one year, the Mission Possible Platform grew to over 200 companies covering seven of the most energy-intense and heavy transport sectors. These leaders reaffirmed their commitments at #SDI20 and called for all to reach net-zero by 2050 or sooner.
With the support of Forum’s Tropical Forest Alliance, the Consumer Goods Forum and 17 global corporations officially launched the Forest Positive Coalition of Action to tackle deforestation resulting from palm oil, soy, and paper, pulp, and fiber-based packaging.
• Shared Prosperity
Pooling vaccine procurement will accelerate the distribution of a COVID vaccine around the world. COVAX, which is co-led by GAVI and CEPI, is designed to do this. One hundred fifty-six economies, representing nearly two-thirds of the global population, are now committed to this. The Forum’s Manufacturing Alliance is an emerging initiative to help scale this production.
The World Economic Forum launched the Champions for Technology and Social Justice Community to help companies collaborate more closely with civil society on technology and social justice issues.
The World Economic Forum, committed to improving the world’s state, is an International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, and other society leaders to shape global, regional, and industry agendas.
The World Economic Forum convened the fourth Sustainable Development Impact Summit under the theme “Realizing a Great Reset for Sustainable Development.” This virtual summit brought together more than 4,500 leaders from government, business, and civil society from more than 141 countries.
Source: World Economic Forum
|GlobalGiants.Com|
The Great Reset
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