Current Affairs

The World Economic Forum (WEF) Annual Meeting 2022

The World Economic Forum (WEF) Annual Meeting 2022

In News:

  • The World Economic Forum (WEF) Annual Meeting 2022 came to an end on 26 May.
  • This was the first global in-person leadership event since the start of the Covid-19 pandemic.

What’s in Today’s Article:

  • World Economic Forum (about, Davos meet, reports published by WEF)
  • Summary of Modi’s ‘State of the World’ address

In Focus: World Economic Forum

About                  

  • The World Economic Forum is the international non-governmental organization for Public-Private Cooperation.
    • It was founded in January 1971 by German engineer and economist Klaus Schwab.
  • The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas.
    • It has no independent decision-making power.
  • HQ: Cologny-Geneva, Switzerland.

Davos meet:

  • Annually, the WEF organizes a meeting at the end of January in Davos, a mountain resort in Graubünden, in the eastern Alps region of Switzerland.
  • The Annual Meeting, also known as the Davos Agenda, has the objective of orienting global leaders on the imperatives of the year ahead.

Reports published

  • WEF also produces a series of annual reports such as –
    • Global Competitiveness Report,
    • Global Information Technology Report,
    • Global Gender Gap Report,
    • Global Risks Report,
    • Global Travel and Tourism Report,
    • Financial Development Report and
    • Global Enabling Trade Report.

News Summary

  • The World Economic Forum Annual Meeting, being held at Davos, Switzerland, came to an end on May 26, 2022.
  • Theme of this year’s summit was – ‘working Together, restoring Trust’.

Key highlights

  • Most critical edition so far
    • This edition was one of the most critical so far, due to the vast changes the world has seen since the event was last held.
    • With the pandemic in the background and the invasion of Ukraine in the foreground, the summit comes at a crucial geopolitical and economic moment.
    • The world faces urgent challenges in humanitarian emergencies, energy and security, while not losing sight of the long-term commitments to transform, feed and decarbonize the planet.
  • Various issues discussed
    • The global leaders and experts discussed various topics, ranging from trade deals and global cooperation to press freedom and the Ukraine conflict.
    • The meetings were structured around six themes:
      • Promoting global and regional cooperation;
      • Ensuring economic recovery and building a new era of growth;
      • Building healthy and fair societies;
      • Safeguarding the climate, food supply and nature;
      • Promoting the transformation of industry;
      • Harnessing the power of the Fourth Industrial Revolution.
  • The global leaders will work on eight thematic priorities:
    • global cooperation; economic rebalancing; society and equity; climate and nature;
    • innovation and governance; industrial transformation; risks and resilience; and global health.
  • Global Digital FDI Flows Launched
    • The summit saw the launching of a new initiative to boost flows of digital foreign direct investments
    • It is a joint initiative of the Digital Cooperation Organization (DCO) and the WEF.
      • The DCO focuses on digital economy initiatives supporting youth, start-up entrepreneurs and women.
      • It has nine member states with a combined GDP of nearly USD 2 trillion and a population of nearly 600 million.
    • The agreement will see the DCO and WEF work together to identify methods to increase digital adoption, investment in new digital activities, and investment in digital infrastructure.
    • Under the initiative, the DCO and WEF will launch Digital FDI Enabling Projects in countries around the world.
  • Defining and Building the Metaverse
    • Forum announced a new initiative, Defining and Building the Metaverse.
    • This initiative brings together key stakeholders to build an economically viable, interoperable, safe, and inclusive metaverse.
    • Research suggests that the metaverse is expected to grow into an $800 billion market by 2024.

India at Davos 2022

  • India sent a record delegation this year
    • From India, three union ministers — Piyush Goyal, Mansukh Mandaviya and Hardeep Singh Puri — participated.
    • Beside them, several state leaders including two chief ministers — Basavaraj S Bommai and Y S Jagan Mohan Reddy – also participated in the meeting.
    • India presented its position on critical global issues like the energy crisis, food security, and health equity at the summit.
  • Launch of Indian CEO Alliance
    • The Forum launched the India chapter of the Alliance of CEO Climate Action Leaders to supercharge India’s climate action and decarbonization efforts.
    • Part of the WEF’s Climate Action Platform, the Alliance will continue efforts to achieve the vision of Mission 2070: A Green New Deal for a Net Zero India, on India’s low-carbon transition by 2070.
  • India, leading the transition to green energy
    • The participating Indian leaders highlighted the fact that:
      • 60 million people go to fill up their tanks every day in India; 5 million barrels a day is the Indian consumption.
      • The aim of a 20% ethanol blend has been pushed ahead from 2030 to 2025.
      • Green hydrogen, biofuel discovery, and production from alternate sources is being prioritised.
  • New $15 million investment to tackle freshwater crisis
    • With record-breaking heatwaves and droughts affecting the country, the meeting took some substantive action on freshwater conservation and management.
    • Global conglomerate HCL announced a partnership with UpLink, the open innovation platform of the World Economic Forum.
    • Through a $15 million investment over five years, HCL will accelerate the innovation agenda for water.
    • It will create a first-of-its-kind innovation ecosystem for the global freshwater sector on UpLink.
  • Maharashtra joins the World Economic Forum in the Fight Against Plastic Pollution
    • Maharashtra, India’s largest state in terms of GDP, has joined the World Economic Forum’s Global Plastic Action Partnership (GPAP).
    • It has joined the platform to drive localized solutions for the circular economy.
  • India’s role in defining the metaverse
    • The concept of the metaverse is new, but that hasn’t stopped companies across the spectrum from making plans for engaging with it.
      • The metaverse refers to a virtual world where people can live, work and play via an avatar.
      • It doesn’t actually exist yet, but tech companies are investing billions of dollars into developing the technology.
    • And it’s no different for industry leaders in India.
Tags: Current Affairs

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