<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1927540808-820x547.jpg" alt="" class="wp-image-446777" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1927540808-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1927540808-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1927540808-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1927540808-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1927540808-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1927540808-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The World Economic Forum logo inside the Congress Center ahead of the World Economic Forum (WEF) in Davos Switzerland, on Monday, Jan. 15, 2024. The annual Davos gathering of political leaders, top executives and celebrities runs from January 15 to 19. Photographer: Stefan Wermuth/Bloomberg via Getty Images</figcaption></figure>



The events of the weekend in the Red Sea, when the US and UK navies launched strikes on the Houthis in Yemen, had cast a sense of gloom over the start of Davos 2024. By this morning, delegates were feverishly watching their iphones for more bad news, instead of confidently following economic indicators. If they did look at market trends, it was to see by how much the oil price was rising, whose supply chains had been interrupted (other than Tesla Germany) and whether the US federal reserve would be making noises about interest rate hikes in the light of the near impossible impasse in the Middle East.



A significant difference between Davos 2024 and the meetings of the last two years is the nature of the crisis or crises in the world. When Covid struck in 2020 and raged through 2021, the pandemic succeeded in unifying the human race and for the rich and powerful at Davos, there was something they could do about it. They could throw money at it. And it worked.



However optimistic the economic leaders gathered in Davos would want to be this week, they are painfully aware of the harsh reality that money cannot be thrown at today’s dilemmas. As always the annual general meeting of the World Economic Forum in Davos is not so much about what happens on the public stages and under the limelight, rather what is spoken about by delegates in private meetings and comments dropped in casual conversations. When the meeting began this morning, it was against the backdrop of a world divided and polarized along centuries’ old secular lines.



Who would have thought, a mere decade ago, that calamities like the cold war and the advent of the Covid pandemic would look like kindergarten stuff in comparison with the present state of the world.

Preparations Ahead Of The World Economic Forum (WEF) 2024

Geopolitical tensions

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107335577-1700224254491-gettyimages-1203899187-urn_newsml_dpa_com_20090101_200228-99-115840-2-820x462.jpeg" alt="" class="wp-image-446727" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107335577-1700224254491-gettyimages-1203899187-urn_newsml_dpa_com_20090101_200228-99-115840-2-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107335577-1700224254491-gettyimages-1203899187-urn_newsml_dpa_com_20090101_200228-99-115840-2-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107335577-1700224254491-gettyimages-1203899187-urn_newsml_dpa_com_20090101_200228-99-115840-2-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107335577-1700224254491-gettyimages-1203899187-urn_newsml_dpa_com_20090101_200228-99-115840-2-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107335577-1700224254491-gettyimages-1203899187-urn_newsml_dpa_com_20090101_200228-99-115840-2.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Boris Roessler | Picture Alliance | Getty Images</figcaption></figure>



The majority of economists surveyed by the World Economic Forum expect the global economy to weaken this year, saying that geopolitical fragmentation around the world will deepen.



“Global economic prospects remain subdued and fraught with uncertainty,” WEF’s report, published Monday, said.



“While there are positive developments, such as easing inflationary pressures and advances in the field of artificial intelligence (AI), businesses and policy-makers face persistent headwinds and continued volatility as global economic activity remains slow, financial conditions remain tight and geopolitical rifts and social strains continue to grow.”



The survey of 30 chief economists between November and December last year found that 56% of those questioned expect the global economy to weaken in 2024, while 20% expect it to remain unchanged and 23% forecast “somewhat stronger” economic conditions.



The International Monetary Fund, meanwhile, expects global economic growth to fall slightly in 2024 to 2.9%, from 3% last year.



WEF’s survey shows significant divergence among economists’ expectations for different economies, with the experts most bearish on Europe’s prospects. Some 77% of those surveyed expect growth in the region to weaken this year — that’s almost double the figure recorded in September’s survey.



The economists also turned more negative on the U.S.’s outlook. In the previous survey, 78% forecast moderate or higher growth this year, whereas the latest research sees that number fall to 56%.



Respondents were broadly positive and unchanged on their outlooks for South Asia, and East Asia and the Pacific, but struck a more cautious tone on China, with the majority (69%) now expecting only moderate economic growth.



Of particular concern to the economists was geopolitical rifts, with 69% of economists saying they expect the pace of geopolitical fragmentation to accelerate in 2024.



“When asked about the implications of recent developments … chief economists continue assigning a prominent role to geopolitical factors across macroeconomic and financial developments,” the report said.



“About 87% expect recent geopolitical developments to stoke global economic volatility in the next three years, and eight out of ten expect it to heighten volatility in stock markets.”



It comes after a year of heightened geopolitical tensions, with Russia’s war in Ukraine continuing, China-U.S. relations remaining fraught, and fears of a broader conflict in the Middle East due to the war between Israel and Hamas.



2024 is also a year that will see an unprecedented number of people vote in elections, with over 75 countries — including major economies like the U.S. and U.K. — heading to the polls.



A more positive outcome of WEF’s survey of economists was inflation expectations, with a loosening of financial conditions expected by 70% of respondents.



Economists’ expectations of high inflation fell across all regions, with particular improvement seen in Europe and the U.S., although the report notes that two-thirds of those surveyed still expect moderate inflation in both regions.

107335577-1700224254491-gettyimages-1203899187-urn_newsml_dpa_com_20090101_200228-99-115840-2

Top economists predict global growth will weaken this year as geopolitical rifts grow

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107358866-1705312997763-gettyimages-1925287828-DAVOS_WEF_2024-820x462.jpeg" alt="" class="wp-image-446709" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107358866-1705312997763-gettyimages-1925287828-DAVOS_WEF_2024-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107358866-1705312997763-gettyimages-1925287828-DAVOS_WEF_2024-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107358866-1705312997763-gettyimages-1925287828-DAVOS_WEF_2024-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107358866-1705312997763-gettyimages-1925287828-DAVOS_WEF_2024-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107358866-1705312997763-gettyimages-1925287828-DAVOS_WEF_2024.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A pedestrian walks past the TATA pop up store with a poster reading ‘The Future is AI’ ahead of the World Economic Forum (WEF) in Davos, Switzerland, on Sunday, Jan. 14, 2024. The annual Davos gathering of political leaders, top executives and celebrities runs from January 15 to 19. Photographer: Hollie Adams/Bloomberg via Getty Images Bloomberg | Bloomberg | Getty Images</figcaption></figure>



The International Monetary Fund warned that nearly 40% of jobs across the globe could be affected by the rise of artificial intelligence, with high-income economies facing greater risks than emerging markets and low-income countries.



The Washington, D.C.-based institution on Sunday assessed the potential impact of AI on the global labor market and found that, in most cases, the technology is likely to worsen overall inequality.



IMF chief Kristalina Georgieva urged policymakers to tackle this “troubling trend” and to proactively take steps “to prevent the technology from further stoking social tensions.”



“We are on the brink of a technological revolution that could jumpstart productivity, boost global growth and raise incomes around the world. Yet it could also replace jobs and deepen inequality,” Georgieva said.



The IMF noted that about 60% of jobs could be impacted by AI in high-income nations, and roughly half of these may benefit from AI integration to boost productivity.



Comparatively, AI exposure was estimated to come in at 40% in emerging markets and at 26% in low-income countries, respectively.



The findings suggest that emerging markets and low-income countries face fewer disruptions from AI in the short-term. The IMF notes that many of these nations don’t have the infrastructure of skilled workers to harness the immediate benefits of AI, raising the risk that the tech could worsen inequality.



The IMF also flagged that AI could affect income and wealth inequality within countries, warning of “polarization within income brackets.”



It said workers who are able to access the benefits of AI could increase their productivity and salary, while those who cannot are at risk of falling further behind.



Goldman Sachs has previously warned generative AI could impact as many as 300 million jobs worldwide, although the Wall Street bank acknowledged the technology could spur labor productivity and growth and boost gross domestic product by as much as 7%.



The IMF report comes as business and political leaders from around the world gather at the World Economic Forum in Davos, Switzerland. The annual WEF meeting, which runs through to Friday, takes place under the theme of “Rebuilding Trust.”



WEF says the Davos program embodies a “back to basics” spirit of open and constructive dialogue between policymakers, business leaders and civil society, with the benefits and drawbacks of AI expected to be a key topic of discussion. The event has been criticized in recent years for being out of touch, ineffective and irrelevant.

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IMF warns AI to hit almost 40% of jobs worldwide and worsen overall inequality

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107349589-17030092002023-12-19t165131z_1341710505_rc2g05a9etw3_rtrmadp_0_ukraine-crisis-zelenskiy-820x462.jpeg" alt="" class="wp-image-446662" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107349589-17030092002023-12-19t165131z_1341710505_rc2g05a9etw3_rtrmadp_0_ukraine-crisis-zelenskiy-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107349589-17030092002023-12-19t165131z_1341710505_rc2g05a9etw3_rtrmadp_0_ukraine-crisis-zelenskiy-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107349589-17030092002023-12-19t165131z_1341710505_rc2g05a9etw3_rtrmadp_0_ukraine-crisis-zelenskiy-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107349589-17030092002023-12-19t165131z_1341710505_rc2g05a9etw3_rtrmadp_0_ukraine-crisis-zelenskiy-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107349589-17030092002023-12-19t165131z_1341710505_rc2g05a9etw3_rtrmadp_0_ukraine-crisis-zelenskiy.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Ukraine’s President Volodymyr Zelenskyy holds a press conference, amid Russia’s attack on Ukraine, in Kyiv, Ukraine, December 19, 2023.  Alina Smutko | Reuters</figcaption></figure>



Ukraine pushed ahead with its peace formula to end nearly two years of war with Russia with a meeting of national security advisers from around the world in Davos on Sunday.



Ukrainian President Volodymyr Zelenskyy, who is scheduled to address the World Economic Forum (WEF) in Davos later in the week, was not in the opening morning session, which included 81 participants from countries and international organisations.



Zelenskyy was represented by his chief of staff Andriy Yermak at Sunday’s talks, which were also attended by the U.S. special representative for Ukraine’s Economic Recovery Penny Pritzker, as well as James O’Brien, the U.S. Assistant Secretary of State for European and Eurasian Affairs.



As concerns grow about ongoing U.S. support for the war in Ukraine during an election year, National Security Advisor Jake Sullivan and Secretary of State Antony Blinken are both expected to address the WEF, which officially starts on Monday evening.



Switzerland, which hosted the NSA representatives, said the Ukraine peace talks aimed to finalise principles “for a lasting and just peace in Ukraine” at the level of national security advisers. The principles, it said in a statement last week, should form the basis for the next stages of the peace process.



The role of the Global South in Ukraine’s peace formula talks has come into focus in Davos. Many of the non-aligned countries from Africa, Latin America, the Middle East and Asia that have largely stayed on the sidelines over Ukraine will be represented in the Swiss mountain resort this week.



Nigeria’s national security adviser Nuhu Ribadu could be seen attending the NSA meeting. Yermak said that there were participants from 18 Asian countries, 12 African countries and 6 South American countries.



“Countries from the Global South are increasingly involved in our work,” Yermak said on his Telegram account.



Ukraine, with strong backing from its allies, has consistently said it will not give up until it has reclaimed every piece of territory that Russia has taken.



It is unclear, however, if countries in the Global South agree with that as a peace formula.

107349589-17030092002023-12-19t165131z_1341710505_rc2g05a9etw3_rtrmadp_0_ukraine-crisis-zelenskiy

Top diplomats meet in Davos on Ukraine ‘peace formula’

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107356664-1704897343986-Untitled-2-820x462.jpg" alt="" class="wp-image-445368" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107356664-1704897343986-Untitled-2-820x462.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107356664-1704897343986-Untitled-2-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107356664-1704897343986-Untitled-2-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107356664-1704897343986-Untitled-2-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107356664-1704897343986-Untitled-2.jpg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Combination showing Sam Altman, CEO of OpenAI (L), Ursula von der Leyen, President of the European Commission (C), and Javier Milei, President of Argentina (R). Reuters</figcaption></figure>



The global elite are pulling on their snow boots and firing up their private jets for the World Economic Forum in Davos, Switzerland.



The 2024 WEF, titled “Rebuilding Trust,” runs Jan. 14-19. Hanging over the event is the sharp escalation in geopolitical tensions and global trade concerns in the Middle East. Meanwhile, inflation and economic growth, the war in Ukraine, technological change and global fragmentation will all remain on the agenda.



Perhaps the most heavyweight political figures set to be in attendance are China’s second-in-command Li Qiang, and French President Emmanuel Macron, who will both give special addresses.



Macron is the only G7 leader heading to the Swiss mountain resort, while last year only Germany’s Olaf Scholz was there from the alliance. Some have suggested politicians are increasingly wary of attending the event amid the ongoing cost of living crisis and with issues to tackle at home.



Joe Biden has not attended since he became U.S. president; nor has the U.K.’s Prime Minister Rishi Sunak.



But a host of other leaders and finance ministers are set to go this year, from Spain, Belgium, Colombia, Iraq, Lebanon, Ireland, Kenya, Nigeria, Thailand, Singapore and beyond.



From the U.S., attendees include Secretary of State Antony Blinken; national security advisor Jake Sullivan; and Special Presidential Envoy for Climate John Kerry.



Sullivan is likely to attend the latest meeting of the “National Security Advisers on Ukraine,” with a press conference to be held Sunday, which will cover the 10-point peace plan drawn up by Ukrainian President Volodymyr Zelenskyy. The plan has been much-discussed by international observers but dismissed by Russian leadership.



Argentinian President Javier Milei may raise eyebrows among the establishment with his planned Wednesday address. The newly-inaugurated right-wing firebrand has already sparked protests at home against a series of shock economic policies, including a sharp currency devaluation. He has also pledged to dollarize the economy and abolish the central bank.



Among the big names from the business world, many will undoubtedly be keen to hear from Sam Altman, reinstalled CEO of ChatGPT-maker OpenAI, who is scheduled to discuss safety and trust in technology alongside panelists including U.K. Finance Minister Jeremy Hunt and Pfizer CEO Albert Bourla.



Top figures from the global economy will as usual make appearances, from International Monetary Fund Managing Director Kristalina Georgieva, to World Bank President Ajay S. Banga, and World Trade Organization Director-General Ngozi Okonjo-Iweala.



Likewise, the heads from international bodies and civil society groups will be out in force, including the U.N.’s António Guterres, NATO’s Jens Stoltenberg, Tedros Adhanom Ghebreyesus of the World Health Organization, and Tirana Hassan of Human Rights Watch.

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From Sam Altman to Emmanuel Macron: Who’s going to Davos 2024?

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107355867-1704791524370-gettyimages-1777760400-aiholdingballotbox-820x462.png" alt="" class="wp-image-444980" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107355867-1704791524370-gettyimages-1777760400-aiholdingballotbox-820x462.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107355867-1704791524370-gettyimages-1777760400-aiholdingballotbox-300x169.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107355867-1704791524370-gettyimages-1777760400-aiholdingballotbox-160x90.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107355867-1704791524370-gettyimages-1777760400-aiholdingballotbox-768x432.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107355867-1704791524370-gettyimages-1777760400-aiholdingballotbox.png 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Alfieri | Digitalvision Vectors | Getty Images</figcaption></figure>



As around half of the world’s adult population heads to the polls in a bumper year of elections, concern over the role of artificial intelligence in disrupting outcomes has topped the list of the biggest risks for 2024, according to a new report.



The World Economic Forum’s “Global Risks Report 2024,” released Wednesday, ranked AI-derived misinformation and disinformation — and its implications for societal polarization — ahead of climate change, war and economic weakness in its top 10 risks over the next two years.



“AI can build out models for influencing large populations of voters in a way that we haven’t seen before,” Carolina Klint, chief commercial officer for Europe at consultancy Marsh McLennan, which co-produced the report, told CNBC’s Silvia Amaro.



“How that is going to play out is going to be quite important for us to watch,” she added.



Looking further ahead, the balance of risks for the next decade shifts toward extreme weather conditions and critical changes to the political world order, with two-thirds of those surveyed anticipating a new multipolar or fragmented world to take shape.



The WEF report, which was also produced in collaboration with Zurich Insurance Group, surveyed over 1,400 global risk experts, policymakers and industry leaders in September 2023 about their biggest global concerns.



The report’s authors said the combined risks are “stretching the world’s adaptative capacity to its limit,” and called on leaders to focus on global cooperation and building guardrails for the most disruptive emerging risks.



“An unstable global order characterized by polarizing narratives and insecurity, the worsening impacts of extreme weather and economic uncertainty are causing accelerating risks – including misinformation and disinformation – to propagate,” Saadia Zahidi, WEF’s managing director, said.



“World leaders must come together to address short-term crises as well as lay the groundwork for a more resilient, sustainable, inclusive future,” she added.



<h2 class="wp-block-heading" id="h-top-10-global-risks"><a></a>Top 10 global risks</h2>



The most cited risks for the next two years were, in order: misinformation and disinformation, extreme weather events, societal polarization, cyber insecurity and interstate armed conflict. Also in the top 10 were lack of economic opportunity, inflation, involuntary migration, economic downturn and pollution.



Extreme weather events, critical change to earth systems, biodiversity loss and ecosystem collapse, natural resource shortages and misinformation and disinformation were named as the most likely risks over the next 10 years. Adverse outcomes from AI technologies was also named as a longer-term concern.



“Artificial intelligence breakthroughs will radically disrupt the risk outlook for organizations with many struggling to react to threats arising from misinformation, disintermediation and strategic miscalculation, Klint said in the report.



“At the same time, companies are having to negotiate supply chains made more complex by geopolitics and climate change and cyber threats from a growing number of malicious actors. It will take a relentless focus to build resilience at organizational, country and international levels – and greater cooperation between the public and private sectors – to navigate this rapidly evolving risk landscape,” she added.



The report comes as global leaders are due to meet next week in Davos, Switzerland for WEF’s annual summit, during which they will discuss global issues including the ongoing conflicts in Europe and the Middle East, the economy and technology, under the event’s tagline “Rebuilding Trust.”



It also comes as the world embarks on a historic year of elections, with Taiwan this weekend kickstarting the elections, which are also due in the U.S., India, Russia, South Africa and Mexico.



In a separate 2024 global risks report released Monday, Eurasia Group named the upcoming U.S. election as its top risk for the year, with “ungoverned AI” also ranking among the top five.



Ian Bremmer, president and founder of Eurasia Group, said in a press briefing that given the wider reaching ramifications of the election outcome, the consultancy had “no choice” but to rank the risk ahead of the wars between Russia and Ukraine and Israel and Hamas.

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Election disruption from AI poses the biggest global risk in 2024, Davos survey warns

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107257256-1686815759701-gettyimages-1251498029-AFP_33CY93A-820x461.jpeg" alt="" class="wp-image-444913" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107257256-1686815759701-gettyimages-1251498029-AFP_33CY93A-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107257256-1686815759701-gettyimages-1251498029-AFP_33CY93A-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107257256-1686815759701-gettyimages-1251498029-AFP_33CY93A-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107257256-1686815759701-gettyimages-1251498029-AFP_33CY93A-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107257256-1686815759701-gettyimages-1251498029-AFP_33CY93A-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107257256-1686815759701-gettyimages-1251498029-AFP_33CY93A.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A job fair in China’s southwestern city of Chongqing on April 11, 2023. Str | Afp | Getty Images</figcaption></figure>



The global economy is on course to record its worst half decade of growth in 30 years, according to the World Bank.



Global growth is forecast to slow for the third year in a row in 2024, dipping to 2.4% from 2.6% in 2023, the organization said in its latest “Global Economic Prospects” report released Tuesday.



Growth is then expected to rise marginally to 2.7% in 2025, though acceleration over the five-year period will remain almost three-quarters of a percentage point below the average rate of the 2010s.



And despite the global economy proving resilient in the face of recessionary risks in 2023, increased geopolitical tensions will present fresh near-term challenges, the organization said, leaving most economies set to grow more slowly in 2024 and 2025 than they did in the previous decade.



“You have a war in Eastern Europe, the Russian invasion of Ukraine. You have a serious conflict in the Middle East. Escalation of these conflicts could have significant implications for energy prices that could have impacts on inflation as well as on economic growth,” Ayhan Kose, the World Bank’s deputy chief economist and director of the Prospects Group, told CNBC’s Silvia Amaro.



The bank warned that without a “major course correction,” the 2020s will go down as “a decade of wasted opportunity.”



<h2 class="wp-block-heading" id="h-developing-economies-to-be-hit-hardest"><a></a>Developing economies to be hit hardest</h2>



On a regional basis, growth this year is set to weaken most in North America, Europe and Central Asia, and Asia-Pacific — mainly on account of slower expansion in China. A slight improvement is forecast for Latin America and the Caribbean, coming off a low base, while more marked pickups are expected in the Middle East and Africa.



Still, developing economies are set to be the hardest hit on a medium-term basis as sluggish global trade and tight financial conditions weigh heavily on growth.



“Near-term growth will remain weak, leaving many developing countries — especially the poorest — stuck in a trap: with paralyzing levels of debt and tenuous access to food for nearly one out of every three people,” Gill said.



Developing economies are now expected to grow by just 3.9% in 2024, more than 1 percentage point below the average of the previous decade. By the end of the year, people in about 1 out of every 4 developing countries and about 40% of low-income countries will still be poorer than they were on the eve of the Covid-19 pandemic in 2019, the organization said.



The bank said the data showed that the world was failing in its goal of making the 2020s a “transformative decade” in tackling extreme poverty, major communicable diseases and climate change. However, it added that there was an opportunity to turn the tide if governments act quickly to increase investment and strengthen fiscal policy frameworks.



“Investment booms have the potential to transform developing economies and help them speed up the energy transition and achieve a wide variety of development objectives,” Kose said in the report, released ahead of the World Economic Forum next week — where international business and political leaders gather at the annual meeting to discuss global politics, economics and social issues.



“To spark such booms, developing economies need to implement comprehensive policy packages to improve fiscal and monetary frameworks, expand cross-border trade and financial flows, improve the investment climate, and strengthen the quality of institutions,” he said.



“That is hard work, but many developing economies have been able to do it before. Doing it again will help mitigate the projected slowdown in potential growth in the rest of this decade.”

107257256-1686815759701-gettyimages-1251498029-AFP_33CY93A

Global economy set for its worst half decade of growth in 30 years, World Bank says

Geneva, Switzerland, 28 November 2023&nbsp;– Transitioning to a more sustainable and carbon-neutral future, $13.5 trillion in investments will be needed by 2050, particularly in the production, energy and transport sectors, according to a new World Economic Forum report.



The&nbsp;Net-Zero Industry Tracker 2023, published in collaboration with Accenture, takes stock of progress towards net-zero emissions for eight industries – steel, cement, aluminum, ammonia, excluding other chemicals, oil and gas, aviation, shipping and trucking – which depend on fossil fuels for 90% of their energy demand and pose some of the most technological and capital-intensive decarbonization challenges.



The report, published the same week as the United Nations called at COP28 for “dramatic climate action” to close an “emissions canyon”, outlines pathways to accelerate the decarbonization of emission-intensive production, energy and transport industries.&nbsp;While the pathway to net zero in these sectors will differ based on unique sectoral and regional factors, investments in clean power, clean hydrogen and infrastructure for carbon capture, utilization and storage (CCUS) will be needed to accelerate industrial decarbonization across most sectors.



“Decarbonizing these industrial and transport sectors, which emit 40% of global greenhouse gas emissions today, is essential to achieving net zero, especially as demand for industrial products and transport services will continue to be strong,” said Roberto Bocca, Head of Centre for Energy and Materials, World Economic Forum. “Significant infrastructure investments are required, complemented by policies and stronger incentives so industries can switch to low-emission technologies while ensuring access to affordable and reliable resources critical for economic growth.”



According to the report, the $13.5 trillion in investments is derived from average clean power generation costs of solar, off-shore and on-shore wind, nuclear and geothermal, electrolyzer costs for clean hydrogen and carbon transport, as well as storage costs.



The Net-Zero Industry Tracker proposes a comprehensive framework of emissions drivers and enablers to measure progress and identify gaps, scorecards for each industry, and opportunities for cross-sector collaboration. Building on the 2022 edition, the updated report includes transportation sectors and applies the framework to identify strategies for net-zero industrial transformation.



The report’s findings underscore the urgency for creating a robust enabling environment, including low-emissions technologies, infrastructure, demand for green products, policies and investments. In addition to increasing capital expenditures to decarbonize existing industrial and transport asset bases, further investment is needed to build a clean-energy infrastructure.



Share of global GHG emissions for heavy industrial and transport sectors



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="956" height="856" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/WEF_Image_Graph.jpg" alt="W" class="wp-image-430686" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/WEF_Image_Graph.jpg 956w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/WEF_Image_Graph-300x269.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/WEF_Image_Graph-820x734.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/WEF_Image_Graph-101x90.jpg 101w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/WEF_Image_Graph-768x688.jpg 768w" sizes="auto, (max-width: 956px) 100vw, 956px" /></figure>



The majority of the technologies needed to deliver net-zero emissions are expected to reach commercial maturity after 2030, highlighting the need for collaborative approaches to research, develop and scale them. This includes substituting legacy technologies with low-emission alternatives, increasing efficiency of processes and machinery, electrification and driving circularity.



“It is imperative that action is taken soon to both decarbonize and improve energy efficiency; otherwise, unabated fossil-fuel demand in the key industry sectors, which have grown 8% on average the past three years, will increase very significantly by 2050,” said Bocca. “But industrial leaders can&nbsp; respond through new collaborative ways of working and innovating, for example within&nbsp;<a href="https://weforum.us3.list-manage.com/track/click?u=6308fe51b420dc9ff3834abc8&amp;id=5e48b8e30b&amp;e=d66be97e93">industrial clusters</a>&nbsp;and by fostering best practices, sharing infrastructure in important areas like clean hydrogen and CCUS and building &nbsp;demand for lower-emissions products.”



According to the report, carbon pricing, tax subsidies, public procurement and development of strong business cases can support in mobilizing necessary investments. However, raising capital for high-risk projects with unproven technologies could be challenging in the current macroeconomic environment. Institutional investors and multilateral banks, therefore, can play an important role by providing access to low-cost capital linked to emissions targets; equally vital is adapting financial models to the needs of various industries and regions.



“Collaboration between the public and private sectors is critical to a successful energy transition, and technology can be a key enabler in both managing affordable and reliable access to clean energy and addressing the incremental cost of decarbonization,” said Muqsit Ashraf, who leads&nbsp;<a href="https://weforum.us3.list-manage.com/track/click?u=6308fe51b420dc9ff3834abc8&amp;id=095135a5bd&amp;e=d66be97e93">Accenture Strategy</a>. “Widespread scaling and adoption of clean power, carbon capture and storage, and energy efficiency technologies across sectors are vital for progress. Additionally, business model innovations can also help stimulate demand and accelerate industrial decarbonization — achieving&nbsp;<a href="https://weforum.us3.list-manage.com/track/click?u=6308fe51b420dc9ff3834abc8&amp;id=08ae963912&amp;e=d66be97e93">net-zero objectives</a>&nbsp;and a resilient energy transition.”



The report acknowledges that recent policy developments can push the industrial net-zero transformation in the right direction. While some advanced economies are enacting large-scale policy measures, emerging economies – which will account for a larger share of future demand for industrial products and transport services – will need help accessing low-emission technologies and solutions.



The report also calls for industrial sectors to focus on the following five areas, and details specific actions for each of the sectors as part of its individual scorecard:



<ul class="wp-block-list">
<li>Technology&nbsp;– Prioritize clean power technology across most sectors, commercially scale CCUS in cement, and improve technology to reduce costs for clean hydrogen development.</li>



<li>Infrastructure&nbsp;– Promote shared infrastructure, such as industrial hubs and clusters.</li>



<li>Demand&nbsp;– Create a standardized framework for low-emissions products, a simple emissions-intensity calculator and an auditable carbon-footprint assessment process, improving consumer transparency.</li>



<li>Policy&nbsp;– Align on emissions reduction requirements globally, with policies customized to suit individual country needs and enhance market transparency to increase emission intensity visibility.</li>



<li>Capital&nbsp;– Improve transparency for low-emissions and low-carbon alternatives, strengthen demand signals and reduce capital expenditures through shared infrastructure development.</li>
</ul>



“The Net-Zero Tracker 2023 explores in detail how low-carbon solutions and infrastructure will contribute to increasing the pace of decarbonization in hard-to-abate industries,” said Stephanie Jamison, Accenture’s global Resources industry practice lead and global sustainability services lead. “This depth is essential to help companies create sustainable value and impact as they strive to achieve net-zero carbon emissions.”

power-station-pollution-energy-electricity

Net-Zero Industry Tracker: $13.5 Trillion Investment Needed to Fast-Track Decarbonization of Key Hard-to-Abate Industry Sectors 

KEY POINTS



<ul class="wp-block-list"><li>Nearly 2,500 global leaders from business, politics and civil society are expected to take part in a rare springtime version of Davos this week.</li><li>Organizers of the event had postponed the meeting from its traditional January slot over safety concerns amid the coronavirus pandemic. However, in a welcome boost to local residents, the forum’s first in-person event has now returned after a two-year hiatus.</li><li>That’s not to say everyone is happy to see the return of the world’s business and political elite to the Swiss Alps.</li></ul>



The World Economic Forum is trying to fix an image problem.



Nearly 2,500 global leaders from business, politics and civil society are expected to take part in a rare springtime version of Davos this week.



The annual meeting will see movers and shakers convene in Switzerland’s luxury Alpine ski resort of Davos for five days of conversation on issues including Covid-19, Russia’s war in Ukraine and the climate crisis.



Organizers of the event had&nbsp;<a href="https://www.cnbc.com/2021/12/20/davos-world-economic-forum-postpones-meeting-due-to-covid.html">postponed the meeting</a>&nbsp;from its traditional January slot over safety concerns amid the coronavirus pandemic. However, in a welcome boost to local residents, the forum’s first in-person event has now returned after a two-year hiatus.



The&nbsp;<a href="https://www.weforum.org/agenda/2022/05/davos-2022-whos-coming-and-everything-else-you-need-to-know/" target="_blank" rel="noreferrer noopener">theme</a>&nbsp;of this year’s event is “History at a Turning Point: Government Policies and Business Strategies.”



“It means a lot to us. It means a lot to the whole of Switzerland,” Samuel Rosenast, a spokesperson for the local tourism board, said in an interview with CNBC’s&nbsp;<a href="https://www.cnbc.com/tom-chitty/">Tom Chitty</a>.



Rosenast said the event was “unbelievably important” to those residing in Europe’s highest town, estimating that the resort could see a windfall of approximately 70 million Swiss francs ($72 million) in just this week alone.



“Every business is in contact with the World Economic Forum. The people know how important it is,” Rosenast said. “Most people here are looking forward to the World Economic Forum. They are happy that it takes place here again this year.”



<h2 class="wp-block-heading" id="h-a-symbol-of-a-failed-era"><a></a>‘A symbol of a failed era’</h2>



That’s not to say everyone is pleased to see the return of the world’s business and political elite to the Swiss Alps. The event has been sharply criticized in recent years for being&nbsp;<a href="https://fortune.com/2015/01/22/davos-out-of-touch/" target="_blank" rel="noreferrer noopener">out of touch</a>,&nbsp;<a href="https://www.cnbc.com/2018/01/18/is-davos-nothing-more-than-an-overpriced-ineffective-talking-shop.html">ineffective</a>&nbsp;and&nbsp;<a href="https://www.fnlondon.com/articles/davos-is-broadly-irrelevant-there-is-no-case-for-guzzling-jets-and-gallons-of-dom-perignon-20220516" target="_blank" rel="noreferrer noopener">irrelevant</a>.



Three years ago, Dutch historian Rutger Bregman went viral at a Davos panel&nbsp;<a href="https://www.cnbc.com/2019/03/19/rutger-bregman-historian-who-confronted-davos-elite-on-higher-taxes.html">when he called out billionaires for tax avoidance</a>. In a clip that has now been viewed nearly 11 million times, Bregman said that a global failure to effectively tackle tax avoidance was the primary cause of inequality.



“It feels like I’m at a firefighters conference and no one’s allowed to speak about water,” Bregman said at the time. “This is not rocket science … we have got to be talking about taxes. That’s it. Taxes, taxes, taxes.”



More recently, protestors, activists and people on the frontlines of inequality have sought to challenge the WEF over its “<a href="https://inequality.org/research/global-inequality-protest-davos/" target="_blank" rel="noreferrer noopener">empty rhetoric</a>,” accusing Davos of representing “a symbol of a failed era” that should be left behind.



A report published Monday by global charity Oxfam found that 573 people became new billionaires during the coronavirus pandemic — at a rate of one every 30 hours. The brief, entitled “Profiting from Pain,” expects that 263 million additional people will fall into extreme poverty this year at a rate of 1 million people every 33 hours.



“Billionaires are arriving in Davos to celebrate an incredible surge in their fortunes. The pandemic and now the steep increases in food and energy prices have, simply put, been a bonanza for them,” said Gabriela Bucher, executive director of Oxfam International.



“Meanwhile, decades of progress on extreme poverty are now in reverse and millions of people are facing impossible rises in the cost of simply staying alive.”



In his youth, Philipp Wilhelm was one of those protesting the annual gathering of billionaires and political leaders in the town where he was born. Now, however, Wilhelm is the mayor of Davos, and his goal is to deliver a successful meeting.



“I protested during the annual meeting because, for me, it was important to express that it’s really crucial that we solve this climate crisis. And we need to make the world a more just place,” Wilhelm said.



Wilhelm said that he had taken part in protests because he felt it was essential to ensure that everyone arriving in Davos “gets the message that it’s really important to solve these issues.”



Wilhelm said he — and WEF — had changed their positions since his protesting days, adding that he believes he can influence policy more effectively in his current role.



When asked whether it was a concern that criticism of WEF had become too closely associated with Davos given that the town itself has become largely interchangeable with the forum, Wilhelm replied: “No it doesn’t bother me at all.”



“I think it is interesting that people know Davos as a place where people meet and discuss — and I mean it should be controversial. There should be a discussion about what is the right way to improve the state of the world,” Wilhelm said.



<h2 class="wp-block-heading"><a></a>Davos 2022 is ‘one marker in time’</h2>



“The forum’s work is ongoing. The meeting is one marker in time,” said Saadia Zahidi, managing director at the World Economic Forum.



“What we’ve been doing over the last two and a half years — while it hasn’t been visible through a particular meeting — is a set of work that is trying to make a dent on inequality and at the same time also make changes towards addressing one of the biggest existential risks we all face which is climate change.”



When asked whether rising income inequality had become a particular problem for the forum, Zahidi replied: “Inequality is a problem for the world. I think we know that societies that do not combat inequality will have slower growth.”



“And so there has to be an effort that addresses inequality. Now, what does that? Better education, better skills, better jobs, addressing issues like taxation and changing the nature of our economies so that they actually work for people and not just for the few,” Zahidi said. “That is going to be front and center on next week’s agenda.”

Stefan Wermuth | Bloomberg | Getty Images

How Davos became the anti-establishment’s punching bag

<figure class="wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex">
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" data-id="416877" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/05/KZN-Floods_Flickr52003672603_c6c56c8529_b-1-820x547.jpg" alt="" class="wp-image-416877" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/05/KZN-Floods_Flickr52003672603_c6c56c8529_b-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/05/KZN-Floods_Flickr52003672603_c6c56c8529_b-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/05/KZN-Floods_Flickr52003672603_c6c56c8529_b-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/05/KZN-Floods_Flickr52003672603_c6c56c8529_b-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/05/KZN-Floods_Flickr52003672603_c6c56c8529_b-1.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>
<figcaption class="blocks-gallery-caption">Flood stricken KwaZulu-Natal in South Africa.</figcaption></figure>



<ul class="wp-block-list"><li>South Africa is recovering from the biggest natural disaster to hit the country in recent history.</li><li>The country is proactively responding to climate change through adaptation-focused regulation and green energy investments.</li><li>A just transition that protects both lives and livelihoods is the best strategy for South Africa.</li></ul>



In April 2022, heavy rains, flooding, and subsequent mudslides hit the KwaZulu-Natal coast in South Africa. While efforts are underway to establish the extent of the damage, hundreds of lives have been lost, with many more still missing. When visiting the disaster-struck areas around the city of Durban, South Africa’s president, Cyril Ramaphosa, shared his perspective on what lay behind the country’s worst natural disaster on record: “We no longer can postpone what we need to do – we must deal with climate change.”



The impact of the disaster&nbsp;<a href="https://reliefweb.int/disaster/fl-2022-000201-zaf" target="_blank" rel="noreferrer noopener">was not equally felt</a>. South Africa is the world’s&nbsp;<a href="https://www.dailymaverick.co.za/article/2022-03-13-south-africa-the-worlds-most-unequal-country-world-bank-report/" target="_blank" rel="noreferrer noopener">most unequal country</a>, and it was in the poorer regions where the consequences of the extreme weather were most severe. This impact visualises the plea of many African nations: Poor communities contribute the least to global pollution but are suffering the most.



<h2 class="wp-block-heading" id="adaptation-through-climate-law">Adaptation through climate law</h2>



Disasters such as these can mark a national conscience and drive forward the urgency to act. South Africans are, given the country’s unique history, people of civil action. In the wake of the disaster, thousands of volunteers are assisting in relief efforts, while&nbsp;<a href="https://www.aljazeera.com/news/2022/4/15/s-africa-climate-justice-orgs-file-criminal-complaints-agai-govt#:~:text=Johannesburg%2C%20South%20Africa%20%E2%80%93%20A%20group,action%20to%20address%20the%20climate" target="_blank" rel="noreferrer noopener">climate justice</a>&nbsp;movements are calling on the government to take practical action to address the climate crisis. These public calls aren’t falling on deaf ears, with the nation’s parliament currently deliberating a&nbsp;<a href="https://www.parliament.gov.za/bill/2300773" target="_blank" rel="noreferrer noopener">Climate Change Bill</a>. If enacted, this law will place a legal obligation on all local and provincial governments to undertake climate change needs assessments, followed by climate change response implementation plans. These climate change response plans must, as a next step, be integrated into all existing social development plans.



The bill provides for adaptation objectives for the country. These objectives are specific green targets that the government must reach within stringent timeframes. The bill also provides for carbon taxes on heavy polluters and sectoral carbon budgets. Environment minister,&nbsp;<a href="https://www.foodformzansi.co.za/at-last-climate-change-bill-reaches-parliament/" target="_blank" rel="noreferrer noopener">Barbara Creecy</a>, has called the bill “a dream come true” and that it brings all the country’s efforts to deal with climate change under one piece of legislation. Creecy has emphasized that “Sub-Saharan Africa is one of the regions of the world that is most vulnerable to climat



<h2 class="wp-block-heading" id="a-just-transition">A just transition</h2>



One of the results of COP26 was the launch of the&nbsp;<a href="https://www.g7uk.org/wp-content/uploads/2021/12/ANNEX-TO-G7-LEADERS-STATEMENT-PARTNERSHIP-FOR-INFRASTRUCTURE-AND-INVESTMENT-FINAL-3-DECEMBER.pdf" target="_blank" rel="noreferrer noopener">Just Energy Transition Partnership</a>&nbsp;(JETP). This partnership between South Africa, France, Germany, the UK, and the USA, aims to support South Africa’s&nbsp;<a href="https://www.thepresidency.gov.za/press-statements/south-africa-establishes-historic-international-partnership-support-just-transition#:~:text=President%20Cyril%20Ramaphosa%20has%20today,and%20a%20climate%20resilient%20society" target="_blank" rel="noreferrer noopener">just transition</a>&nbsp;to a low carbon economy and climate-resilient society. As Africa’s most industrialized nation and the&nbsp;<a href="https://www.worldometers.info/coal/south-africa-coal/#:~:text=Coal%20Production%20in%20South%20Africa&amp;text=South%20Africa%20produces%20277%2C951%2C564%20tons,ranking%207th%20in%20the%20world." target="_blank" rel="noreferrer noopener">world’s 7th&nbsp;largest coal producer</a>, South Africa is the&nbsp;<a>world’s 12th&nbsp;largest emitter</a>&nbsp;of carbon dioxide (C02) and is responsible for nearly half of Africa’s C02.



The energy industry is liable for the largest share of emissions, with the country’s energy utility, Eskom, berated as the&nbsp;<a href="https://energyandcleanair.org/eskom-worlds-most-polluting-power-company/" target="_blank" rel="noreferrer noopener">world’s most polluting power company</a>. While&nbsp;<a href="https://www.institutmontaigne.org/en/blog/too-cool-coal-future-south-africas-energy" target="_blank" rel="noreferrer noopener">80% of the country’s energy is still generated from coal</a>, the ongoing war in Ukraine is increasing&nbsp;<a href="https://www.youtube.com/watch?v=hb6Dx1ho75c" target="_blank" rel="noreferrer noopener">global demand for South African coal</a>.



With coal mining employing thousands, particularly in the north-eastern province of Mpumalanga, the impact of this industry on the environment and livelihoods is severe.&nbsp;<a href="https://www.greenpeace.org/africa/en/press/4202/new-satellite-data-reveals-the-worlds-largest-air-pollution-hotspot-is-mpumalanga-south-africa/" target="_blank" rel="noreferrer noopener">Greenpeace</a>&nbsp;has identified the city of Witbank, in Mpumalanga’s coal belt, as the world’s largest Nitrogen Dioxide hotspot, and a recent&nbsp;<a href="https://www.hrw.org/news/2022/03/24/south-african-court-urges-action-deadly-air-pollution" target="_blank" rel="noreferrer noopener">court ruling</a>&nbsp;found that air pollution in the area infringes residents&#8217; constitutional right to an environment that isn’t harmful to their health. This just transition away from coal is a necessity not just for those suffering the consequences of extreme weather but for lives indebted to the economic clout of coal in regions like Mpumalanga.



A key mandate of the partnership involves the need for an equitable and inclusive transition for workers and vulnerable communities away from current economic dependencies. While coal mining has been a bedrock of the economy, South Africa is blessed with&nbsp;<a href="https://www.sciencedirect.com/science/article/pii/S1876610217365165#:~:text=With%20an%20average%20of%202%2C500,competitive%20with%20the%20solar%20potential." target="_blank" rel="noreferrer noopener">immense renewable energy potential</a>&nbsp;for the just transition, boasting an average of 2,500 hours of sunshine per year and 4,5 to 6,6 kWh/m2&nbsp;of radiation levels for solar power; and wind power potential of up to 6,7000 GWs.



The partnership aims to mobilize $8,5 billion over 3-5 years to bring South Africa’s carbon emissions within the Paris Agreement targets by shifting away from fossil fuels to renewable sources. Renewable energy has already created over&nbsp;<a href="https://mg.co.za/opinion/2021-09-01-renewable-energy-can-create-about-231-400-jobs-up-to-2030/" target="_blank" rel="noreferrer noopener">55,000 jobs in the country</a>, and, in Mpumalanga alone,&nbsp;<a href="https://www.engineeringnews.co.za/article/up-to-72-000-energy-transition-jobs-could-be-created-in-mpumalanga-by-2030-study-shows-2021-12-08" target="_blank" rel="noreferrer noopener">up to 72,000 energy transition jobs</a>&nbsp;can be created through 2030. The adverse, unfortunately, is that roughly 74,000 jobs are at risk. Sustainable job alternatives for such workers are crucial.

KZN Floods_Flickr_52003672603_c6c56c8529_b

How South Africa’s recent floods compel climate action￼

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="544" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1195404729-820x544.jpg" alt="" class="wp-image-396401" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1195404729-820x544.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1195404729-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1195404729-768x509.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1195404729.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Nana Addo Dankwa Akufo-Addo, Ghana&#8217;s president, gestures as he speaks during a news conference on day three of the World Economic Forum (WEF) in Davos, Switzerland, on Thursday, Jan. 23, 2020. World leaders, influential executives, bankers and policy makers attend the 50th annual meeting of the World Economic Forum in Davos from Jan. 21 &#8211; 24. Photographer: Gem Atkinson/Bloomberg via Getty Images</figcaption></figure>



Africa needs to find its own resources in order to drive a sustainable post-Covid-19 recovery and reconstruction plan built on the African Continental Free Trade Area (AfCFTA), the President of Ghana told this year’s World Economic Forum (WEF) meeting.



President Nana Addo Dankwa Akufo-Addo said this was crucial as the continent seeks to return to macroeconomic stability and fiscal responsibility while leveraging rapidly changing digital technologies to improve livelihoods.



“The multilateral system is under strain, and we must do all that we can to generate the needed resources to achieve sustainable development,” the Ghanaian leader told a session entitled `Building Inclusive, Sustainable and Job-Creating Growth in Africa&#8217;”.



“We in Africa should make every effort to generate for ourselves the additional funds we need to advance, and hopefully our external partners – private and public – will lend their backing to the priorities we set.”



The agreement connects 1.3 billion people across 55 countries with a combined gross domestic product (GDP) valued at US$3.4 trillion. The World Bank says it has the potential to pull more than 30 million people out of extreme poverty.



Akufo-Addo said goodwill towards the continent remained strong as shown by President Cyril Ramaphosa, who told the virtual WEF Davos Dialogues that South Africa had mobilised around $51 billion (R774billion) in new investment commitments over the last three years.



Ramaphosa said around a fifth of the committed value had already been invested in construction and essential equipment for mining, manufacturing, telecoms and agriculture.



Naspers SA Chief Executive Phuthi Mahanyele-Dabengwa told the meeting that digital had the ability to help reduce some of the inequalities exacerbated by the coronavirus.



“Africa’s digital transformation has the potential to leap frog many cycles of development. We can make significant advances enabling sustainable economic growth ensuring we move forward collectively so that no one is left behind.”



Absa Group Chief Executive Daniel Mminele said the there was an opportunity to leverage public funds and infrastructure investments better to uplift communities.



“We need to find sustainable solutions to some of the funding problems we have but funding is very key and a responsibility that sits on the shoulders of both the public and private sector and banks.”

Day Three Of The World Economic Forum (WEF) 2020

Africa must use continental new trade agreement to plan Coronavirus recovery plan

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/11/105500770-1539253589126gettyimages-909184932.jpeg" alt="" class="wp-image-392105" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/11/105500770-1539253589126gettyimages-909184932.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2020/11/105500770-1539253589126gettyimages-909184932-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/11/105500770-1539253589126gettyimages-909184932-150x84.jpeg 150w, https://cms.cnbcafrica.com/wp-content/uploads/2020/11/105500770-1539253589126gettyimages-909184932-696x391.jpeg 696w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>President Cyril Ramaphosa during a pre-World Economic Forum breakfast briefing on January 18, 2018 in Johannesburg, South Africa.</figcaption></figure>



South African President Cyril Ramaphosa on Tuesday urged the world’s wealthiest countries to stop “hoarding” vaccines and called for an end to “vaccine nationalism.”



In remarks delivered at the World Economic Forum’s virtual Davos Agenda event, Ramaphosa cautioned that some countries had ordered more supplies of vaccines than they needed, and that this was counterproductive to the global recovery effort.



“Ending the pandemic worldwide will require greater collaboration on the rollout of vaccines, ensuring that no country is left behind in this effort,” he said.



“The rich countries of the world went out and acquired large doses of vaccines from the developers and manufacturers of these vaccines, and some countries have even gone beyond and acquired up to four times what their populations need,” he said.



“That was aimed at hoarding these vaccines and now this is being done to the exclusion of other countries in the world that most need this,” he added, urging major economies to release their excess stockpiles for distribution to developing nations.



<a href="https://www.cnbc.com/2021/01/25/covid-vaccine-moderna-working-on-covid-booster-shots-for-south-african-strain.html">South Africa</a>&nbsp;is the country worst hit by Covid-19 on the continent, which has largely managed to stave off the kind of uncontrolled spread which brought the U.S. and much of Europe to a standstill. As of Tuesday morning, the country had recorded more than 1.4 million cases with 41,117 deaths.



In a panel discussion as part of the Davos Agenda event on Tuesday morning, Africa CDC Director John Nkengasong said the continent is facing a “very aggressive second wave” of the pandemic, with mortality increasing on average 18% across the 55 African member states last week.



“We as a continent must recognize that vaccines will not be here when we want them, but as such we need to really focus on the public health measures that we know work,” he added.



Ramaphosa, who is also chairman of the African Union, lauded the continent’s collaborations on Covid-19 responses, including the African Medical Supplies Platform, which has offered assistance to national health systems, established regional collaboration hubs and deployed community healthcare workers to support testing and treatment efforts.



He also praised the progress of the African Vaccine Acquisition Task Team, which he said was created when AU nations realized “how the world’s richest countries are behaving.”



The AVATT has secured a provisional 270 million doses for AU member states directly, in addition to the 600 million expected from the World Health Organization’s COVAX initiative.

105500770-1539253589126gettyimages-909184932

South African leader Ramaphosa urges rich countries to stop ‘hoarding’ vaccines

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="768" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1211759561.jpg" alt="" class="wp-image-395299" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1211759561.jpg 1024w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1211759561-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1211759561-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1211759561-768x576.jpg 768w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>UKRAINE &#8211; 2020/05/04: In this photo illustration a World Economic Forum logo seen displayed on a smartphone. (Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images)</figcaption></figure>



For some countries, access to vaccines are increasingly a reality, and millions of vaccines have been purchased with the hope that in time the world’s populations could become COVID-19 immune.



The expectation is that with a vaccine, some aspects of life will return to normal – especially when it comes to travel – which has been particularly hard-hit. This is where a “vaccine passport” or “e-vaccination certification of compliance for border crossing regulations” to enable seamless border-crossing and the harmonization of varying national laws might become a required travel document.



There are important&nbsp;<a href="https://www.ft.com/content/d9eff483-a922-4376-b1d2-042f1dff4e3a" target="_blank" rel="noreferrer noopener">questions</a>&nbsp;to be asked, however, around whether vaccinations prevent transmission, the difference between evidence of inoculation and evidence of immunity, and the rights of those people who may be unable to have the vaccine for health or other reasons.



With this in mind, the World Health Organization (WHO) is looking closely into the use of technology in the COVID-19 response, and how it can work with member states toward an e-vaccination certificate. Importantly, the framework will need to be harmonized, when it comes to standards and the use cases for the certificate, by a normative body like the WHO to ensure that it upholds ethical and equitable principles.



There are also separate initiatives among the private sector, such as the&nbsp;<a href="https://www.businesswire.com/news/home/20210114005294/en/Broad-Coalition-of-Health-and-Technology-Industry-Leaders-Announce-Vaccination-Credential-Initiative-to-Accelerate-Digital-Access-to-COVID-19-Vaccination-Records" target="_blank" rel="noreferrer noopener">Vaccine Credentials Initiative</a>, which are feeding into this work by offering authentication tools and solutions.



<figure class="wp-block-image"><a href="https://www.nature.com/articles/d41586-020-02450-x"><img decoding="async" src="https://assets.weforum.org/editor/cNNkrSfecATDxPqAnkQHLwfZ7jN_fWxat9PygEbVe5g.JPG" alt=""/></a></figure>



Here,&nbsp;Arnaud Bernaert, Head of Shaping the Future of Health and Healthcare at the World Economic Forum, explains why the WHO’s framework must be the global standard and what are the use cases for sharing data around diagnostics and vaccines.



<h2 class="wp-block-heading" id="h-is-the-idea-of-a-vaccine-passport-entirely-new">Is the idea of a vaccine passport entirely new?</h2>



The concept of a passport to allow for cross border travel is something that we’ve been working on with the&nbsp;<a href="https://www.weforum.org/projects/commonpass">Common Trust Network</a>&nbsp;for many months. The focus has been first on diagnostics. That’s where we worked with an organization called “The Commons Project” to develop the “Common Trust Framework”. This is a set of registries of trusted data sources, a registry of labs accredited to run tests and a registry of up-to-date border crossing regulations.



The set of registries can be used to generate certificates of compliance to prevailing border-crossing regulations as defined by governments. There are different tools to generate the certificates, and the diversity of their authentication solutions and the way they protect data privacy is quite remarkable.



We at the Forum have no preference when it comes to who is running the certification algorithm, we simply want to promote a unique set of registries to avoid unnecessary replication efforts. This is where we support the Common Trust Framework.



For instance, the Common Pass is one authentication solution – but there are others, for example developed by Abbott, AOK, SICPA (Certus), IBM and others.



<h2 class="wp-block-heading" id="h-how-does-the-system-work-and-how-could-it-be-applied-to-vaccines">How does the system work and how could it be applied to vaccines?</h2>



The Common Trust Network, supported by the Forum, is combining the set of registries that are going to enrol all participating labs. Separately from that, it provides an up-to-date database of all prevailing border entry rules (which fluctuate and differ from country to country).



Combining these two datasets provides a QR code that border entry authorities can trust. It doesn’t reveal any personal health data – it tells you about compliance of results versus border entry requirements for a particular country. So, if your border control rules say that you need to take a test of a certain nature within 72 hours prior to arrival, the tool will confirm whether the traveller has taken that corresponding test in a trusted laboratory, and the test was indeed performed less than three days prior to landing.



The purpose is to create a common good that many authentication providers can use and to provide anyone, in a very agnostic fashion, with access to those registries.



<h2 class="wp-block-heading" id="h-what-is-the-who-s-role">What is the WHO’s role?</h2>



There is currently an effort at the WHO to create standards that would process data on the types of vaccinations, how these are channelled into health and healthcare systems registries, the use cases – beyond the management of vaccination campaigns – include border control but also possibly in the future access to stadia or large events. By establishing in a truly ethical fashion harmonized standards, we can avoid a scenario whereby you create two classes of citizens – those who have been vaccinated and those who have not.



So rather than building a set of rules that would be left to the interpretation of member states or private-sector operators like cruises, airlines or conveners of gatherings, we support the WHO’s effort to create a standard for member states for requesting vaccinations and how it would permit the various kinds of use cases.



It is important that we rely on the normative body (the WHO) to create the vaccine credential requirements. The Forum is involved in the WHO taskforce to reflect on those standards and think about how they would be used. The WHO’s goal is to deploy standards and recommendations by mid-March 2021, and the hope is that they will be more harmonized between member states than they have been to date in the field of diagnostics.



<figure class="wp-block-image"><img decoding="async" src="https://assets.weforum.org/editor/NII-BtVHEiSGk03O2WFIYSOlZvG8-NRCaZI9WgXFMbI.jpg" alt=""/></figure>



<h2 class="wp-block-heading" id="h-what-about-the-private-sector-and-separate-initiatives">What about the private sector and separate initiatives?</h2>



When registry frameworks are being developed for authentication tools providers, they should at a minimum feed as experiments into the standardization efforts being driven by WHO, knowing that the final guidance from the only normative body with an official UN mandate may in turn force those providers to revise their own frameworks. We certainly support this type of interaction, as public- and private-sector collaboration is key to overcoming the global challenge posed by COVID-19.



<h2 class="wp-block-heading" id="h-what-more-needs-to-be-done-to-ensure-equitable-distribution-of-vaccines">What more needs to be done to ensure equitable distribution of vaccines?</h2>



As the WHO has&nbsp;<a href="https://www.reuters.com/article/health-coronavirus-who/world-is-on-the-brink-of-a-catastrophic-moral-failure-on-vaccines-who-chief-idUSZ8N2HS00V" target="_blank" rel="noreferrer noopener">warned</a>, vaccine nationalism – or a hoarding and “me-first” approach to vaccine deployment – risks leaving “the world’s poorest and most vulnerable at risk.”



COVAX, supported by the World Economic Forum, is coordinated by the World Health Organization in partnership with GAVI, the Vaccine Alliance; CEPI, the Centre for Epidemics Preparedness Innovations and others. So far,&nbsp;<a href="https://www.who.int/news/item/18-12-2020-covax-announces-additional-deals-to-access-promising-covid-19-vaccine-candidates-plans-global-rollout-starting-q1-2021" target="_blank" rel="noreferrer noopener">190 economies</a>&nbsp;have signed up.



The Access to COVID-19 Tools Accelerator (<a href="https://www.who.int/initiatives/act-accelerator" target="_blank" rel="noreferrer noopener">ACT-Accelerator</a>) is another partnership, with universal access and equity at its core, that has been successfully promoting global collaboration to accelerate the development, production and equitable access to COVID-19 tests, treatments and vaccines. The World Economic Forum is a member of the ACT-Accelerator’s Facilitation Council (governing body).

In this photo illustration a World Economic Forum logo seen

What is a ‘vaccine passport’ and will you need one the next time you travel?

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="768" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1211759561.jpg" alt="" class="wp-image-395299" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1211759561.jpg 1024w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1211759561-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1211759561-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1211759561-768x576.jpg 768w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>UKRAINE &#8211; 2020/05/04: In this photo illustration a World Economic Forum logo seen displayed on a smartphone. (Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images)</figcaption></figure>



The coronavirus is threatening the ability of the world to fight climate change after it worsened economic inequality and destabilized existing geopolitical structures, the World Economic Forum (WEF) says.



WEF’s Global Risks Report 2021 published today says the Covid-19 pandemic is increasing disparities and social fragmentation and will threaten the global economy.



“The pandemic has not only claimed millions of lives, but it also widened long-standing health, economic and digital disparities,” the Geneva-based organization said in the report which also cited economic, environmental, and societal risks as looming dangers.



The novel virus has killed more 2 million people globally since its outbreak in China’s Wuhan city last year. In Africa, the African Union’s Africa Centres for Disease Control says 3.3 million people have been infected while more than 80,000 have died.



&nbsp;“Environmental risks dominate by impact and likelihood, looking ahead towards the next decade. Societal fractures, uncertainty and anxiety will make it more difficult to achieve the coordination needed to address the planet’s continued degradation,” WEF said.



World Economic Forum Managing Director Saadia Zahidi says as governments, businesses and societies begin to emerge from the pandemic, they must urgently shape new economic and social systems that improve a collective resilience and capacity to respond to shocks while reducing inequality, improving health and protecting the planet.&nbsp;



“We know how difficult it is for governments, business and other stakeholders to address such long-term risks, but the lesson here is for all of us to recognize that ignoring them doesn’t make them less likely to happen.”



She says WEF reports have been warning the world about the dangers of pandemics for the last 15 years and it only became a reality in 2020.



Social Value Committee President Lee Hyung-hee says the pandemic in 2020 was a stress-test that shook the foundations of economies and societies worldwide.



“Rebuilding resilience to systemic shocks will require significant funding, international cooperation and greater social cohesion. Resilience will also hinge on the continued growth in connectivity worldwide, as we know that economies that digitized early performed relatively better in 2020.”



Head of Global Risk and Geopolitical Agenda at WEF, Emilio Granados Franco told CNBC Africa that globally, the pandemic has tested the political systems, governments’ capacity, supply chain resilience, cultures and geographies.



“The important objective now is to draw lessons from how different countries responded to the challenges.”

WEF says Coronavirus tested global resilience, climate change defence

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/01/105691903-1548163290191gettyimages-1085604158.jpeg" alt="" class="wp-image-353452" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/01/105691903-1548163290191gettyimages-1085604158.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2020/01/105691903-1548163290191gettyimages-1085604158-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/01/105691903-1548163290191gettyimages-1085604158-696x391.jpeg 696w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>Workers listen during a briefing inside the Congress Center, the venue for the World Economic Forum (WEF), in Davos, Switzerland, on Sunday, Jan. 20, 2019.
</figcaption></figure>



The World Economic Forum (WEF) is aiming to attract around 1,000 delegates for its Singapore summit in late May and wants the iconic Marina Bay Sands complex to host the event, two sources familiar with the organization’s plans said.



The sources, who did not want to be identified as negotiations are ongoing, said the plans for the May 25-28 event were still fluid given the uncertainty of the Covid-19 pandemic raging across the world.



The WEF and Marina Bay Sands declined comment. Singapore’s trade ministry did not immediately have comment.



The annual gathering of political and business leaders was moved from its usual home in the Swiss ski resort of Davos, from which it takes its informal name, to Singapore in December due to virus safety fears, organizers said.



If it goes ahead as planned, the event would be the first in-person global conference since Covid-19 started spreading widely in early 2020. The WEF’s previous summit in Davos in January 2020 was one of the last, and attracted 3,000 delegates and thousands of others for side events.



WEF is aiming for around 1,000 delegates in Singapore, the sources said, possibly up to 1,800 if conditions allow. The usual side events — which have in previous years seen the population of the Alpine town of Davos swell from 10,000 to about 30,000 — will be significantly curtailed due to the virus, the sources added.



Still, there is much uncertainty. Singapore, a Southeast Asian island nation of 5.7 million, has had its borders largely shut to visitors for almost a year, and imposed strict quarantine measures for returning residents.



The emergence of more infectious virus variants have led the city-state to impose further travel curbs on some countries in recent weeks.



WEF organizers hope attendees will be able to avoid quarantines through rigorous testing and by staying in a “bubble” cut off from the local population. Singapore is due to start a trial of a limited version of this scheme later this month, and has also said it will consider relaxing travel restrictions for vaccinated travelers.



Alvin Tan, a senior trade ministry official, said earlier this month there would be measures to manage interactions between WEF attendees and locals, but said specific details were still being worked out.



Finding a venue for this WEF bubble, where attendees can also eat, sleep and mingle, has led the organization to target Marina Bay Sands as potential hosts, the sources said.



Marina Bay Sands, owned by late billionaire Sheldon Adelson’s Las Vegas Sands, is the most globally recognizable building on the wealthy city-state’s skyline, regularly featured on postcards and other tourist wares.



Resembling a surfboard perched atop three towers, it has more than 2,500 rooms and suites, a casino, shops and restaurants, as well as convention and exhibition facilities that can host over 45,000 delegates.



A virus-proofed business travel facility being built at a convention center near the airport could also be among the venues to host WEF travelers, authorities have said.

WEF reportedly targets Marina Bay Sands for Singapore’s ‘Davos’ summit

World Economic Forum: The Outcomes of WEF Davos – An African Perspective

By Dr Patrice Motsepe on his remarks to President Donald Trump at Davos dinner



I’m aware of the lively, diverse and at times emotional debate in the global media and on social media relating to my remarks to President Donald Trump at the dinner in Davos during the World Economic Forum. 



The debate also exposed me to the views of Africans who disagreed with my remarks. I have a duty to listen to these differing views and would like to apologise. I do not have the right to speak on behalf of anybody except myself. As a global philanthropist and business leader, I have for many decades, in South Africa and on the African continent, worked to bring together and unite people of different races, ethnic groups and members of different religious and faithbased organisations. I’ve worked with political, business, societal and other leaders whose views and policies I do not share and will continue to do so in Africa and globally. My remarks at the dinner with President Donald Trump were partly aimed at encouraging discussions between the Trump Administration and African political and business leaders, particularly in the context of the increasing feedback from certain American political and business leaders that South Africa and some African countries are anti-America and its political leadership. This perception has had an impact on our ability to attract foreign investments and create jobs. Africa’s current population is 1.35 billion and it has the fastest growing youth (aged between 15 and 24) and total population in the world. The unemployment rate in the 8 largest African economies measured by GDP is approximately 18%. South Africa which has the most industrialised and diverse economy in Africa has an unemployment rate of 29.1% and a youth (aged between 15 and 24) unemployment rate of 51%. 2 Africa has to create approximately 8 million new jobs for the youth every year and South Africa has to create in excess of 500 000 new jobs for the youth each year. In order to do this and to provide skills and expertise and improve the living conditions and standards of living of millions of Africans, Africa will have to create partnerships and increase trade and investment ties between Africa and America and between Africa and other parts of the world. A successful, prosperous and growing Africa is good and beneficial not only to the 1.35 billion people living in Africa but for the world. Africa and America to a very large extent, share common values and principles and have greater mutual interest than the issues or policies on which they disagree or have different views. It is in the interest of South Africa and the rest of the African continent to build mutually beneficial socio-political, trade, investment and cultural ties between the economies and people of Africa and America and Africa and the world. I am committed to continue making a humble contribution in this regard.

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How South Africa’s recent floods compel climate action