Saturday, May 18, 2024
 
 

World Economic Forum 2020 kicks off in Davos

EPA-EFE/ALESSANDRO DELLA VALLE
US President Donald J. Trump (R) speaks to the media next to German Klaus Schwab (L), Founder and Executive Chairman of the World Economic Forum, before addressing a plenary session during the 50th annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, 21 January 2020. The meeting brings together entrepreneurs, scientists, corporate and political leaders in Davos under the topic 'Stakeholders for a Cohesive and Sustainable World' from 21 to 24 January 2020.

- Advertisement -

Some of the world’s most powerful people gathered for the annual World Economic Forum that kicked off today in Davos, Switzerland. The invitation-only event has been criticized as a gathering of the world’s elite. Many attendees use the opportunity to privately agree investments and business deals.
All eyes will be on US’ president Donald Trump. He is expected to speak together with German economist Klaus Schwab, who founded the forum in 1971. The same day, the US Senate will start a trial to decide whether Trump should be removed from office, following an impeachment procedure.
US treasury secretary Steve Mnuchin will present his views on the most important things in US economy, such as the newly signed Phase One deal with China, and the digital tax.
Huawei founder Ren Zhengfei is expected to talk about the future of the tech arms race. He will also talk about his CEO daughter Meng Wanzhou, who is wanted by US authorities for alleged fraud in attempting to circumvent Washington’s sanctions against Iran. She denies the allegations, on the basis that her alleged conduct was not illegal at the time in Canada.
UK prime minister Boris Johnson is not attending. He has banned most other ministers from attending, and instead told them they should be focused on delivering for the people of the UK.
Climate action
Following a year of extreme weather, climate change is among the key topics of the summit, which started as an economic forum, but later evolved in an event for policymakers and activists. Young climate activist Greta Thunberg is one of the main speakers this year.
Schwab has previously written to the attendees, and urged them to commit to net zero carbon emissions by 2050. “The world is now on track to warm by more than 3°C, blowing past what scientists say is a level required to avoid potentially catastrophic consequences. There’s no sign GHG emissions are peaking, states the UN, and every year of delay makes future reductions more difficult and drastic with potential damages measured in the trillions of dollars”, the WEF said in a statement.
Protesters against the lack of climate action have started a three-day hike from Landquart en route to Davos to raise awareness of global warming.
Greenpeace announced that some of the world’s biggest banks and funds have collectively invested $1.4 trillion in fossil fuel companies since the Paris climate deal. As carbon emissions are growing every year with the increased energy demand, it accused some institutions of failing to live up to the Forum’s goal of improving the state of the world.
“Banks, insurers and pension funds are as culpable for the climate emergency as the fossil fuel industry, specifically those that go to Davos. These Davos players say they support the Paris agreement but since its signing they’ve pumped $1.4 trillion into fossil fuels”, warned Jennifer Morgan, executive director of Greenpeace.

- Advertisement -

Subscribe to our newsletter

Latest

Tackling new threats to critical energy infrastructure

The explosions that targeted the Nord Stream pipelines from...

Georgia’s “Foreign Representatives Law” moves forward amid protests

On May 14, Georgia’s parliament approved (84/150) a hotly...

North Macedonia: Sliding back towards the political dark side?

As most analysts predicted after the strong showing of...

A Green 5+1, regional water issues in Central Asia and previewing next year’s Astana International Forum

Kazakhstan’s Astana International Forum (AIF) has been postponed to 2025, as Astana...

Don't miss

Tackling new threats to critical energy infrastructure

The explosions that targeted the Nord Stream pipelines from...

Georgia’s “Foreign Representatives Law” moves forward amid protests

On May 14, Georgia’s parliament approved (84/150) a hotly...

North Macedonia: Sliding back towards the political dark side?

As most analysts predicted after the strong showing of...

A Green 5+1, regional water issues in Central Asia and previewing next year’s Astana International Forum

Kazakhstan’s Astana International Forum (AIF) has been postponed to 2025, as Astana...

Navigating the climate challenges for COP29

The impacts of climate change have become more evident...

Tackling new threats to critical energy infrastructure

The explosions that targeted the Nord Stream pipelines from Russia to Germany in September 2022 and the suspected sabotage of Baltic-connector pipeline, which supplies...

A Green 5+1, regional water issues in Central Asia and previewing next year’s Astana International Forum

Kazakhstan’s Astana International Forum (AIF) has been postponed to 2025, as Astana is diverting financial resources to assist the relief efforts after massive flooding hit several regions....

Navigating the climate challenges for COP29

The impacts of climate change have become more evident as greenhouse gas emissions (GHG) from human activities cause increased heat, drought, floods etc. Changes...

Uzbekistan to mobilize investment in environmental protection, sustainable development

NE Global sat down for an interview, in the Uzbek capital, during the 3rd Tashkent International Investment Forum (TIIF) with Aziz Abdukhakimov, Uzbekistan's Minister of Ecology,...

UK and Kazakhstan deepen strategic cooperation

During a visit to Astana, UK Foreign Secretary David Cameron, and Kazakhstan’s Foreign Minister Murat Nurtleu signed a Strategic Partnership and Cooperation Agreement, opening...

G7 Italy 2024 Foreign Ministers’ Statement on Addressing Global Challenges, Fostering Partnerships

The text of the following statement was released by the G7 foreign ministers of Canada, France, Germany, Italy, Japan, the United Kingdom and the...

U.S.-Ukraine Partnership Forum focuses on engaging the private sector in Ukraine’s Recovery

On April 17, in partnership with the U.S. Department of State, the U.S. Department of Commerce, and USAID, the U.S. Chamber of Commerce hosted...

Kazakhstan focuses on flood recovery

Sweeping across Central Asia, massive floods wreaked havoc in multiple regions of Kazakhstan, leaving thousands of people homeless. The floods are the worst the...