The war in Ukraine is taking its toll on the lives of many, both physically and emotionally. The coronavirus pandemic left the general public pondering their employment and lifestyle choices. One of the key points to come from both of these disasters is the overarching demand for sustainable solutions.
As a result, the conversation around sustainability has grown deeper for businesses and governments around the world, but the concerns will remain the same until a sign of relief is in sight. The World Economic Forum (WEF) is home to some of the most critical insights for both types of organisation, political leaders are returning to Switzerland to discuss next steps at the Davos Forum.
What is the World Economic Forum’s Davos agenda?
The Davos Forum is an in-person annual event organised by the WEF where some of the most significant, influential leaders from across the globe come together to take action. 2022 marks the first time since the pandemic that the physical event has taken place due to social isolation and other restrictions on travel.
Leaders discuss economic factors, as well as environmental, social and governance action, which is high on the agenda for most right now.
Strengthening renewable energy sources
The WEF is a hub for commercial and sustainability insights and the latest insights from the group are centred around the critical areas for development in relation to discussions at Davos 2022.
One of the major concerns for the organisation is the current dependence on fossil fuels in Europe as supply chain issues have arisen as a result of the conflict between Russia and Ukraine. Not only is renewable energy an important step towards decarbonisation, but it may also alleviate risks to the industrial sector, which uses more than half of the world’s total energy. Changes to climate policies are likely to affect this as leaders at Davos push to reduce fossil-fuel use from its 80% majority of the total energy consumption.
Cleantech catalyses the renewable energy switch
Innovation is the enabler of renewable energy transformation. In an ever-increasing digital landscape, cleantech will play a huge role in making the switch to renewable energy. Organisations will be expected to formalise their energy intentions and more emphasis will be placed on domestic energy security. The rising prices of fossil fuels signifies the versatility of the industry to global events.
The question that we hope to see answered at Davos is ‘How will this be achieved?’.
With so much to discuss, we await new or extended initiatives to finance sustainability projects, encouraging businesses to grow their portfolios of renewable energy and invest in future projects to localise energy sourcing.
About the World Economic Forum
For anyone looking to gain commercial and sustainability insights, the WEF provides great insight and analysis of current industry trends. The international non-governmental and lobbying organisation is based in Switzerland and was founded by the German engineer and economist, Klaus Schwab, in 1971. Following the organisation, businesses and governments will find valuable information to support global events.