Businesses are being urged to take immediate action to address growing climate risks. According to the World Economic Forum, climate hazards such as extreme heat could cause billions in losses. Our next report explores the financial risks and opportunities businesses face as they navigate the evolving climate landscape. Take a look…

Climate Risks Could Slash Earnings by 7% by 2035, Warns WEF

Chief economists have expressed cautious optimism over the global economy, particularly highlighting India's robust performance that put South Asia at the top position globally, according to the latest survey by the World Economic Forum.

A survey released last week by the World Economic Forum makes a series of noteworthy predictions and reveals easing inflation and strong global commerce as key drivers of the optimism for recovery; however, it also points out accelerating debt levels that challenge advanced and developing economies alike.

Brief history of World Economic Forum<o:p></o:p>

The World Economic Forum (WEF) is an international non-governmental organization, think tank and lobbying organisation based in Cologny, Canton of Geneva, Switzerland. It was founded on 24 January 1971 by German engineer Klaus Schwab.

The foundation, which is mostly funded by its 1,000 member companies, typically global enterprises with more than five billion US dollars in turnover, as well as public subsidies, states that its own mission is "improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas".

The Forum claims that a globalized world is best managed by a self-selected coalition of multinational corporations, governments, and civil society organizations (CSOs), which it expresses through initiatives like the "Great Reset" and the "Global Redesign". It states that it views periods of global instability such as the financial crisis of 2007–2008 and the COVID-19 pandemic, as windows of opportunity to intensify its programmatic efforts.

WEF Outlook<o:p></o:p>

According to a report detailed by the Press Trust of India, The WEF Chief Economists Outlook has revealed that the spectrum of debt and fiscal stress is only rising, which is making economists worried about the cost of servicing debt that will yield the starkest constraint on key investment areas such as infrastructure, education, and healthcare. In particular, 39 per cent of economists polled from developing nations expected a rise in defaults in the next year.

Regionally, almost 90 per cent of economists expect moderate to strong growth in the US over the next two years through 2025 while still confident that it will have a "soft landing" post-tight monetary policy. Europe is expected to be experiencing weak growth and China faces similar problems with nearly 40 per cent expecting weak or very weak growth over the next two years.

South Asia is very different. Over 70 per cent of economists are positive regarding the prospects for strong growth in 2024 and 2025, mainly due to India's performance. The International Monetary Fund recently adjusted India's GDP growth forecast from 6.8 per cent to 7 per cent, showing again the vibrancy of the region.

Further, according to Saadia Zahidi, WEF's managing director, the global economy enters 2024 with new signs of stabilization but fiscal challenges remain. The role of coordinated policy efforts in facilitating resilient recovery is perceived here to be quite important. The survey suggests limited fiscal space for facing future crises; developing economies are vulnerable to dealing with long-term challenges such as climate change and demographic shifts.

<o:p>&nbsp;</o:p>

Chief economists have expressed cautious optimism over the global economy, particularly highlighting India's robust performance that put South Asia at the top position globally, according to the latest survey by the World Economic Forum.

Chief economists have expressed cautious optimism over the global economy, particularly highlighting India's robust performance that put South Asia at the top position globally, according to the latest survey by the World Economic Forum. A survey released last week by the World Economic Forum makes a series of noteworthy predictions and reveals easing inflation and strong global commerce as key drivers of the optimism for recovery; however, it also points out accelerating debt levels that challenge advanced and developing economies alike. Brief history of World Economic Forum The World Economic Forum (WEF) is an international non-governmental organization, think tank and lobbying organisation based in Cologny, Canton of Geneva, Switzerland. It was founded on 24 January 1971 by German engineer Klaus Schwab. The foundation, which is mostly funded by its 1,000 member companies, typically global enterprises with more than five billion US dollars in turnover, as well as public subsidies, states that its own mission is "improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas". The Forum claims that a globalized world is best managed by a self-selected coalition of multinational corporations, governments, and civil society organizations (CSOs), which it expresses through initiatives like the "Great Reset" and the "Global Redesign". It states that it views periods of global instability such as the financial crisis of 2007–2008 and the COVID-19 pandemic, as windows of opportunity to intensify its programmatic efforts. WEF Outlook According to a report detailed by the Press Trust of India, The WEF Chief Economists Outlook has revealed that the spectrum of debt and fiscal stress is only rising, which is making economists worried about the cost of servicing debt that will yield the starkest constraint on key investment areas such as infrastructure, education, and healthcare. In particular, 39 per cent of economists polled from developing nations expected a rise in defaults in the next year. Regionally, almost 90 per cent of economists expect moderate to strong growth in the US over the next two years through 2025 while still confident that it will have a "soft landing" post-tight monetary policy. Europe is expected to be experiencing weak growth and China faces similar problems with nearly 40 per cent expecting weak or very weak growth over the next two years. South Asia is very different. Over 70 per cent of economists are positive regarding the prospects for strong growth in 2024 and 2025, mainly due to India's performance. The International Monetary Fund recently adjusted India's GDP growth forecast from 6.8 per cent to 7 per cent, showing again the vibrancy of the region. Further, according to Saadia Zahidi, WEF's managing director, the global economy enters 2024 with new signs of stabilization but fiscal challenges remain. The role of coordinated policy efforts in facilitating resilient recovery is perceived here to be quite important. The survey suggests limited fiscal space for facing future crises; developing economies are vulnerable to dealing with long-term challenges such as climate change and demographic shifts.

Leading economists bullish on India, still cautious optimism prevails for global recovery: WEF survey

Chinese premier Li Qiang has issued a stark warning against economic decoupling, stating that such 'regressive actions' could lead to a global 'destructive spiral.' Speaking at the World Economic Forum in Dalian, Li defended China's industrial policies amid criticism of overcapacity and the dumping of cheap goods. Watch in for more details!

China premier warns of global economic turmoil from decoupling

Chinese Premier Li Qiang hits back at the US and the European Union on claims that Chinese firms benefit from unfair subsidies and 'flood' global markets with cheap goods. His comments came during his address at a World Economic Forum meeting in Dalian.

'China's production of advanced electric vehicles, lithium-ion batteries and photovoltaic products, first met out domestic demand, but also enrich global supply', he said in his opening remarks. 'The rapid rise of China's new industries is rooted in our own unique comparative advantages', he added.

China and the European Union are preparing to host talks on the planned EV tariffs on Chinese EVs. China is already facing tariff hikes from the US, with Canada also contemplating similar tariffs. China is facing a slowdown in domestic demand, making it paramount for the second-largest economy to expand its exports. This has triggered trade impositions by major economies, with the US &amp; the EU at the forefront.

China is currently using various tactics to avert EU tariffs. The country is already contemplating a probe into EU pork imports. China is also talking to other stakeholders, including German car manufacturers, to persuade the EU to reverse its decision. 'The continuous emergence of economies of scale can effectively dilute enterprises' innovation costs, which is the real source of the strong competitiveness of China's new industries', Li said.

China denies overcapacity problems, stating that demand will soon equal supply as the economy recovers. The country is also maintaining its growth target of 5 per cent for 2024. Still, recovery seems subdued due to domestic slump and trade tensions with major markets.

Chinese Premier Li Qiang hits back at the US and the European Union on claims that Chinese firms benefit from unfair subsidies and 'flood' global markets with cheap goods.

Chinese Premier Li Qiang hits back at the US and the European Union on claims that Chinese firms benefit from unfair subsidies and 'flood' global markets with cheap goods. His comments came during his address at a World Economic Forum meeting in Dalian. 'China's production of advanced electric vehicles, lithium-ion batteries and photovoltaic products, first met out domestic demand, but also enrich global supply', he said in his opening remarks. 'The rapid rise of China's new industries is rooted in our own unique comparative advantages', he added. China and the European Union are preparing to host talks on the planned EV tariffs on Chinese EVs. China is already facing tariff hikes from the US, with Canada also contemplating similar tariffs. China is facing a slowdown in domestic demand, making it paramount for the second-largest economy to expand its exports. This has triggered trade impositions by major economies, with the US & the EU at the forefront. China is currently using various tactics to avert EU tariffs. The country is already contemplating a probe into EU pork imports. China is also talking to other stakeholders, including German car manufacturers, to persuade the EU to reverse its decision. 'The continuous emergence of economies of scale can effectively dilute enterprises' innovation costs, which is the real source of the strong competitiveness of China's new industries', Li said. China denies overcapacity problems, stating that demand will soon equal supply as the economy recovers. The country is also maintaining its growth target of 5 per cent for 2024. Still, recovery seems subdued due to domestic slump and trade tensions with major markets.

Chinese Premier counters 'overcapacity' claims, says we 'enrich global supply'

The World Economic Forum in Riyadh is grappling with a complex challenge: Ensuring energy security for all while transitioning to a greener future. Nearly 800 million people globally lack access to basic electricity.

World Economic Forum focuses on energy security & access

Palestinian President Mahmoud Abbas said on Sunday only the United States could stop Israel attacking the border city of Rafah in Gaza, adding that the assault, which he expects within days, could force much of the Palestinian population to flee the enclave.

World Economic Forum: Over 1000 leaders meet in Saudi Arabia | Palestine's Abbas discusses Gaza crisis

World Economic Forum: Over 1000 International leaders hold Gaza talks in Riyadh

The covid pandemic, geopolitical tensions and disruptive technologies have changed the global economy. These changes seem to be irreversable, heralding the new economic normal. In the 'new normal', geopolitical fragmentation, elevated debt levels, & disruptive technologies like a-I will dictate the economy.

Davos 2024: Leaders bat for global structural reforms at Davos summit

The 54th edition of the World Economic Forum Summit at Davos came to an end on Friday. Over the last five days, global leaders, industry titans & thought leaders deliberated on 'rebuilding trust' amid rising uncertainties around the world.

Davos 2024: Key takeaways from World Economic Forum 2024

Day 4 discussions at the World Economic Forum in Davos unfolded against the backdrop of global challenges. The focus was on key themes of security, the future of artificial intelligence, advancing the energy transition, and the pivotal role of trade in driving economic growth.

Day 4 at Davos: AI governance takes center stage

US Secretary of State Antony Blinken on Wednesday (Jan 17) said that the "remarkable achievements" of the Indian Prime Minister Narendra Modi and his government have benefited the relations of many ally countries as he weighed in on India as an "extraordinary success story".&nbsp;

While speaking at the World Economic Forum (WEF), Blinken highlighted that the relations between India and the United States have been established to a new level, and added that conversation between both nations always underscores the significance of democracy and human rights.&nbsp;

"We see an extraordinary success story and we see the remarkable achievements that Prime Minister Modi has achieved moving forward under his watch that have materially benefited and positively affected so many of the allies," he said.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/south-asia/exclusive-pakistan-calls-airspace-violation-by-iran-sad-incident-says-have-taken-measures-680919">Exclusive: Pakistan calls airspace violation by Iran ‘sad incident’, says ‘have taken measures’</a>&nbsp;

Blinken was asked whether or not the rise of Hindu nationalism in India concerns the US, despite the country's strong economic growth and infrastructure development under the Modi government.&nbsp;

"We also see our relationship between our countries that is in a new place at a new level. That's been a very deliberate effort by both the Prime Minister and President Biden," he added.&nbsp;

"At the same time, a constant and regular part of our conversation is the conversation about democracy and about human rights," Blinken said.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/world/red-sea-tensions-why-yemens-houthis-could-become-americas-terrorists-once-again-680920">Red Sea tensions: How Yemen’s Houthis became America’s ‘terrorists’ once again</a>&nbsp;

Blinken said that when Biden took office, he wanted to make sure that the US put back into our foreign policy, including fundamental concerns about democracy, and human rights.&nbsp;

"Because of the nature of the relationship, we have with the country, with the government, it's part of very sustain, very real conversation and the conversation that we have off course produces positive change," he added.&nbsp;

Watch:&nbsp;Israel military says it targeted head of a terrorist cell

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<h2>Blinken on Israel-Hamas war&nbsp;</h2>

While talking about the West Asian crisis, Blinken called on Israel to help the Palestinian Authority, saying that Israel's long-term security was at stake.&nbsp;

He renewed his call for a "pathway to a Palestinian state" despite the fact that Washington backs Israel's Gaza campaign launched in response to the October 7 Hamas attack.&nbsp;

"You're not going to get the genuine security you need absent that. And, of course, to that end as well, a stronger, reformed Palestinian Authority that can more effectively deliver for its own people has to be part of the equation," Blinken said.&nbsp;

<h2>Blinken flight delayed by 'critical failure'&nbsp;</h2>

Meanwhile, Blinken was forced to delay his return Wednesday from Switzerland due to aeroplane trouble. He was unable to leave Zurich due to what a US official called a "critical failure" of the aeroplane due to an oxygen leak.&nbsp;

A separate plane was sent to retrieve Blinken, who had flown from Davos to Zurich by helicopter, with aides returning to Washington by commercial flight.&nbsp;

(With inputs from agencies)&nbsp;

US Secretary of State Antony Blinken on Wednesday (Jan 17) said that the "remarkable achievements" of the Indian Prime Minister Narendra Modi and his government have benefited the relations of many ally countries as he weighed in on India as an "extraordinary success story".

US Secretary of State Antony Blinken on Wednesday (Jan 17) said that the "remarkable achievements" of the Indian Prime Minister Narendra Modi and his government have benefited the relations of many ally countries as he weighed in on India as an "extraordinary success story". While speaking at the World Economic Forum (WEF), Blinken highlighted that the relations between India and the United States have been established to a new level, and added that conversation between both nations always underscores the significance of democracy and human rights. "We see an extraordinary success story and we see the remarkable achievements that Prime Minister Modi has achieved moving forward under his watch that have materially benefited and positively affected so many of the allies," he said. Also read: Exclusive: Pakistan calls airspace violation by Iran ‘sad incident’, says ‘have taken measures’ Blinken was asked whether or not the rise of Hindu nationalism in India concerns the US, despite the country's strong economic growth and infrastructure development under the Modi government. "We also see our relationship between our countries that is in a new place at a new level. That's been a very deliberate effort by both the Prime Minister and President Biden," he added. "At the same time, a constant and regular part of our conversation is the conversation about democracy and about human rights," Blinken said. Also read: Red Sea tensions: How Yemen’s Houthis became America’s ‘terrorists’ once again Blinken said that when Biden took office, he wanted to make sure that the US put back into our foreign policy, including fundamental concerns about democracy, and human rights. "Because of the nature of the relationship, we have with the country, with the government, it's part of very sustain, very real conversation and the conversation that we have off course produces positive change," he added. Watch: Israel military says it targeted head of a terrorist cell × Blinken on Israel-Hamas war While talking about the West Asian crisis, Blinken called on Israel to help the Palestinian Authority, saying that Israel's long-term security was at stake. He renewed his call for a "pathway to a Palestinian state" despite the fact that Washington backs Israel's Gaza campaign launched in response to the October 7 Hamas attack. "You're not going to get the genuine security you need absent that. And, of course, to that end as well, a stronger, reformed Palestinian Authority that can more effectively deliver for its own people has to be part of the equation," Blinken said. Blinken flight delayed by 'critical failure' Meanwhile, Blinken was forced to delay his return Wednesday from Switzerland due to aeroplane trouble. He was unable to leave Zurich due to what a US official called a "critical failure" of the aeroplane due to an oxygen leak. A separate plane was sent to retrieve Blinken, who had flown from Davos to Zurich by helicopter, with aides returning to Washington by commercial flight. (With inputs from agencies)

Blinken says US sees India as ‘extraordinary success story’, praises Modi govt

US Secretary of State Antony Blinken on Wednesday described India as an “extraordinary success story” and said that the policies and programs implemented by Prime Minister Narendra Modi have proven highly advantageous for the people of India.

US State Secretary Blinken Hails Modi's India at World Economic Forum

"Tax the rich" remained one of the most popular slogans in recent years to bridge the gap between the rich and poor, as over the years, people have shown frustration over very wealthy people and corporations not paying their fair share of taxes.&nbsp;

The same call was made on Wednesday (Jan 17) at the annual World Economic Forum in Davos, Switzerland as more than 250 billionaires and millionaires demanded an introduction of wealth taxes to be paid for better public services worldwide.&nbsp;

In an open letter to world leaders, the wealthy people said: "We are surprised that you have failed to answer a simple question that we have been asking for three years: when will you tax extreme wealth?"&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/world/blinken-says-us-sees-india-as-extraordinary-success-story-praises-modi-govt-680985">Blinken says US sees India as ‘extraordinary success story’, praises Modi govt</a>&nbsp;

"Our request is simple: we ask you to tax us, the very richest in society," added the letter, whose title is "Proud To Pay More".&nbsp;

"This will not fundamentally alter our standard of living, nor deprive our children, nor harm our nation’s economic growth. But it will turn extreme and unproductive private wealth into an investment for our common democratic future," it further read.&nbsp;

Those who signed the letter include, screenwriter Simon Pegg, Disney heir Abigail Disney, and Valerie Rockefeller, who is an heir to the famed US family.&nbsp;

As quoted by CNBC, Succession TV series star Brian Cox, who is also a signatory, said: "Billionaires are wielding their extreme wealth to accumulate political power and influence, simultaneously undermining democracy and the global economy."&nbsp;

"It's long past time to act. If our elected officials refuse to address this concentration of money and power, the consequences will be dire," said the actor, who played fictional billionaire Logan Roy in Succession.&nbsp;

Watch:&nbsp;Blinken praises India at World Economic Forum

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Also read:&nbsp;<a href="https://www.wionews.com/south-asia/exclusive-pakistan-calls-airspace-violation-by-iran-sad-incident-says-have-taken-measures-680919">Exclusive: Pakistan calls airspace violation by Iran ‘sad incident’, says ‘have taken measures’</a>&nbsp;

<h2>Oxfam report on the world's five richest men&nbsp;</h2>

The calls for "tax the rich" come a few days after the charity Oxfam revealed that the world's wealthiest five men have more than doubled their fortune since 2020. It urged the nations to resist the ultra-rich's influence over tax policy.&nbsp;

A report, published at the World Economic Forum in Davos this week, said their wealth rose from $405 billion in 2020 to $869 billion last year.&nbsp;

Oxfam said that yet since 2020, nearly five billion people worldwide have grown poorer.&nbsp;

Billionaires are today $3.3 trillion richer than they were in 2020, despite many crises devastating the world's economy since this decade began, including the Covid pandemic.&nbsp;

(With inputs from agencies)&nbsp;

"Tax the rich" remained one of the most popular slogans in recent years to bridge the gap between the rich and poor, as over the years, people have shown frustration over very wealthy people and corporations not paying their fair share of taxes.

"Tax the rich" remained one of the most popular slogans in recent years to bridge the gap between the rich and poor, as over the years, people have shown frustration over very wealthy people and corporations not paying their fair share of taxes. The same call was made on Wednesday (Jan 17) at the annual World Economic Forum in Davos, Switzerland as more than 250 billionaires and millionaires demanded an introduction of wealth taxes to be paid for better public services worldwide. In an open letter to world leaders, the wealthy people said: "We are surprised that you have failed to answer a simple question that we have been asking for three years: when will you tax extreme wealth?" Also read: Blinken says US sees India as ‘extraordinary success story’, praises Modi govt "Our request is simple: we ask you to tax us, the very richest in society," added the letter, whose title is "Proud To Pay More". "This will not fundamentally alter our standard of living, nor deprive our children, nor harm our nation’s economic growth. But it will turn extreme and unproductive private wealth into an investment for our common democratic future," it further read. Those who signed the letter include, screenwriter Simon Pegg, Disney heir Abigail Disney, and Valerie Rockefeller, who is an heir to the famed US family. As quoted by CNBC, Succession TV series star Brian Cox, who is also a signatory, said: "Billionaires are wielding their extreme wealth to accumulate political power and influence, simultaneously undermining democracy and the global economy." "It's long past time to act. If our elected officials refuse to address this concentration of money and power, the consequences will be dire," said the actor, who played fictional billionaire Logan Roy in Succession. Watch: Blinken praises India at World Economic Forum × Also read: Exclusive: Pakistan calls airspace violation by Iran ‘sad incident’, says ‘have taken measures’ Oxfam report on the world's five richest men The calls for "tax the rich" come a few days after the charity Oxfam revealed that the world's wealthiest five men have more than doubled their fortune since 2020. It urged the nations to resist the ultra-rich's influence over tax policy. A report, published at the World Economic Forum in Davos this week, said their wealth rose from $405 billion in 2020 to $869 billion last year. Oxfam said that yet since 2020, nearly five billion people worldwide have grown poorer. Billionaires are today $3.3 trillion richer than they were in 2020, despite many crises devastating the world's economy since this decade began, including the Covid pandemic. (With inputs from agencies)

Calls for 'tax the rich' echo again at World Economic Forum: 'When will you tax extreme wealth?'

Blinken praises India at World Economic Forum

The outlook for 2024 is filled with twists and turns, according to insights shared by chief economists at the recent davos meeting. More than half of these top economic thinkers predict that the world's economic engine might sputter a bit this year, facing challenges from tight financial conditions, political disagreements, and the swift rise of generative artificial intelligence.

Chief economists flag growing wealth gap among nations

Political and business leaders have gathered at Davos, Switzerland, for the annual World Economic Forum. Here, they will discuss the global economy's myriad challenges, such as poverty and climate change, but a recent report by Oxfam exposes the hypocrisy of the global elite. It exposes how while workers worldwide face wage cuts, the rich profited from their pain.

Gravitas | Davos 2024: Musk, Bezos, billionaires double their fortune | How did they get so rich?

The global elite gather at davos for the World Economic Forum (WEF) against the most complex backdrop so far. This year, they will deliberate on issues like a challenging global economic picture amid wars in West Asia and Ukraine. But is the summit losing relevance as the world turns more & more uncertain? Look at this report to find out…

Global elite gather at Davos against the most complex backdrop

The World Economic Forum's annual Global Risks Report is a window into the collective anxieties of our planet. This year's edition, launched in January 2024, paints a picture of a world teetering on a tightrope, facing a precarious balance between immediate challenges and long-term existential threats.

Fake news takes centre stage

In the short term, the report identifies misinformation and disinformation as the biggest concern. With major elections looming in several countries, the potential for social unrest fueled by manipulated narratives is a clear and present danger. Imagine a world where truth becomes a casualty in the battle for clicks and shares, where fabricated headlines and deepfakes sway public opinion and exacerbate societal divisions. This is the chilling prospect that haunts the near future, warns the World Economic Forum report.

The long shadow of Environmental peril

But while the immediate firestorm of misinformation demands attention, the report also warns of a slow-burning inferno on the horizon – environmental degradation. Extreme weather events like floods, droughts, and heatwaves are predicted to become more frequent and intense, pushing vulnerable communities to the brink. Biodiversity loss and ecosystem collapse threaten food security and disrupt natural cycles, creating a domino effect with far-reaching consequences.

A multipolar maze: Cooperation or chaos?

Complicating the picture is the emergence of a multipolar world order. With traditional power structures shifting, the report predicts a future where middle and great powers compete for influence, potentially hindering global cooperation on pressing issues like climate change and pandemic preparedness. The question is - Can we navigate this complex labyrinth of competing interests, or will it lead to isolationism and escalating tensions?

A glimmer of hope

Despite the daunting challenges, the report doesn't paint a picture of inevitable doom. It emphasises the importance of building resilience at all levels – individual, societal, and global. Investing in digital literacy campaigns to combat misinformation, fostering international cooperation on environmental initiatives, and strengthening social safety nets are all crucial steps towards a more secure and sustainable future.

WATCH WION LIVE HERE

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The World Economic Forum's annual Global Risks Report is a window into the collective anxieties of our planet. This year's edition, launched in January 2024, paints a picture of a world teetering on a tightrope, facing a precarious balance between immediate challenges and long-term existential threats.

The World Economic Forum's annual Global Risks Report is a window into the collective anxieties of our planet. This year's edition, launched in January 2024, paints a picture of a world teetering on a tightrope, facing a precarious balance between immediate challenges and long-term existential threats. Fake news takes centre stage In the short term, the report identifies misinformation and disinformation as the biggest concern. With major elections looming in several countries, the potential for social unrest fueled by manipulated narratives is a clear and present danger. Imagine a world where truth becomes a casualty in the battle for clicks and shares, where fabricated headlines and deepfakes sway public opinion and exacerbate societal divisions. This is the chilling prospect that haunts the near future, warns the World Economic Forum report. The long shadow of Environmental peril But while the immediate firestorm of misinformation demands attention, the report also warns of a slow-burning inferno on the horizon – environmental degradation. Extreme weather events like floods, droughts, and heatwaves are predicted to become more frequent and intense, pushing vulnerable communities to the brink. Biodiversity loss and ecosystem collapse threaten food security and disrupt natural cycles, creating a domino effect with far-reaching consequences. A multipolar maze: Cooperation or chaos? Complicating the picture is the emergence of a multipolar world order. With traditional power structures shifting, the report predicts a future where middle and great powers compete for influence, potentially hindering global cooperation on pressing issues like climate change and pandemic preparedness. The question is - Can we navigate this complex labyrinth of competing interests, or will it lead to isolationism and escalating tensions? A glimmer of hope Despite the daunting challenges, the report doesn't paint a picture of inevitable doom. It emphasises the importance of building resilience at all levels – individual, societal, and global. Investing in digital literacy campaigns to combat misinformation, fostering international cooperation on environmental initiatives, and strengthening social safety nets are all crucial steps towards a more secure and sustainable future. WATCH WION LIVE HERE

Global risks in focus: Disinformation tops short-term threats, Environmental catastrophe looms large

In the quest for a sustainable future, the World Economic Forum's ‘Net-Zero Industry Tracker’ 2023 Edition released on Tuesday, sheds light on the developments and challenges in emission-intensive industrial sectors worldwide. With a keen focus on key players in production, energy, and transport, this report unveils a comprehensive analysis of the industries responsible for over 40 per cent of global greenhouse gas emissions.&nbsp;

The Global Landscape: A critical 40 per cent &nbsp;

Process- and energy-related emissions from sectors such as steel, cement, aluminium, oil and gas, aviation, shipping, and trucking collectively contribute to more than 40 per cent of global greenhouse gas emissions, surpassing those of any individual country. Transparency in their progress becomes imperative for timely interventions and ensuring we remain on course for net-zero emissions by 2050.&nbsp;

Pathways to Net-Zero: A blend of solutions&nbsp;

The journey to net-zero varies across sectors, but a common thread emerges — a combination of electrification (clean power), clean hydrogen, and fossil fuels abated by carbon capture utilisation and storage (CCUS) form the bedrock of industrial decarbonisation. However, a robust enabling environment is crucial, supported by a standardised conceptual framework, to meet sector-specific decarbonisation objectives.&nbsp;

Five Key Takeaways from the 2023 Tracker&nbsp;

1. Technology: Gradual growth demands rapid acceleration&nbsp;

Low-emission technologies are making strides, with promising early signs in sectors like aluminium and trucking. However, a significant acceleration is needed to support commercial deployment by 2030. Prioritising material circularity, recycling, and transition fuels can bridge the gap until technologies become more widely available.&nbsp;

2. Infrastructure: Balancing financing needs and investments&nbsp;

Financing requirements for low-emission technologies are substantial, overshadowed by larger infrastructure investments. Clean hydrogen, CCUS, and electrification dominate, emphasising the need for shared infrastructure hubs to accelerate decarbonisation, especially in remote locations.&nbsp;

3. Demand: Navigating the green premium&nbsp;

Standardised definitions for low-emission products gain consensus, signalling early market demand across sectors. Challenges like reporting standards, supply chain instability, and transparency gaps persist, with business-to-business (B2B) green premiums largely untested at scale.&nbsp;

4. Policy: A shifting landscape demands global alignment&nbsp;

Evolution in policy landscapes, driven by industrial initiatives in select countries, bolsters investment. However, the risk of concentrating industrial activity in developed nations necessitates multilateral cooperation. Global alignment on emissions reduction requirements and policies tailored to individual country needs are imperative.&nbsp;

5. Capital: A call for investment in sustainable solutions&nbsp;

Sectors need approximately $11 trillion in additional investments for clean energy adoption and legacy asset retrofitting. Strong business cases are lacking, emphasising the need for market-stabilising policies and companies embedding decarbonisation into their strategies to attract capital.&nbsp;

Charting the course to net-zero&nbsp;

Achieving net-zero emissions requires a multi-faceted approach across production, energy, and transport sectors. The 2023 tracker report recognises progress but underscores the need for collaborative efforts, aligning demand, policy incentives, capital, and infrastructure expansion. As industries navigate this net-zero frontier, innovative collaborations and leveraging enabling levers can pave the way for a greener, more resilient, and prosperous future. The report acknowledges the challenges but emphasises the global industrial community's positive trajectory towards a sustainable tomorrow.&nbsp;

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In the quest for a sustainable future, the World Economic Forum's ‘Net-Zero Industry Tracker’ 2023 Edition released on Tuesday, sheds light on the developments and challenges in emission-intensive industrial sectors worldwide.

In the quest for a sustainable future, the World Economic Forum's ‘Net-Zero Industry Tracker’ 2023 Edition released on Tuesday, sheds light on the developments and challenges in emission-intensive industrial sectors worldwide. With a keen focus on key players in production, energy, and transport, this report unveils a comprehensive analysis of the industries responsible for over 40 per cent of global greenhouse gas emissions. The Global Landscape: A critical 40 per cent Process- and energy-related emissions from sectors such as steel, cement, aluminium, oil and gas, aviation, shipping, and trucking collectively contribute to more than 40 per cent of global greenhouse gas emissions, surpassing those of any individual country. Transparency in their progress becomes imperative for timely interventions and ensuring we remain on course for net-zero emissions by 2050. Pathways to Net-Zero: A blend of solutions The journey to net-zero varies across sectors, but a common thread emerges — a combination of electrification (clean power), clean hydrogen, and fossil fuels abated by carbon capture utilisation and storage (CCUS) form the bedrock of industrial decarbonisation. However, a robust enabling environment is crucial, supported by a standardised conceptual framework, to meet sector-specific decarbonisation objectives. Five Key Takeaways from the 2023 Tracker 1. Technology: Gradual growth demands rapid acceleration Low-emission technologies are making strides, with promising early signs in sectors like aluminium and trucking. However, a significant acceleration is needed to support commercial deployment by 2030. Prioritising material circularity, recycling, and transition fuels can bridge the gap until technologies become more widely available. 2. Infrastructure: Balancing financing needs and investments Financing requirements for low-emission technologies are substantial, overshadowed by larger infrastructure investments. Clean hydrogen, CCUS, and electrification dominate, emphasising the need for shared infrastructure hubs to accelerate decarbonisation, especially in remote locations. 3. Demand: Navigating the green premium Standardised definitions for low-emission products gain consensus, signalling early market demand across sectors. Challenges like reporting standards, supply chain instability, and transparency gaps persist, with business-to-business (B2B) green premiums largely untested at scale. 4. Policy: A shifting landscape demands global alignment Evolution in policy landscapes, driven by industrial initiatives in select countries, bolsters investment. However, the risk of concentrating industrial activity in developed nations necessitates multilateral cooperation. Global alignment on emissions reduction requirements and policies tailored to individual country needs are imperative. 5. Capital: A call for investment in sustainable solutions Sectors need approximately $11 trillion in additional investments for clean energy adoption and legacy asset retrofitting. Strong business cases are lacking, emphasising the need for market-stabilising policies and companies embedding decarbonisation into their strategies to attract capital. Charting the course to net-zero Achieving net-zero emissions requires a multi-faceted approach across production, energy, and transport sectors. The 2023 tracker report recognises progress but underscores the need for collaborative efforts, aligning demand, policy incentives, capital, and infrastructure expansion. As industries navigate this net-zero frontier, innovative collaborations and leveraging enabling levers can pave the way for a greener, more resilient, and prosperous future. The report acknowledges the challenges but emphasises the global industrial community's positive trajectory towards a sustainable tomorrow. WATCH WION LIVE HERE

Navigating the Net-Zero frontier: Insights from the World Economic Forum's industry tracker 2023

The struggle for gender inequality or rather gender parity is now centuries old but how far have we really come when we talk of bridging the gender gap? A recent report by the World Economic Forum has said that countries in East Asia and the Pacific region will take nearly about 58 years more than the global average to close the gender gap! More in this report

WEF Gender Parity Report: Progress in East Asia stagnant

In a world, where economies are struggling to grow, one nation stands out. India, the fastest-growing key economy, is poised to achieve unparalleled success this year, propelled by a remarkable phenomenon —the "famous snowball effect". As per world economic forum (WEF) president Borge Brende, India's economy is witnessing a transformative journey that promises more investments, more jobs, and exponential growth in the years to come.

World Economic Forum president bullish on India

Even as the world grapples with an economic slowdown, India, the fastest-growing G20 economy, is set to achieve unparalleled success this year,&nbsp;Borge Brende, President of the World Economic Forum, has said.

India's economy is witnessing an extraordinary phenomenon known as the famous 'snowball effect', propelling it to the forefront of global growth, Brende said during his brief visit to New Delhi.

Applauding&nbsp;India's growth trajectory and reform-oriented administration, Brende has predicted exponential growth, increased job opportunities, and the eradication of poverty in India.&nbsp;"India's growth will lead to more investments, more jobs...When the snowball starts to roll, it gets bigger and bigger, and that is what is happening with the Indian economy." Brende told Press Trust of India in an interview.

'Snowball effect' refers to any action or occurrence that grows from being unimportant to something bigger and more significant.&nbsp;It occurs when a single action or event sparks a chain reaction of many comparable or even more significant ones.

Brende, a former Norwegian minister, commended India's entrepreneurial spirit, free speech, and status as the world's largest democracy.&nbsp;He highlighted that India has more of a broad ecosystem of startups than in any other developing country and that is growing.&nbsp;

The World Economic Forum has projected&nbsp;India's economic growth to reach nearly 6 percent this year, surpassing other major economies worldwide. The United Nations has also released a report predicting robust economic expansion for India, with 5.8 percent growth in 2023 and 6.7 percent in 2024. These predictions have been fueled by the resilient domestic demand.

Sustaining the current rate of economic growth must be India's priority, he said. "Investing more in infrastructure, connecting different regions even better and India needs more investment in education, upskilling, reskilling and right skilling in the years to come," he said.&nbsp;

He added that India's prudent handling of the COVID-19 pandemic, with a well-balanced approach to stimulus measures and fiscal discipline, has set&nbsp;it apart from other nations that are grappling with debt.

(With inputs from agencies)&nbsp;

Even as the world grapples with an economic slowdown, India, the fastest-growing G20 economy, is set to achieve unparalleled success this year, Borge Brende, President of the World Economic Forum, has said.

Even as the world grapples with an economic slowdown, India, the fastest-growing G20 economy, is set to achieve unparalleled success this year, Borge Brende, President of the World Economic Forum, has said. India's economy is witnessing an extraordinary phenomenon known as the famous 'snowball effect', propelling it to the forefront of global growth, Brende said during his brief visit to New Delhi. Applauding India's growth trajectory and reform-oriented administration, Brende has predicted exponential growth, increased job opportunities, and the eradication of poverty in India. "India's growth will lead to more investments, more jobs...When the snowball starts to roll, it gets bigger and bigger, and that is what is happening with the Indian economy." Brende told Press Trust of India in an interview. 'Snowball effect' refers to any action or occurrence that grows from being unimportant to something bigger and more significant. It occurs when a single action or event sparks a chain reaction of many comparable or even more significant ones. Brende, a former Norwegian minister, commended India's entrepreneurial spirit, free speech, and status as the world's largest democracy. He highlighted that India has more of a broad ecosystem of startups than in any other developing country and that is growing. The World Economic Forum has projected India's economic growth to reach nearly 6 percent this year, surpassing other major economies worldwide. The United Nations has also released a report predicting robust economic expansion for India, with 5.8 percent growth in 2023 and 6.7 percent in 2024. These predictions have been fueled by the resilient domestic demand. Sustaining the current rate of economic growth must be India's priority, he said. "Investing more in infrastructure, connecting different regions even better and India needs more investment in education, upskilling, reskilling and right skilling in the years to come," he said. He added that India's prudent handling of the COVID-19 pandemic, with a well-balanced approach to stimulus measures and fiscal discipline, has set it apart from other nations that are grappling with debt. (With inputs from agencies)

Snowballing to success: World Economic Forum bets on India’s growth story

If you are a college student or just about to enter college or someone who is trying to switch careers then this report is for you. The latest World Economic Forum (WEF) report based on a survey of over 800 companies tells us about the hottest jobs across the world in next five years.

What are top jobs for next 5 yrs? Report says major job churn likely in these years

The fear of recession is doing the rounds and the World Economic Forum's annual summit in Davos but not every company is overtly concerned but the Indian auto giant Mahindra Group sees no fears of economic showdown or a recession. Mahindra Group CEO Anish Shah speaks on it.

WION at Davos 2023: 'Indian firms well positioned,' says Mahindra Group CEO Anish Shah

In a first, Pakistan's minister Bilawal Bhutto Zardari had a brief interaction with Ukraine's first lady, Zelenska, on the sidelines of the World Economic Forum in Davos.

Pakistan minister Bilawal Bhutto meets Ukraine's first lady Zelenska on sidelines of WEF

On Thursday, 20-year-old climate activist Greta Thunberg spoke on the sidelines in the World Economic Forum in Davos, Switzerland and she accused those present at the summit of the global climate crisis.

Greta Thunberg discusses climate crisis in Davos; activists slam new fossil fuel investments

WION Climate Tracker: Energy firms will keep 'throwing people under the bus', says Greta Thunberg

As the Russian invasion of Ukraine approaches a year, Ukrainian President Volodymyr Zelensky&nbsp;stated on Wednesday that while it took just a few seconds for Russia to launch the war, the world took several days to enforce sanctions.

During a special online address from Kyiv during the World Economic Forum Annual Meeting, he stated that if the world was hesitant when Russia invaded Cremia without any hesitation, the world must not be hesitant today.

With his wife Olena Zelenska seated in the audience, Zelensky declared that the world needed to advance more quickly than Russia.

"Supplies of Western tanks must outpace the attack by Russia," he said.

“It was not us who started the war but it has to be us who will end this war and for that, the entire world has to be united in supporting Ukraine,” he added.

Also read |&nbsp;<a href="https://www.wionews.com/world/zelenskys-advisor-quits-following-goof-up-that-ukraine-was-responsible-for-dnipro-disaster-553599">Zelensky’s advisor quits following goof-up over remarks that Ukraine was responsible for Dnipro disaster&nbsp;</a>

He claimed that for Ukraine to triumph in this war and emerge from the crisis, it needs both financial and military aid.

Zelensky&nbsp;said, "Russia has earned a place among terrorists," when asked where he saw Russia's role in the world. They must accept responsibility for their mistakes and respect the integrity of our territory. The president of Ukraine declared that all he needs to fight the war is ammunition and that he is not concerned about his personal security or desire to travel.

(With inputs from agencies)

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As the Russian invasion of Ukraine approaches a year, Ukrainian President Volodymyr Zelensky stated on Wednesday that while it took just a few seconds for Russia to launch the war, the world took several days to enforce sanctions.

As the Russian invasion of Ukraine approaches a year, Ukrainian President Volodymyr Zelensky stated on Wednesday that while it took just a few seconds for Russia to launch the war, the world took several days to enforce sanctions. During a special online address from Kyiv during the World Economic Forum Annual Meeting, he stated that if the world was hesitant when Russia invaded Cremia without any hesitation, the world must not be hesitant today. With his wife Olena Zelenska seated in the audience, Zelensky declared that the world needed to advance more quickly than Russia. "Supplies of Western tanks must outpace the attack by Russia," he said. “It was not us who started the war but it has to be us who will end this war and for that, the entire world has to be united in supporting Ukraine,” he added. Also read | Zelensky’s advisor quits following goof-up over remarks that Ukraine was responsible for Dnipro disaster He claimed that for Ukraine to triumph in this war and emerge from the crisis, it needs both financial and military aid. Zelensky said, "Russia has earned a place among terrorists," when asked where he saw Russia's role in the world. They must accept responsibility for their mistakes and respect the integrity of our territory. The president of Ukraine declared that all he needs to fight the war is ammunition and that he is not concerned about his personal security or desire to travel. (With inputs from agencies) WATCH WION LIVE HERE:

'Russia has earned a place among terrorists': Zelensky addresses the World Economic Forum

Addressing the annual summit hosted by the World Economic Forum, Ukrainian President Volodymyr Zelensky said that Western supply of tanks and air defence units should come more quickly and should be delivered faster than Russia was able to carry out attacks.

NATO Chief Jens Stoltenberg says "Kyiv in urgent need of arms", hints at 'heavier weapons' supply

The world is in a "sorry state" because of myriad interlinked challenges including climate change and Russia's war in Ukraine, the UN chief said at his World Economic Forum address in Davos.

WION Dispatch: UN chief warns the 'world is in a sorry state' at Davos 2023

While speaking at World Economic Forum in Davos, the Managing Director of the International Monetary Fund Kristalina Georgieva said that global growth will bottom out this year. She also added the IMF has predicted that the global growth would slow to 2.7 per cent in 2023.

WION Dispatch: Global growth rate to slow to 2.7% this year, says IMF chief at Davos 2023

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