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<p>WEF Davos 2024 came to a close with delegates across the globe highlighting challenges impacting the global economy, but also showcasing best solutions and policies to steer trade in a positive direction. This highlights special brings together key voices from WEF as they discuss the AfCFTA.</p>


WEF Davos 2024: Rebuilding Trust: Highlights Special

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<p>Imagination is more important than knowledge. Are creative industries Africa&#8217;s secret weapon to lead the global economy? How can the continent optimize and leverage on this? Join CNBC Africa as the leading industry experts from across the continent gathers at WEF Davos as they delve deeper into this.</p>


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DAVOS 2024: Creative Industries Africa: The Creative Cradle

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<p>During a time when the global economy is battling inflation, coupled with the call for countries to increase their effort to become more sustainable, how will Africa bond together to rise up to the challenge? A panel of industry experts joins to discuss sustainability and inclusion as Africa unite to rise together.</p>


DAVOS 2024: Sustainability and Inclusion: Together We Rise

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<p>Technology is advancing at an alarming rate. Artificial Intelligence – or AI – is a hot topic discussed at this year’s WEF. Africa is left asking itself whether it’s playing catch up or can Africa lead the pack. A panel of experts share their knowledge on blockchain, tokenization and what is the best way forward.</p>


DAVOS 2024: Technology to Leapfrog: Leading Innovation, Blockchain, AI & Tokenization

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<p>This Focus On episode looks at investing in Africa, a continent of 1.4 billion people and a combined GDP of $3.4 trillion under the Africa Continental Free Trade Area deal and how foreign investors are perceiving the continent.</p>


DAVOS 2024: Focus On Financing Africa: Attracting Foreign Investment

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DAVOS 2024: Focus On the development and progress of South African banking

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<p>As the world transitions to a new set of geopolitical, technological, demographic and environmental conditions, volatility in the global risks landscape is set to grow. As day 5, the final day of WEF 2024, comes to a close, policy makers and key stakeholders close off looking at the Global Risks Initiative. CNBC Africa speaks to public and private sector leaders about Africa&#8217;s position in global trade, digital and financial inclusion.</p>


DAVOS 2024: Day 5 Highlights

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<p>Experimentation and creativity are critical to increasing access to and use of financial services for individuals and small businesses, particularly in emerging markets where the financial inclusion gap is greatest. Drawing on examples of local pilots that have made a tangible difference to communities in different parts of the world, how can we leverage these successes at a time when resilience to economic crises is dangerously low?</p>


DAVOS 2024: Comparing Notes on Financial Inclusion

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<p>Ahead of the 54th Annual Meetings of The World Economic Forum, South Africa situates itself as a global player as they re-examine their economic operations, transparency and service efficiencies.</p>


DAVOS 2024: Focus On South Africa’s preparation ahead of WEF 2024

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DAVOS 2024: Focus On collaboration for an improved South Africa

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<p>AI is a hot topic this week at Davos. Leaders from across business and government highlight the challenges faced by global economies and address questions around opportunities and risks. One of the concerns raised is that jobs will change globally over the next five years, raising the pertinent questions around what the future holds for the youth and how best to maximize AI in trade.</p>


DAVOS 2024: Day Four Highlights

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<p>Seismic change is underway in Africa. The United Nations projects that sub-Saharan Africa will account for more than half of the growth of the world’s population by 2050.  As such, Africa is set to play a bigger role in shaping contemporary geopolitical and economic affairs. CNBC Africa brings you the stakeholder dialogue on An African Economy of Scale, from Davos Switzerland.</p>


DAVOS 2024: An African Economy of Scale

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<p>The World Economic Forum’s Annual Meetings continues on the third day with sessions focusing on green finances, artificial intelligence and how economies can be more resilient against high inflation. A new World Economic Forum report calls for a new approach to economic growth and a balance between long-term sustainability and equity. The CNBC Africa team brings daily updates from Davos, Switzerland on the happenings impacting Africa’s future.</p>


DAVOS 2024: Day Three Highlights

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DAVOS 2024: Frictionless Services

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<p>In all corners of the world, local communities are working to protect their lands and traditions threatened by the climate and nature crisis &#8211; and exacerbated by rising security challenges. On the Frontlines for Nature is the theme for this panel discussion moderated by CNBC Africa Editor-in-Chief, Godfrey Mutizwa. Panellists discuss remarkable efforts in Africa and Latin America that are leading the way in restoring landscapes, supporting sustainable livelihoods and stabilizing some of the world&#8217;s most fragile geographies.</p>


DAVOS 2024: On the Frontlines for Nature


<p><strong>Geneva, Switzerland, 28 November 2023&nbsp;</strong>– 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.</p>



<p>The&nbsp;<em>Net-Zero Industry Tracker 2023</em>, 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.</p>



<p>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.</p>



<p>“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.”</p>



<p>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.</p>



<p>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.</p>



<p>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.</p>



<p><strong>Share of global GHG emissions for heavy industrial and transport sectors</strong></p>



<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="(max-width: 956px) 100vw, 956px" /></figure>



<p>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.</p>



<p>“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"><strong>industrial clusters</strong></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<strong>.</strong>”</p>



<p>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.</p>



<p>“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"><strong>Accenture Strategy</strong></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"><strong>net-zero objectives</strong></a>&nbsp;and a resilient energy transition.”</p>



<p>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.</p>



<p>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:</p>



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



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



<p>“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.”</p>


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 


<p>KEY POINTS</p>



<ul><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>



<p>The World Economic Forum is trying to fix an image problem.</p>



<p>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.</p>



<p>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.</p>



<p>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.</p>



<p>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.”</p>



<p>“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>.</p>



<p>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.</p>



<p>“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.”</p>



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



<p>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>.</p>



<p>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.</p>



<p>“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.”</p>



<p>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.</p>



<p>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.</p>



<p>“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.</p>



<p>“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.”</p>



<p>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.</p>



<p>“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.</p>



<p>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.”</p>



<p>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.</p>



<p>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.”</p>



<p>“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.</p>



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



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



<p>“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.”</p>



<p>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.”</p>



<p>“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.”</p>


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