<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/107179018-1673884197059-gettyimages-1246271143-DAVOS_WEF_2023-820x461.jpeg" alt="" class="wp-image-422451" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/107179018-1673884197059-gettyimages-1246271143-DAVOS_WEF_2023-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/107179018-1673884197059-gettyimages-1246271143-DAVOS_WEF_2023-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/107179018-1673884197059-gettyimages-1246271143-DAVOS_WEF_2023-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/107179018-1673884197059-gettyimages-1246271143-DAVOS_WEF_2023-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/107179018-1673884197059-gettyimages-1246271143-DAVOS_WEF_2023-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/107179018-1673884197059-gettyimages-1246271143-DAVOS_WEF_2023.jpeg 1920w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via CNBC</figcaption></figure>



European markets are heading for a flat to lower open Tuesday, with concerns about the global economy high on the agenda at the World Economic Forum in Davos this week.



CNBC will be speaking to a range of delegates at the forum on Tuesday, including the leaders of Spain, Latvia, Lithuania and Poland and the CEOs of Unilever, UBS, Allianz and Swiss Re, among many others. Follow our coverage here.



Concerns over the direction of the global economy, persistent inflation, fragmentation and sluggish growth are high on the agenda, as well as the war in Ukraine



Investors will also be digesting a slew of Chinese economic data that was released overnight, including figures showing the nation’s gross domestic product grew by 3% in 2022, marking one of the slowest growths in decades.

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European markets head for lower open as economic concerns dominate Davos

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1439475516-820x547.jpg" alt="" class="wp-image-422438" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1439475516-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1439475516-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1439475516-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1439475516-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1439475516-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1439475516-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">LOS ANGELES, CALIFORNIA &#8211; NOVEMBER 05: Idris Elba attends the 11th Annual LACMA Art + Film Gala at Los Angeles County Museum of Art on November 05, 2022 in Los Angeles, California. (Photo by Axelle/Bauer-Griffin/FilmMagic)</figcaption></figure>



DAVOS, Switzerland, Jan 16 (Reuters)&nbsp;&#8211;&nbsp;Actor Idris Elba and his wife Sabrina Dhowre Elba called on Monday for business and political leaders to provide more support to the world&#8217;s poorest countries in the form of investment rather than aid.



At the opening ceremony of the World Economic Forum (WEF) annual meeting in the Swiss mountain resort of Davos, the Elbas were both honoured for their work on environmental conservation, food security and climate change.



The couple, who are Goodwill Ambassadors for the United Nations&#8217; International Fund for Agricultural Development, appealed to participants at the annual summit for fast financial support for people hit by food scarcity and climate change.



&#8220;The poor of this world are not just looking for aid and handouts, they’re looking for investment,&#8221; Idris Elba said.



&#8220;We understand the power and change that can come from this room &#8230; We can move with agility and speed and your speed is needed now,&#8221; the star of he star of &#8220;Mandela: Long Walk to Freedom&#8221; and &#8220;Beasts of No Nation&#8221; added.



Sabrina Dhowre Elba highlighted food crises in Somalia, Haiti, Sudan and other countries, focusing on the plight of small-scale farmers without access to the resources they need and yet produce a third of the planet&#8217;s food.



&#8220;We are here at Davos to highlight the people and countries who are not making the headlines as much as my husband,&#8221; she said, looking at her partner.



(Reporting by Kathryn Lurie in Davos; Editing by Alexander Smith)

11th Annual LACMA Art + Film Gala – Arrivals

Davos 2023: Idris Elba calls for investment to help world’s poor

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="506" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/CS62UR5JZNID5DL7DS427TWJ2E-820x506.jpg" alt="" class="wp-image-418621" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/CS62UR5JZNID5DL7DS427TWJ2E-820x506.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/CS62UR5JZNID5DL7DS427TWJ2E-300x185.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/CS62UR5JZNID5DL7DS427TWJ2E-146x90.jpg 146w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/CS62UR5JZNID5DL7DS427TWJ2E-768x474.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/CS62UR5JZNID5DL7DS427TWJ2E.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Locals walk past electricity pylons during frequent power outages from South African utility Eskom, caused by its aging coal-fired plants, in Soweto, South Africa, July 3, 2022. REUTERS/Siphiwe Sibeko//File Photo</figcaption></figure>



DAVOS, Switzerland, Jan 16 (Reuters)&nbsp;&#8211;&nbsp;South Africa has a plan to improve energy provision that will end the need for any power cuts within the next 12-18 months, ITS Finance Minister Enoch Godongwana said on Monday.



&#8220;Eventually in the next 12-18 months we will be able to say load-shedding is a thing of the past. That is the target,&#8221; Godongwana, told Reuters on the sidelines of the World Economic Forum (WEF) in the Swiss resort of Davos.



Godongwana said so-called &#8220;stage 6&#8221; power cuts &#8211; which mean at least six hours a day without power for most South Africans &#8211; would no longer be needed within about five months as facilities are revamped and measures such as demand management take effect.



However, asked whether state-owned power utility Eskom could expect to be allocated more cash for diesel to help reduce the level of power cuts, he said: &#8220;I don&#8217;t think Eskom has a diesel problem, I think Eskom has got a management problem.&#8221;



Referring to a&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AJ8N325021&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">move</a>&nbsp;last week by South Africa&#8217;s energy regulator to approve an 18.65% power price rise for the financial year starting on April 1, he said: &#8220;I suspect it is going to give them (Eskom) sufficient resources to be able to deal with all of that stuff.&#8221;



Godongwana insisted the rand, which earlier on Monday fell against the dollar as investors worried about the power supply situation, &#8220;has proven to be resilient&#8221;, but he said South Africa needed to better communicate that it was tackling the problem.



President Cyril Ramaphosa, who earlier cancelled plans to attend the annual WEF meeting over the crisis, would refer to those efforts in his Feb. 9 state of the nation address, said Godongwana.



He would not elaborate on proposals for the state to take on a share of Eskom&#8217;s 400 billion rand ($23.5 billion) debt, saying he was &#8220;sharpening his pencil&#8221; to provide the details on his Feb. 23 budget presentation.



($1 = 17.0312 rand)



(Reporting by Mark John; Editing by Alexander Smith)

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Davos 2023: South Africa plans to end load-shedding in 12-18 months -finmin

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246279955-820x547.jpg" alt="" class="wp-image-422431" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246279955-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246279955-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246279955-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246279955-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246279955-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246279955-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Enoch Godongwana, South Africa&#8217;s finance minister, during a Bloomberg Television interview ahead of the World Economic Forum (WEF) in Davos, Switzerland, on Monday, Jan. 16, 2023. The annual Davos gathering of political leaders, top executives and celebrities runs from January 16 to 20. Photographer: Hollie Adams/Bloomberg via Getty Images</figcaption></figure>



South Africa’s Finance Minister, Enoch&nbsp;Godongwana&nbsp;says resolving the&nbsp;country’s&nbsp;energy crisis&nbsp;demands urgency&nbsp;but questioned&nbsp;whether a declaring a state of emergency&nbsp;is&nbsp;the appropriate instrument to use.&nbsp;



Speaking on the sidelines of the World Economic Forum underway in Davos Switzerland,&nbsp;Godongwana&nbsp;said he had heard&nbsp;suggestions that&nbsp;declaring a&nbsp;state of emergency&nbsp;could give the&nbsp;government&nbsp;the resources&nbsp;it needs&nbsp;to tackle the&nbsp;amplified&nbsp;power shortages.&nbsp;&nbsp;



But&nbsp;he&nbsp;questioned what&nbsp;impact&nbsp;this would have in keeping the lights on.&nbsp;



“I’ve heard about the State of Emergency. I don’t know what effect it will have if you declare a state of emergency. Will it make sure that you can have power to the grid or how it will work,”&nbsp;he told CNBC Africa’s Closing Bell show.&nbsp;



South Africa has experienced&nbsp;power cuts, known&nbsp;locally&nbsp;as load-shedding,&nbsp;every&nbsp;day since the new year&nbsp;began.&nbsp;This follows&nbsp;record power deficits&nbsp;in 2022 as a result of frequent breakdowns&nbsp;of&nbsp;its&nbsp;aging and poorly maintained&nbsp;power plants.&nbsp;


		
		
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President Cyril Ramaphosa&nbsp;last night canceled attending&nbsp;this year’s World&nbsp;Economic&nbsp;Forum meetings,&nbsp;saying he needed to attend to&nbsp;the&nbsp;worsening&nbsp;power crisis at home.&nbsp;The&nbsp;National Treasury is due to&nbsp;announce&nbsp;further details&nbsp;at&nbsp;next month on&nbsp;government&nbsp;plans&nbsp;to&nbsp;take&nbsp;over&nbsp;a portion of Eskom’s&nbsp;R396.8bn&nbsp;debt&nbsp;as of December 2022.&nbsp;



The Minister said&nbsp;Treasury was waiting for the&nbsp;recent&nbsp;tariff&nbsp;announcement&nbsp;by the National Energy Regulator of South Africa (NERSA)&nbsp;before making a&nbsp;final&nbsp;determination on how much of Eskom’s debt would be brought on the state’s&nbsp;balance sheet.&nbsp;



“Among the variables, we needed&nbsp;to take into account is&nbsp;Nersa’s&nbsp;determination&nbsp;(on&nbsp;tariffs)&nbsp;because it will impact on Eskom’s cashflows moving forward and would also impact on the quantum of the debt that the state will have to take. That variable now has come through.”&nbsp;



Nersa&nbsp;approved a tariff increase of 18.65% for the 2022/23 financial year and 12.74% for the 2023/24 financial year. Eskom had sought an increase of&nbsp;32%&nbsp;



Godongwana&nbsp;is due to deliver the main&nbsp;budget on February 22.&nbsp;

Preparations Ahead of The World Economic Forum (WEF) 2023

SA Finance Minister Questions declaring emergency to resolve power crisis

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246279791-820x547.jpg" alt="" class="wp-image-422427" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246279791-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246279791-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246279791-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246279791-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246279791-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246279791-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The logo the World Economic Forum (WEF) on a window at the Congress Center in Davos, Switzerland, on Monday, Jan. 16, 2023. The annual Davos gathering of political leaders, top executives and celebrities runs from January 16 to 20. Photographer: Stefan Wermuth/Bloomberg via Getty Images</figcaption></figure>



Geneva, Switzerland, 16 January 2023&nbsp;– A dramatic rise in the frequency and severity of wildfires is undermining efforts to reduce carbon dioxide (CO2) emissions in combating climate change. According to the United Nations Environment Programme (UNEP), 30% of the world’s population is exposed to deadly heatwaves on more than 20 days a year. The World Economic Forum launched the FireAId initiative to&nbsp;address the wildfire crisis&nbsp;in January 2022.&nbsp;Successfully piloted by Koç Holding in the South Aegean and West Mediterranean region of Türkiye in 2022,&nbsp;this wildfire risk mapping and logistic planning project improved wildfire prediction by combining static and meteorological datasets and reduced both response time and risk to firefighters. Due to its success,&nbsp;the approach is being scaled for wider use.&nbsp; “During this difficult period of growing fire seasons and climate change, we are committed to continuing and strengthening this global engagement. We hope this report will inspire you to join these efforts, which can address the key drivers of catastrophic fires, increase the pace and scale of forest management and improve the resilience of increasingly threatened communities globally,”&nbsp;said&nbsp;Jeremy Jurgens, Managing Director at the World Economic Forum. This report urges the increased use of artificial intelligence (AI) and machine learning (ML) in predicting and directing responses to wildfires and managing forests. It follows the launch of the&nbsp;<a href="https://www.weforum.org/reports/global-risks-report-2023/">Global Risks Report 2023</a>, which highlights failure to mitigate and adapt to climate change, natural disasters and extreme weather events, and biodiversity loss and environmental degradation among the top risks faced by societies.&nbsp; Wildfires have occurred naturally for millions of years and are integral to the maintenance of healthy forests. Mediterranean forests burn down entirely once every 50 years as part of their natural cycle, but climate change is making wildfires more frequent, larger and more devastating. In the US, there have been around 1.5 million wildfires since 2000, burning an average 7 million acres annually – more than double the 3.3 million acres destroyed by wildfires each year in the 1990s. California wildfires in 2020 alone burned more than 4 million acres and released almost twice the tonnage of greenhouse gases as the total CO2&nbsp;reductions achieved over 18 years since 2003 – an estimated 127 million tonnes CO2&nbsp;equivalent released compared to 65 million tonnes of reductions. Global wildfires in 2021 released an estimated total of 6,450 megatonnes of CO2&nbsp;– 148% more than total European Union fossil fuel emissions in 2020, according to&nbsp;<a href="https://twitter.com/CopernicusECMWF">@CopernicusECMWF</a>, the Copernicus Atmosphere Monitoring Service. In South Africa, the February 2021 wildfire near Cape Town burned more than 13,000 hectares and threatened the city outskirts, torching university buildings. Wildfires in Australia in 2019 and 2020 killed or displaced more than 3 billion animals. Forest lands provide the majority of freshwater supplies – in the US, 80% of the total. But wildfires severely affect water quality in rivers, reservoirs and streams. Ash settles on water surfaces, while burned landscapes may erode more quickly, increasing the accumulation of sediment in water. After a wildfire, the soil may have reduced capacity to absorb and store water, increasing the likelihood of flooding. Managing and preventing wildfires is a vital element of efforts to control climate change and protect habitats, lives and livelihoods. AI and ML show immense potential for developing a response to this crisis. Advances in AI may be applied to managing forests and fighting wildfires:



<ul>
<li>The dream of producing autonomous vehicles has driven continuous refinements in computer vision AI, which can be applied to the science of wildfire prediction</li>



<li>Developments in natural language processing (NLP) and natural language generation (NLG) have improved computers’ capacity to make predictions</li>
</ul>



Advances in data-collection methods support firefighting and wildfire risk management:



<ul>
<li>Sensors with inbuilt AI can collect acoustic information or operate as smoke detectors in forests and alert authorities within the first hour of a wildfire starting</li>



<li>Unmanned aerial vehicles (UAVs) can be flown over fires to provide live images and help firefighters plan their response</li>
</ul>



Two programmes are under development in the US to provide near-live fire information:



<ul>
<li>Google uses geostationary satellites to produce near real-time maps</li>



<li>NASA’s Fire Information for Resource Management (FIRMS) uses low-orbit satellites and software developed by the University of Wisconsin-Madison’s Space Science and Engineering Center (SSEC) to provide live fire data with a lag of just 60 seconds between Earth observation and wildfire detection</li>
</ul>



The FireAId initiative was piloted with Koç Holding in Türkiye in the wake of the worst wildfires ever recorded in the country in July–August 2021. A total of 139,503 hectares burned in these wildfires. Koç Holding, a pioneer of digitalization in the Turkish private sector, developed the pilot programme in collaboration with the Turkish Ministry of Agriculture and Forestry. It focused on the South Aegean and West Mediterranean parts of Türkiye, covering 44,000km2. One quarter of the country’s wildfires have broken out in that region, corresponding to 75% of total burned area in 2010–2021. The project was conducted in two phases:



<ol>
<li>Dynamic and static datasets were used to create a risk map, with risks categorized under two types – ignition (probability of a wildfire starting) and severity</li>



<li>The risk map was used to create a model for allocating resources most efficiently after a wildfire started</li>
</ol>



The project successfully used Koç Holding’s advanced data analytics capacity to predict wildfires and enable more efficient use of existing firefighting resources. It analysed more than 400 variables using its AI-based model and the results encouraged Koç Holdings to develop and scale the model for use in all regions of Türkiye.



&#8220;We are willing to work with all interested stakeholders, international organizations and especially countries that are vulnerable to wildfires. In terms of scaling, we want to underline that this is a non-commercial product. We can share our algorithms and source codes for further improvements. We have already started to work on scaling the pilot to cover all regions in Turkey as the next step. In parallel, we are eager to work with data providers and piloting partners across the world. We must all unite in an effort to save our forests, our common future, our world, ”&nbsp;said&nbsp;Levent Çakıroğlu Chief Executive Officer of Koç Holding.



Deloitte, which joined the FireAId initiative in June 2022, is developing forecasting models and a scenario engine, together with an intuitive user interface (a dynamic map that users can pan and zoom, with key statistics and controls). It is looking to use its technology partnership with NVIDIA, developers of the Earth-2 digital model of the planet, to create a digital twin simulation for firefighters, allowing them to plot a fire’s likely progress and the effectiveness of proposed responses. Though much has been accomplished, these remain works in progress and are being rigorously tested. “Wildfires represent a growing environmental problem. Intervention measures are more effective the earlier they are taken – saving lives, livelihoods, habitats, as well as the cost of the measures themselves.&nbsp;While a significant modelling challenge, better prediction of fire outbreak and spread – using technologies such as AI, cloud and digital twins – has the potential to upgrade resource planning and save firefighters valuable time,”&nbsp;said&nbsp;David Thogmartin, Director of AI and Data Analytics at Deloitte Risk Advisory and AI and Machine Learning Fellow at the World Economic Forum In firefighting every second counts – it is critical to respond quickly and effectively. But many firefighters are hampered by ageing equipment and inadequate budgets. The report emphasizes that government ministries must respond to the need for funding to boost budgets, modernize departments and upgrade equipment. In project workshops, experts emphasized the need for international cooperation to develop this initiative. In particular, they stressed the need to:



<ul>
<li>Share compatible and relevant data, which is critical for the development of AI fire-prediction models</li>



<li>Supplement historical data with new sources that provide real-time information</li>



<li>Develop existing methods of using controlled burns to prevent, manage and limit wildfires – “fighting fire with fire”</li>
</ul>



The FireAId initiative provides inspiration for future development teams and a focus for global engagement among climate technology leaders in industry and government. Their cooperation should focus on developing the use of AI and ML in wildfire risk management and in mitigating other climate risks to protect natural environments, populations and economic prosperity. The success of the FireAId pilot provides hope. Progress is under way – existing data and past studies of wildfire dynamics lay a solid foundation for future development. “With the wildfire risk mapping and logistic planning project, in which Koç Holding’s advanced analytics and artificial intelligence capabilities and our know-how have combined, we have incorporated new technological advancements into our organization. Prior to this, only meteorological variables were used in risk mapping, but as of now static and meteorological datasets are combined. In addition, response time is one of the critical metrics in firefighting. The logistic planning part of the project enables us to reduce response time with less risk. “We have been working on extending our pilot [throughout] Türkiye. We believe that extending FireAId to other fire-prone countries with the support of the World Economic Forum will help the fight against wildfires,”&nbsp;saidBekir Karacabey, General Manager at the Turkish Ministry of Agriculture and Forestry.

Successful Pilot Shows How Artificial Intelligence Can Fight Wildfires

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246272359-820x547.jpg" alt="" class="wp-image-422421" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246272359-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246272359-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246272359-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246272359-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246272359-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246272359-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The logo the World Economic Forum (WEF) inside the Congress Centre in Davos, Switzerland, on Monday, Jan. 16, 2023. The annual Davos gathering of political leaders, top executives and celebrities runs from January 16 to 20. Photographer: Stefan Wermuth/Bloomberg via Getty Images</figcaption></figure>



Davos, Switzerland, 16 January 2023&nbsp;– A new report launched today at the World Economic Forum Annual Meeting 2023 shows how “early mover” countries can accelerate the food systems transformation. The report,&nbsp;<a href="https://www.weforum.org/reports/food-nature-and-health-transitions-repeatable-country-models">Food, Nature and Health Transitions – Repeatable Country Models</a>, offers insights into the actions and investments that can accelerate a country’s transition towards food systems that deliver a stronger economy, better livelihoods for a more inclusive set of people, greater nutritional security and improved health, while causing a lower impact on the climate and nature.



“Transforming food systems provide healthy and nutritious diets and dignified jobs for farmers and producers. This report shows how economic development with environment protection supports communities in climate adaption and mitigation efforts,” said Gim Huay Neo, Managing Director of the World Economic Forum’s Centre for Nature and Climate.



The report, written in collaboration with Bain &amp; Company, presents “repeatable models” from seven “early mover” countries in Africa, Asia, the Americas and Europe whose performance has been comparatively strong and whose examples and lessons are widely relevant. Their stories of transformation identify common, repeatable elements, including the most critical actions and investments for driving change and how they should be coordinated.



“Depending on the country context, different pathways could be adopted to transform our agrifood systems for improved food security and nutrition and assuring sustainability,” said Maximo Torero Cullen, Chief Economist at the UN Food and Agriculture Organization (FAO). “Scaling up climate resilience and strengthening our food environment to promote healthy diets&nbsp;are two key interventions with positive impacts on food security,&nbsp;nature and health.” “When food fails, everything fails,” added Geraldine Matchett, Co-Chief Executive Officer and Chief Financial Officer of Royal DSM, and Co-Chair of the CEO Alliance on Food, Nature and Health. “We must work to transform our food systems to be resilient, sustainable and healthy.” A number of countries, including Ghana, India and Viet Nam, have been able to evolve their food systems to improve a broader set of outcomes by unlocking the potential of small and medium-sized enterprises, particularly those that are farmer-allied and operating in local food chains. Countries can also use innovation to improve productivity, sustainability and nutritional outcomes, as demonstrated in Algeria, which has improved food security in the face of significant constraints on water availability, while Viet Nam has sustainably intensified its rice production. Farmers are more likely to adopt new practices if the economics work in their favour, according to the report, but making this happen requires action from many stakeholders. Examples in Canada and New Zealand illustrate how to scale adoption of nature-positive and climate-smart food production, particularly focusing on the case for an economic advantage for producers. Each of the “early mover” country profiles in the report show how multiple actors and concurrent levers, across sectors, interact and coordinate to enable large-scale transformation over time. Collectively, they demonstrate the potential for these levers – if applied in tandem and with greater urgency – to accelerate country-led food systems transformation. About the World Economic Forum Annual Meeting 2023 The World Economic Forum&nbsp;<a href="https://www.weforum.org/events/world-economic-forum-annual-meeting-2023">Annual Meeting 2023</a>&nbsp;convenes the world’s foremost leaders under the theme&nbsp;Cooperation in a Fragmented World. It calls on world leaders to address immediate economic, energy and food crises while laying the groundwork for a more sustainable, resilient world. For further information, please click&nbsp;<a href="https://www.weforum.org/events/world-economic-forum-annual-meeting-2023">here</a>.



“Depending on the country context, different pathways could be adopted to transform our agrifood systems for improved food security and nutrition and assuring sustainability,” said Maximo Torero Cullen, Chief Economist at the UN Food and Agriculture Organization (FAO). “Scaling up climate resilience and strengthening our food environment to promote healthy diets&nbsp;are two key interventions with positive impacts on food security,&nbsp;nature and health.” “When food fails, everything fails,” added Geraldine Matchett, Co-Chief Executive Officer and Chief Financial Officer of Royal DSM, and Co-Chair of the CEO Alliance on Food, Nature and Health. “We must work to transform our food systems to be resilient, sustainable and healthy.” A number of countries, including Ghana, India and Viet Nam, have been able to evolve their food systems to improve a broader set of outcomes by unlocking the potential of small and medium-sized enterprises, particularly those that are farmer-allied and operating in local food chains. Countries can also use innovation to improve productivity, sustainability and nutritional outcomes, as demonstrated in Algeria, which has improved food security in the face of significant constraints on water availability, while Viet Nam has sustainably intensified its rice production. Farmers are more likely to adopt new practices if the economics work in their favour, according to the report, but making this happen requires action from many stakeholders. Examples in Canada and New Zealand illustrate how to scale adoption of nature-positive and climate-smart food production, particularly focusing on the case for an economic advantage for producers. Each of the “early mover” country profiles in the report show how multiple actors and concurrent levers, across sectors, interact and coordinate to enable large-scale transformation over time. Collectively, they demonstrate the potential for these levers – if applied in tandem and with greater urgency – to accelerate country-led food systems transformation. About the World Economic Forum Annual Meeting 2023 The World Economic Forum&nbsp;<a href="https://www.weforum.org/events/world-economic-forum-annual-meeting-2023">Annual Meeting 2023</a>&nbsp;convenes the world’s foremost leaders under the theme&nbsp;Cooperation in a Fragmented World. It calls on world leaders to address immediate economic, energy and food crises while laying the groundwork for a more sustainable, resilient world. For further information, please click&nbsp;<a href="https://www.weforum.org/events/world-economic-forum-annual-meeting-2023">here</a>.

Countries That Tackle Food Crisis Can Boost ‘Jobs, Health and Nature’ and Meet Net-Zero Goals

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246272339-820x547.jpg" alt="" class="wp-image-422411" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246272339-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246272339-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246272339-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246272339-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246272339-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/GettyImages-1246272339-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A frost-covered logo for the World Economic Forum (WEF) in Davos, Switzerland, on Monday, Jan. 16, 2023. The annual Davos gathering of political leaders, top executives and celebrities runs from January 16 to 20. Photographer: Stefan Wermuth/Bloomberg via Getty Images</figcaption></figure>



European markets were cautiously higher on Monday as investors assessed the growth and inflation outlook in light of recent data alongside the beginning of corporate earnings season.



The pan-European Stoxx 600 index was up 0.3% by mid-afternoon, with financial services adding 0.8% while travel and leisure stocks dropped 0.7%.



The World Economic Forum in Switzerland is a key focus for European markets this week. Heads of state and business leaders mingle with academics and innovators in Davos. The key themes for delegates to debate and discuss are the war in Ukraine, economic instability and uncertainty and climate change, among other things.



This year’s WEF takes place against a cost-of-living crisis for many, and some leaders are not attending the annual meeting as crises continue at home. German Chancellor Olaf Scholz is the only Group of Seven leader set to attend the forum this year.

European markets inch higher; World Economic Forum kicks off in Davos

The CNBC Conversation with Nicole Stott

The CNBC Conversation with Space for Art Foundation Founder, Nicole Stott

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Focus on Africa Conference: Building integrated freight systems to boost intra-African trade

EdTech Monday: Advancing Girls’ Education Through Digital Learning

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/Gerrit-Schmidt-III-MSc-is-Chief-Commercial-Officer-at-SFO-and-Head-of-Affinity-Research-at-Stellenbosch-Institute-for-Family-Governance.-820x429.jpg" alt="" class="wp-image-417587" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/Gerrit-Schmidt-III-MSc-is-Chief-Commercial-Officer-at-SFO-and-Head-of-Affinity-Research-at-Stellenbosch-Institute-for-Family-Governance.-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/Gerrit-Schmidt-III-MSc-is-Chief-Commercial-Officer-at-SFO-and-Head-of-Affinity-Research-at-Stellenbosch-Institute-for-Family-Governance.-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/Gerrit-Schmidt-III-MSc-is-Chief-Commercial-Officer-at-SFO-and-Head-of-Affinity-Research-at-Stellenbosch-Institute-for-Family-Governance.-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/Gerrit-Schmidt-III-MSc-is-Chief-Commercial-Officer-at-SFO-and-Head-of-Affinity-Research-at-Stellenbosch-Institute-for-Family-Governance.-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/Gerrit-Schmidt-III-MSc-is-Chief-Commercial-Officer-at-SFO-and-Head-of-Affinity-Research-at-Stellenbosch-Institute-for-Family-Governance..jpg 1200w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



Family Governance is not a buzzword. It has global economic relevance.&nbsp;&nbsp;



Stellenbosch Institute for Family Governance, by SFO, partners with Stellenbosch Business School to pilot AffinityLab; a family focused research incubator to nurture and stimulate familial cooperation in Ultra-High-Net-Worth (UHNW) families.



Featured in June/July 2022 issue of Forbes Africa 



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/30-under-30-820x429.jpg" alt="" class="wp-image-417651" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/30-under-30-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/30-under-30-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/30-under-30-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/30-under-30-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/30-under-30-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/30-under-30-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



Data from research providers in financial services and academia support the relevance of thinking in familial terms. Forbes projects the greatest wealth transfer in history from baby-boomers to next generation custodians, estimated at over 30 trillion dollars over the next 20 years, with significant inherent risk of failure.&nbsp; According to the Oxford Ownership Project, an estimated 70% of global businesses are owned by families.&nbsp;



Everyday interactions with family enterprises are closer to home for people buying products from big brands such as Louis Vuitton, Samsung and LEGO. Family governance is relevant, and it is in the interest of the world economy for family enterprises to grow, whereas the families which own them are likely to grow apart.



Family governance, especially familial cooperation, remains a challenging topic due to the complexity of relations in these organisations, compounded by the newly realised knowledge gap. Industry-wide, financial services professionals understand the need for sound governance but run the risk of putting the cart in front of the horse by relying on so-called best practices of what worked elsewhere. Rather, we as financial services professionals, should be working with families to develop the best familial cooperation practices that are relevant for them and their context.



A deeper understanding of cooperation within families is key to gain traction with family governance. But, if a family is unable to work together as a family of affinity foremost, one cannot reasonably expect wealth transfers to be sustainably successful.



AffinityLab intends to address latent familial cooperation needs. UHNW families typically consist of multi-generational branches with members located in various jurisdictions, pushing global families to rethink wealth management strategies beyond investment performance. In times of geopolitical crises questions around goal-based investing are extending to goal-based living, reaffirming the need for a consolidated strategic approach to family governance. Starting with the need to establish Affinity as a primary goal of family and puts familial cooperation squarely in the research focus of AffinityLab.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">“Cooperation needs to be at the heart of family strategy for families to realise goal-based living together. Family Governance starts with Affinity.” – Gerrit Schmidt III (Chief Commercial Officer at SFO). </blockquote>



Entitlement and perceived inequitability frame familiar problems in UHNW families. These problems negatively influence family organisations and do not typically allow for cooperation or a sense of interrelated affinity. Furthermore, these problems intensify alienation and place unique strain on family branches, driving at best, superficial cooperation for short-term gains. Once this occurs, it is a question of time before the family implodes, dividing their assets at the cost of cooperating as a family.



The family is stronger by design if able to meaningfully engage members, at varying levels of involvement, in their enterprise. The purpose of an enterprising family should not be limited to a specific industry or specialism. Family purpose should, however, be specific to the ideals of working together as a purpose-led organisation with established collaboration from members who share the common vision and lived purpose. Stellenbosch Institute for Family Governance by SFO specialises in family-management consulting by helping businesses and business families to realise these ideals. We design family structures conducive to nurturing inclusivity and developing proficient Ultimate Beneficial Owners.&nbsp;&nbsp;



Coming back to the idea of putting the cart in front of the horse, financial services providers should primarily be thinking in terms of succession development and designing purposeful family structures conducive to more than tax efficiency and return maximisation.&nbsp;



The qualitative aspects of wealth management matter and the disruptive work of Africa’s first Institute for Family Governance has the potential to shift family enterprise futures, stimulating the global economy.



Family Governance starts with Affinity. Started by SFO. A family focused financial services group.

Gerrit Schmidt III (MSc) is Chief Commercial Officer at SFO and Head of Affinity Research at Stellenbosch Institute for Family Governance.

Family Governance Starts with Affinity

LONDON/NEW YORK, May 27 (Reuters)



The International Monetary Fund (IMF) has received $40 billion in pledges for its new Resilience and Sustainability Trust to address challenges such as climate change, IMF head Kristalina Georgieva said on Friday, close to their target set last month.



Building resilience to the effects of climate change will cost trillions of dollars over the next decade, she said in a pre-recorded speech broadcast to the Ibrahim Governance Forum, an Africa-focused conference.



Climate investment globally needs to increase by up to six times from the roughly $640 billion spent in 2020, to keep global temperatures from rising more than 1.5 degrees Celsius above pre-industrial levels, the latest Intergovernmental Panel on Climate Change report said in April.



&#8220;The devastating effects of climate change are robbing Africa of lives and livelihoods,&#8221; Georgieva told the conference, which was scheduled to mark six months until the COP27 climate conference in Cairo.



The IMF launched the new financing facility for low and middle-income countries in April, with the goal of raising at least $45 billion.



Its finance director had said it would need to receive &#8220;a substantial fraction&#8221; of the total before starting operations of the new trust by the time of the meetings of the IMF and World Bank in October.



Georgieva said at the conference that many African countries were dealing with droughts that were increasing food and political insecurity.



&#8220;Now the surge in food, fuel and fertiliser prices have dramatically raised import costs, all in the context of already high sovereign debt and limited fiscal capacity,&#8221; Georgieva said.



&#8220;African countries cannot face these overlapping crises &#8211; climate, food, pandemic &#8211; alone,&#8221; she said, adding that IMF lending to African countries in the last year was 13 times the annual average.



Reporting by Rachel Savage and Rodrigo Campos; Editing by John Stonestreet and Edmund Blair

IMF story

IMF secures $40 billion so far for new sustainability trust

Biased cultural norms, limited technology access, and biased teaching and learning materials perpetuate the STEM education imbalance between boys and girls.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/05/Ghana_00693-1-820x547.jpg" alt="" class="wp-image-417156" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/05/Ghana_00693-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/05/Ghana_00693-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/05/Ghana_00693-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/05/Ghana_00693-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/05/Ghana_00693-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/05/Ghana_00693-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



Ensuring that girls receive a quality education is the most powerful investment we can make in our collective future. Educated women are more likely to marry at a later age, have fewer children, earn higher incomes and build better lives for themselves and their families. The World Bank has even said that without improvements in gender equality, <a href="https://blogs.worldbank.org/nasikiliza/how-empowering-women-can-help-end-poverty-africa">we will not reduce poverty</a> in Africa.



Addressing the under-representation of women in science, technology, engineering, and mathematics (STEM) courses is a central part of improving girls&#8217; education in Africa. The choice could not be more clear: if Africa does not make significant progress in getting more girls in the sciences, its progress towards sustainable development will be compromised.



However, in many countries across the continent, <a href="https://www.teachingenglish.org.uk/sites/teacheng/files/2022-04/Girls%27%20education%20and%20empowerment.pdf">social norms and traditions prevent</a> girls from pursuing educational opportunities. In Sudan, for instance, many families with children see girls’ priority as domestic chores over schoolwork. Evidence shows that African girls who spend 28 hours per week on household duties and caregiving attend school 25% less than those with just 10 hours of weekly domestic chores. In a continent where girls are far more often pressured to work in the home than boys are, it results in major gender disparities in learning.



Some will argue that technology could be the solution, providing digital access to learning that girls might not otherwise have. However, gender norms already limit girls’ access to technology, and have had a disproportionate<a href="https://www.britishcouncil.org/sites/default/files/sub-saharan_africa_education_series_21_july_r.pdf"> impact on their learning opportunities during the Covid-19 lockdowns</a>.



In Ethiopia, parents are more likely to deny girls access to mobile phones as they want to protect them from<a href="https://www.teachingenglish.org.uk/sites/teacheng/files/2022-04/Girls%27%20education%20and%20empowerment.pdf"> exposure to unsafe content</a>. One <a href="https://www.girlsandmobile.org/">study</a> found that for boys, cost is the biggest barrier to mobile phone access, while for girls, social norms are the main constraint; a large majority of boys do not have to seek permission to use technology while nearly half of girls do.



Globally, the<a href="https://www.girlsandmobile.org/"> disparity between boys and girls</a> is so great that boys are 50% more likely to own a mobile phone than girls and more than half of girls have to borrow a mobile phone if they want access, compared with only 28% of boys.



There is also significant disparity in how girls and boys are treated in the classroom itself, especially in STEM subjects. Teachers often demonstrate the same gender biases as parents, sub-consciously encouraging boys ahead of girls by calling on them first or more often to answer science-related questions. Teaching materials and textbook examples further deepen the divide with more references to boys and male success than that of women and girls.



Data from the OECD reveals a strong correlation between 15-year-old boys&#8217; self-confidence in STEM subjects and their higher performance versus girls’. Yet boys&#8217; brains are no more effective at STEM problem-solving than girls&#8217;, and there are<a href="https://pubmed.ncbi.nlm.nih.gov/29484644/"> negligible gender differences in children’s maths skills</a>. What evidence does show, however, is that girls&#8217; self-perception, due to community pressures and biases, are the primary reason for girls succeeding less in many countries in STEM studies and careers.



The most immediate way to nurture their confidence in the sciences is to increase girls’ exposure to high-quality, inclusive science instruction in schools. Girls’ familiarity with STEM is a key part of building their self-confidence in it.



That’s why the British Council is tackling some of these issues in a drive to increase and sustain access, interest, participation and performance of girls in these subjects at all levels:



<ul><li>Making Coding Fun for Girls After-school coding clubs #LearningToCode are being piloted in Kenya and South Africa to give girls exposure and access to technology and build their confidence through fun activities in a creative and safe environment.</li><li>Training Teachers on Gender Inclusion Through teacher training across many African countries, in conjunction with ministries of education and teacher training colleges, we are skilling-up teachers to be more gender inclusive in the classroom and making them aware of biases and how they can affect girls.</li></ul>



<ul><li>Digital Skills in the Classroom We work with the Wikimedia Foundation in Ghana on our Skills for Success programme which is focused on building teacher training colleges capacity to skill-up teachers in digital technology so they can bring that to the kids in their classrooms. This is particularly important for girls who are less likely to get exposure to technology at home.</li><li>School Leadership Training We work with school leaders across Africa to teach more inclusive styles of school management, promoting reflective learning.</li></ul>



These are just some examples of the systems changes that can be achieved. We encourage aid agencies, ministries of education and other partners to consider the wide-reaching benefits of creating societies in which&nbsp;girls can achieve their potential in STEM.



The British Council welcomes the opportunity to co-create impactful, needs based education programmes in partnership with like-minded organisations.







Andrew Zerzan is the Deputy Regional Director and Director of Education, Arts &amp; Civil Society for British Council in Sub Saharan Africa.



Andrew is an international programme leader, passionate about finding solutions to complex social and cultural challenges. He has more than 15 years’ experience in international programme strategy, partnership development and project management.



Andrew joined the Council in 2014 and has held several roles including, Global Director of Education, Global Head of Business Delivery, and Director of Risk and Security.



Prior to joining British Council, Andrew worked with several organisations including the World Bank, Gates Foundation and Reed Elsevier plc. In 2004 he launched a start-up education business, pioneering a high-tech approach to learning and connecting people from different cultures and geographies.



Andrew was commended by the City of London for innovative risk management in the Risk Management Awards of 2014.



Andrew has experience of living and working in Europe, Africa and Asia, and is currently based in Nairobi with his family and dog. Andrew has weathered the pandemic appreciating the ingenuity of African youth to thrive regardless of the challenges they face.

Ghana_00693_British Council

Closing the gender gap in African STEM education

As the South African economy is slowly and cautiously emerging from the devastation of the COVID-19 pandemic, organisations are starting to look to the future and what emerging trends hold for their business.



One such trend is the concept of the Metaverse which, in essence, represents the convergence of digital and physical world.&nbsp; It’s a 3D virtual space where users can gather as a group of avatars, interacting with one another in surroundings that replicate the physical world with select modifications.



It’s almost sounds like the real world and Sci-Fi is finally starting to cross paths, and ironically the idea is based on a Neal Stephenson’s book&nbsp;Snow Crash&nbsp;published 30 years ago.&nbsp;



The Metaverse concept opens a world of opportunities for users to try out various activities from travelling, shopping, trying on clothes and attending virtual concerts. And already major brands are entering the Metaverse, so to speak, eager to find a place in this immersive Internet experience.



Preparing for the Metaverse



The world is going through major digital and technological changes, which in turn means organisation must keep up with current customer demand while also remaining agile and ready for future economic environments.



And whilst the Metaverse is still a concept for now, given its immersive nature, it can present a myriad of opportunities for companies. Organisations must be ready to bring their digital presence to the next level once the Metaverse becomes a reality.



The opportunities are exiting, with the post-Covid hybrid or remote working environments, organisation should leverage these increasingly creative virtual business experiences to connect and collaborate with their own people, enhance their business process, and maintain a competitive edge.



Bringing the Metaverse Closer to the Edge



The Metaverse will undoubtedly be persistent and comprise of large amounts of information. Connecting to this digital reality will require fast and reliable online speed to manage the requisite bandwidth and interoperability demand.



However, latency can also become a major concern, and this is where edge computing bridges the gap. The Metaverse trend will further drive the adoption of edge computing as it is a key infrastructure that enables the Metaverse to reach full potential, enabling providers to scale their offerings sustainably.



A sustainable, virtual world



Unfortunately, with the increase in data volume, bandwidth, and continuous operations, comes higher energy usage and even more heat release from IT gear.



Leveraging existing infrastructure can help to reduce the formation of new and bigger data centres that could potentially negatively impact the environment. Already the pandemic resulted in an increase in data centre functionality, with the construction of hyperscale data centres spreading across the world due to the surge in cloud services that require large-scale servers and storage.



If the pandemic can bring about such a massive leap, the realisation of this virtual world integrating with our daily functions will require super computing power and sophisticated, edge computing-powered data centres.



It is therefore important that as companies move towards the Metaverse, and commission more data centres to support their individual offerings, they should work with experts to organise and prioritise data centre sustainability.



Organisations should review their current energy mix and consider clean technologies to address their carbon footprint and prepare for future expansion efforts like the Metaverse.

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European markets head for lower open as economic concerns dominate Davos

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