Climate change occupied centre stage at Davos 2020. For the first\ntime ever, the top five risks that were ranked by WEF members centered entirely\naround climate change\nand other environmental issues. Reputed names like Prince Charles and Jane\nGoodall added heft to the climate change story. The noted anthropologist\nGoodall lent support to the One Trillion Trees initiative by the WEF. Prince\nCharles came up with a plan aimed at sustainability that included planning for\nzero emissions by businesses and governments. <\/p>\n\n\n\n (Source:Bloomberg Quint*)<\/p>\n\n\n\n Greta Thunberg impact<\/strong><\/p>\n\n\n\n While\nyoung climate change activist Greta Thunberg emphasised that the world was\nstill on fire, President Trump called upon the world to reject \u201cpredictions of\nthe apocalypse.\u201d Also, while Greta called upon governments and firms to reduce\nfossil fuel use, US Finance Chief Mnuchin came down sharply on her statements. <\/p>\n\n\n\n Time to UpLink<\/strong><\/p>\n\n\n\n The\nWEF, apart from launching the One Trillion Trees initiative, also launched\nUpLink, which is a platform that will bring together entrepreneurs who are keen\non solving problems that communities face. Such communities and entrepreneurs\nwill get backing to scale up their solutions. <\/p>\n\n\n\n Reskilling, the need of the hour<\/strong><\/p>\n\n\n\n The World Economic Forum launched the Reskilling Revolution, which\nis an initiative aimed at improving education, providing skills training and\njobs to one billion people across the globe during the decade. These skills are\nessential to lead the world into the Fourth Industrial Revolution, according to\nthe WEF. The founding government members include India, Pakistan, Brazil,\nRussian Federation, the UAE and the US. LinkedIn, Coursera Inc, PwC,\nSalesforce, The Adecco Group and India\u2019s Infosys are business partners for the\nreskilling initiative.<\/p>\n\n\n\n Stakeholder capitalism<\/strong><\/p>\n\n\n\n Although\nthe concept of stakeholder capitalism is around for a while now, and even at\nthe previous editions of the World\nEconomic Forum, this time it has received great emphasis. According to\nWEF founder Klaus Schwab, \u201cstakeholder capitalism\u201d has been in the mission of\nWEF since 1973. Stakeholder capitalism is all about the shift from shareholders\nto stakeholders. All stakeholders, including customers, employees, communities\nand suppliers, would need to be protected under this form of stakeholder\ncapitalism. The focus, accordingly, needs to be shifted to the larger\nEnvironmental, Social, and Governance (ESG) objectives. <\/p>\n\n\n\n All eyes on AI<\/strong><\/p>\n\n\n\n Big\ntech firms including Google and Microsoft have sought some regulation in the artificial intelligence\nsector. Google CEO Sundar Pichai said AI was one of the most profound things\nthe world is working on calling it \u201cmore profound than fire or electricity.\u201d He\nstressed the need for a global framework to regulate AI technology. Microsoft CEO\nechoed the same sentiments, calling for regulation of artificial intelligence globally, apart\nfrom regulating facial recognition technology.<\/p>\n\n\n\n AI arms race<\/strong><\/p>\n\n\n\n Historian\nand author Yuval Harari pointed out that the world is caught in an \u201cAI arms\nrace\u201d, with the US and China leaving others behind. He called for a\ndistribution of the benefits that artificial intelligence brings without which some countries\ncould go bankrupt.<\/p>\n\n\n\n Global network of universities<\/strong><\/p>\n\n\n\n Philanthropist\nGeorge Soros pledged $1 billion for setting up a network of universities across\nthe world aimed at promoting liberal ideas and values. <\/p>\n\n\n\n India at Davos<\/strong><\/p>\n\n\n\n According\nto a survey released on the first day of the summit at Davos 2020, India is still the fourth most\nattractive market for CEOs across the globe. A delegation of over 100 CEOS,\napart from Union Ministers and Chief Ministers from Indian states participated\nat Davos. The team was led by Union Commerce Minister Piyush Goyal. The WEF\nawarded actress Deepika Padukone for the work her foundation has done to spread\nawareness on mental health. <\/p>\n\n\n\n Among\nother things, Davos is a great opportunity for Indian states to attract investments. For\ninstance, the Telangana government clinched a deal with the Piramal Group to\ninvest Rs 500 crore over the next three years so as to expand its pharma\nsegment. Karnataka chief minister B S Yediyurappa said several international\ncompanies evinced interest in investing in his state. The Union Minister,\nPiyush Goyal exuded positivity as he noted the enthusiasm from across the globe\nfor making investments\nin India. <\/p>\n\n\n\n In a nutshell<\/strong><\/p>\n\n\n\n Whether you are an entrepreneur or investor, whether you are a regular consumer or a corporate house, gaining an understanding of the economy and the issues revolving around it is important. If you are interested in wealth management<\/a> and investments, Tata Capital is the one-stop shop for all your needs. <\/p>\n\n\n\n![\"Long](\"\/wp-content\/uploads\/2020\/03\/davos-2020-1.png\")
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