Davos Summit 2023

Why in News?

• Recently, the 53rd edition of the annual World Economic Forum summit was held in Davos, Switzerland.

Highlights

• A new Coalition of Trade Ministers on Climate launched, bringing together over 50 countries to boost international cooperation on climate, trade and sustainable development.
• Stakeholders across the world stressed the value of free trade. Even in the current global economic landscape marked by fragmentation, the free trade system, which has contributed to global economic growth and enhanced humanity’s freedom remains a global public good that can never be forsaken.
• The Chief Economist’s Outlook was launched, which struck a cautious tone, with two-thirds of those surveyed expecting a global recession this year 2023.
• It explores the key trends in the economic environment, including the prospects for growth, inflation and monetary and fiscal policy.
• It calls for the importance of reskilling in order to prepare current and future workforces for the green transition, the digital transition and the jobs of the future.
• A new Initiative Giving to Amplify Earth Action (GAEA) was launched to leverage philanthropic capital to unlock funding for the climate crisis.
• It will leverage philanthropic capital to help generate the USD 3 trillion needed each year from public and private sources to tackle climate change and nature loss.
• Philanthropic giving totalled USD 810 billion in 2021, but just 2% went towards reducing emissions
• GAEA is a ground-breaking initiative supported by more than 45 major philanthropic, public and private sector partners.