WEF at Davos 2022: From crypto to climate change, India was the focus

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The first in-person annual meeting of the World Economic Forum in Davos ended on Thursday. India was at the center of many dialogues on emerging issues ranging from crypto technologies to climate change.


Saint Gobain’s global CEO, Benoit Bazin, was extremely optimistic about his company’s growth story in India. The 45 billion euro company sees India as its future growth engine for business and innovation. “We have a plan to invest more than Rs 55 billion over the next 4 years in India. India is not only important for Saint-Gobain in India, but also for Southeast Asia and the rest of the world,” said Bazin. “India can be a critical country for solar energy. Now we are also investing in our sustainability program to make progress in reducing the carbon footprint of manufacturing at our latest plant in Vizag using biomass.

Sheila Warren, CEO of Crypto Council for Innovation (CCI), said: “The industry is at an inflection point. We have evidence that shows the value of blockchain-based systems, including those that rely on cryptography. CCI is a global alliance of crypto industry leaders whose mission is to demonstrate the transformational promise of crypto. Fidelity Investment and Andreesen Horowitz are among the backers of CCI. Warren said blockchain and crypto innovation from countries like India will change the business landscape.

Indian companies and government officials took advantage of the absence of the Russian delegation and a surprisingly small Chinese presence of just a dozen delegates. “In terms of numbers and specifically in terms of the government, we have record numbers coming out of India,” said Sriram Gutta, Indian agenda manager at the Forum. “We are currently working with many states on various initiatives, including food innovation and agricultural technology, advanced manufacturing and production, drones and electric vehicles, among others.” More than a hundred Indian delegates, including CEOs, unicorn founders and political leaders, were in Davos.

While Russia was denied participation in the Davos rally, China’s lockdown conditions prevented a large attendance. China sent its smallest official delegation ever, amid strict quarantine rules due to its zero-Covid policy and unpopularity due to its “pro-Russian neutrality”. China was only represented in four of the more than 200 WEF sessions.

The Beijing delegation was led by China’s special representative for climate change affairs, Xie Zhenhua. He joined a panel of climate leaders, including US Presidential Special Envoy for Climate John Kerry and WEF President Børge Brende, to urge climate action to prevent global temperatures from rising below the Paris Agreement’s 1.5 degree Celsius target to avert climate catastrophe.

Many observers have noted the absence of China and the strong presence of India. “Xi’s brutal ‘Zero Covid’ strategy has sparked serious unease among Western businesses,” a Politico article noted. “The conversation shifted dramatically from wary assessments of China’s strength to panic at the edge of its fragility.”

David Rubenstein, co-founder of private equity Carlyle Group, said Politics in Davos that “India has been more attractive [to buy assets] lately than China.

The World Economic Forum (WEF) spear the Indian chapter of the Alliance of CEO Climate Action Leaders on Monday to energize India’s climate action and decarbonization efforts.

Part of the World Economic Forum Climate Action Platformthe Alliance will continue its efforts to realize the vision outlined in the white paper published last year, Mission 2070: A Green New Deal for Net Zero Indiaon India’s low-carbon transition by 2070. It will bring together government, business and other key stakeholders to deliver Indian Prime Minister Panchamrit’s ambitious five-part commitment, which includes the goal of net zero in the country by 2070.

“As a major global economy, India’s role in mitigating climate change is critical, and India Inc. must add its full weight to the country’s efforts, as well as the global effort, against climate change. global warming,” said Sumant Sinha, Co-Chair, Alliance of CEO Climate Action Leaders India, and Chief Executive Officer, ReNew Power.

A just transition could generate annual business opportunities worth more than $10 trillion and create 395 million jobs by 2030 worldwide. India alone could see over 50 million net new jobs and generate over $15 trillion in economic value. Conversations on water security at the annual meeting have led to substantive actions on freshwater conservation and management.

HCL Global Conglomerate announcement a partnership with UpLink, the World Economic Forum’s open innovation platform that connects high-potential start-ups with the partners and funding they need to scale. With an investment of $15 million over five years, HCL will accelerate the water innovation agenda and create a first-of-its-kind innovation ecosystem for the global freshwater industry on UpLink.

“Today, the world’s freshwater resources are under extreme strain and one in five children on this planet faces water scarcity,” said Roshni Nadar Malhotra, CEO of HCL Group and President of HCL Technologies.

Maharashtra, India’s largest state by GDP, has joined WEF’s Global Plastic Action Partnership (GPAP). The economic powerhouse joins a growing list of global economies that will leverage the GPAP platform to deliver localized solutions for the circular economy.

“This agreement with the World Economic Forum’s Global Plastic Action Partnership marks a critical milestone in our state’s battle against rampant plastic pollution,” said Aaditya Thackeray, Maharashtra’s Minister of Environment and Climate Change.

As European political leaders focused on the war in Ukraine, business leaders eagerly sought options to diversify their trade and investments. For most of them, India seemed the best option with political stability and reformist policies. The presence of ministers from the central government and five states vying for attention was perhaps the best symbol of India’s aggressive positioning as an attractive investment destination and rapidly growing market. Many global investors have endorsed India’s growing importance in the global economy.





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