Top impact stories from the World Economic Forum in 2023

This article is brought to you thanks to the collaboration of The European Sting with the World Economic Forum.

2023 was a turbulent year for many people. Yet, despite conflict, the intensifying climate crisis and a challenging economic outlook,, a number of initiatives by the World Economic Forum and its partners helped create impact to improve the state of the world.

Here are some of this year’s leading impact stories.

Emerging climate technologies

The World Economic Forum’s First Movers Coalition (FMC) helps advance the most critical, emerging climate technologies required to decarbonize the world’s heavy-emitting sectors.

Today, the coalition is the world’s largest, private sector, clean demand signal for emerging climate technologies.

Since it was launched two years ago at COP26, FMC member companies have moved from commitments to action with 94 offtake agreements already signed to purchase emerging climate technologies.

First Movers Coalition: over 90 members send world’s largest clean demand signal for emerging climate technologies

https://cdn.jwplayer.com/players/0edh9K97-ncRE1zO6.html

Turning to AI to predict and prevent wildfires

AI could be a powerful tool to both predict and prevent wildfires, which globally cost more than $50 billion annually.

To address the increasing frequency of wildfires in Türkiye, the World Economic Forum Centre for the Fourth Industrial Revolution, Koç Holding, the Turkish Ministry for Agriculture and Forestry, and Deloitte launched the FireAId initiative in January 2022. This initiative uses Artificial Intelligence (AI) to enhance wildfire prediction and prevention.

The first FireAId pilot in Türkiye has led to an 80% accuracy rate in predicting wildfires 24 hours before their outbreak, giving authorities valuable time to prepare and respond.

The power of AI in wildfire prediction and prevention

https://cdn.jwplayer.com/players/LWT6McO1-ncRE1zO6.html

Fleeing war to find work

Refugees and forcibly displaced populations are often locked out of labour markets in their host countries.

To address this challenge, the World Economic Forum launched the Refugee Employment Alliance in May 2022.

At the end of 2023, partners of the Alliance have hired more than 54,000 refugees across the globe. And by December 2027, they expect to hire an additional 125,000 refugees and support 33,000 with mentoring, skills training, and access to digital devices.

From fleeing war to finding work: companies aim to help refugees find jobs

Cleaning up global supply chains

Currently, 99% of the global population lives in places where air pollution levels exceed World Health Organization safe guideline limits.

The Alliance for Clean Air was launched to promote private sector efforts to improve air quality across their supply and value chains.

Influential multinational companies in the Alliance have committed to measuring air pollutants from their operations and reporting the results in their sustainability reports. They are also exploring the impact of their existing climate strategies and ways to go even further through specific air pollution mitigation measures.

Global companies reduce air pollutants in supply chains

The Alliance streamlining international trade

The Global Alliance for Trade Facilitation supports trade reform in developing and least developed countries (LDCs). It brings public-private partnerships to make cross-border trade simpler, faster, and more cost-effective.

The Alliance has now successfully delivered 14 projects, supporting developing countries and LDCs in fulfilling their commitments under the World Trade Organization’s Trade Facilitation Agreement.

By the end of 2022, Alliance initiatives had already achieved an initial 10-times return on investment, saving $60 million in seven project countries.

Global Alliance for Trade facilitation streamlines international trade

How gender parity accelerators help close the gender gap

It will take until 2154 to close the global gender gap at today’s rate of change, according to the Global Gender Gap Report 2023.

It will take more than 130 years to close the global gender gap at current rates. Image: World Economic Forum

However, the World Economic Forum has supported 14 countries in convening Gender Parity Accelerators – national public-private collaboration platforms – that are designed to help close economic gender gaps.

The accelerators work with more than 80 public sector and 1,150 private sector partners across these countries to increase female labour force participation and advance equity in pay and leadership. They’ve reached nearly three-quarters of a million women to date.

Closing gender gaps in the private sector benefits over 728,000 women

Discover

What’s the World Economic Forum doing about the gender gap?

The World Economic Forum has been measuring gender gaps since 2006 in the annual Global Gender Gap Report.

The Global Gender Gap Report tracks progress towards closing gender gaps on a national level. To turn these insights into concrete action and national progress, we have developed the Gender Parity Accelerator model for public private collaboration.

These accelerators have been convened in twelve countries across three regions. Accelerators are established in Argentina, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Mexico and Panama in partnership with the Inter-American Development Bank in Latin America and the Caribbean, Egypt and Jordan in the Middle East and North Africa, and Japan and Kazakhstan in Asia.

All Country Accelerators, along with Knowledge Partner countries demonstrating global leadership in closing gender gaps, are part of a wider ecosystem, the Global Learning Network, that facilitates exchange of insights and experiences through the Forum’s platform.

In these countries CEOs and ministers are working together in a three-year time frame on policies that help to further close the economic gender gaps in their countries. This includes extended parental leave, subsidized childcare and making recruitment, retention and promotion practices more gender inclusive.

If you are a business in one of the Gender Parity Accelerator countries you can join the local membership base.

If you are a business or government in a country where we currently do not have a Gender Parity Accelerator you can reach out to us to explore opportunities for setting one up.

Unlocking clean energy in emerging markets

Developing clean, renewable energy in emerging economies could boost energy security, as well as reducing reliance on fossil fuels, and therefore helping them meet their sustainable economic development and climate targets.

Within the Mobilizing Investment for Clean Energy in Emerging Economies initiative, the World Economic Forum has been working to unlock renewable energy finance for four of the biggest emerging and developing economies: India, Brazil, Indonesia, and Nigeria.

The Forum and its partners are developing bold proposals that can make a difference in many nations. This includes repurposing coal plants to become renewable assets and establishing the Cost of Capital Observatory for energy investments.

Unlocking renewable energy future in emerging markets

More than 150 companies embrace sustainability reporting metrics

For the global private sector to drive progress towards the UN Sustainable Development Goals, a common sustainability reporting system is essential.

Working with partners including Deloitte, EY, KPMG and PwC, the World Economic Forum has identified a set of universal metrics and disclosures, called the Stakeholder Metrics.

Ahead of the World Economic Forum Sustainable Development Impact Meetings 2023 in September, it was announced that 157 companies have already included the Stakeholder Metrics in their mainstream reporting materials, including annual reports and sustainability reports.

Stakeholder Metrics Initiative: Over 150 companies implement sustainability reporting metrics

Trending now: