Sustainable Development Impact Summit 2021

The initiative of sustainable development based on the idea that the raw capitalism is far too influential for its own good. Global capitalism is a powerful force and therefore, the world economy is now doubling in size with the passage of time from generation to generation. Still on this finite Earth, with a billion new people being added every 15 years, that powerful force is now laying siege to the physical bases of life and the social support systems that make life pleasing and civilized. Sustainable development presents a corridor out of this rising crisis.

Sustainable development is a doctrine that reveals, Let us once again place the economy on a true ethical foundation and we’ll keep greed within limits, guaranteeing the economic development is mutual with social justice and ecological sustainability. The idea of sustainable development is that an economy must gratify all three principles: economic growth, social justice and ecological sustainability. Yes, there can and should be economic augmentation, particularly for today’s developing countries. Human ingenuity and markets can certainly guide us to advanced living standards and longer lives for all parts of the world, rich and poor alike. But these benefits should be extensively communal and should never be based on the exploitation of those at the bottom of society. Social inclusion has been extensively shown to perk up societal growth largely for all. It is also important that all those gains should be based on true value added, not on the demolition of natural capital, whether through deforestation, climate change, or pollution of air, land, and water. Thus, sustainable development calls for a holistic approach that combines economic, social, and environmental objectives. This impartial approach is much harder to accomplish than the raw capitalism that places the economy above society and the physical Earth. Yet it distinguishes that we are destined to disagreement and even collapse if we not succeed to endorse social parity and environmental sustainability.

The 17 Sustainable Development Goals (SDGs) by UN are part of a wider 2030 Agenda for Sustainable Development to build on the Millennium Development Goals (MDGs). In developing the SDGs a multi-year procedure involving civil society, governments, the private sector and academia, the United Nations sought to take all these failings into account. This year’s sustainable development impact summit was held virtually from 20th September to 23rd of Septembers. This summit was dedicated to hasten development towards the Sustainable Development Goals and Paris Agreement climate change obligations through deeper public-private collaboration and wider submission of the transformative technologies of the Fourth Industrial Revolution.

The World Economic Forum’s Sustainable Development Impact Summit 2021, hosted together with the United Nations General Assembly, which brought together global leaders from varied sectors, disciplines and geographies. The first day of the summit was focused on the idea of how to rejuvenate economies by leveraging the new tools, policies, and technologies desirable for advance global cooperation.

The second day of the summit revolved around the idea of working towards an inclusive recovery that scales policies and initiatives and embeds impartiality and integrity across health systems, care, skills, education and society at large. The third day of the summit focused on the idea of scaling up climate action by moving from commitments to the actions required to gauge, finance and lock the gap towards net zero emissions across countries and industries. The last day of the summit covered the topic of future food system to discover innovative levers that break silos, advance partnerships and stimulate action towards inclusive, impartial, sustainable and healthy food systems. The theme of the summit was “Shaping an Equitable, Inclusive and Sustainable Recovery,” which gave a sensible platform to deal with the most serious areas of debate. It also articulated pathways for action and further provided a purpose to mobilize leaders and organizations to work jointly in order to accelerate development.

The first session, “A New Compact for Resilient Economies and Societies”, discovered how the constant impact of COVID-19 and the climate crisis have emphasized the necessity to invest in resilience, particularly for the most susceptible communities, and to be better equipped to alleviate, endure and recuperate from potential shocks. Structuring better resilience has become a crucial consent of our time and, in order to have a look on the future perspectives the private and public sectors collaboration is utterly important to reorient investments and fortify risk lessening strategies. The speakers included Mirek Dusek, Deputy Head of the World Economic Forum Centre for Geopolitical and Regional Affairs; Mari Pangestu, the World Bank’s Managing Director of Development Policy and Partnerships, Peter Maurer, President of the International Committee of the Red Cross, Sara Pantuliano, Chief Executive of the Overseas Development Institute, and John Haley, CEO of Willis Towers Watson.

Once we talk about the major takeaways from the sessions, they were mainly focused on the veracity that the Poverty, divergence, violence, climate change and most recently the pandemic have formed several aspects of manic fragility. Therefore a move in frame of mind is desirable, from assembled resolutions to scheming answers based on the resilience of people and their communities.

If we stay separated and disjointed, working in solitude, it will not be achievable to exactly compute impact, which in turn will block endurance. It was also concluded that Long-term public capital is required to finance sustainable investment, particularly to revamp private investment in more demanding circumstances. The panel also cautioned that there is a fading window of opportunity for increasing this transformational change, which if overlooked would direct to grave social consequences. It was also viewed that the Business as usual is no longer an option. The strength and incidence of shocks and catastrophes are growing, and it is now broadly acknowledged that investing in deterrence and watchfulness is necessary to reduce the cost and damage when disaster strikes. The session also focused on the idea of importance of creating incentives for both governments and the private sector. It is also imperative to join forces and plan better analytics, standards and risk measurements to tackle all the allied risks.

The second session, “Outsmarting Uncertainty for the State of Florida,” gazed at a novel approach being found in partnership with Willis Towers Watson to appraise and build resilience to the state’s top risks. Willis Towers Watson is functioning with the State of Florida on a new procedure to assess a broad range of tremendous risks. This progression puts all of Florida’s top risks, including climate and weather, cyber, water, socio-economic and human capital in a solo decision framework that covers potential unfavorable events and justifying actions to be taken over the next 10 years. Florida, like every organization, has inadequate investment capacity, making the capability to successfully prioritize risk investments and actions limited.

Speakers included Chris Sprowls, Speaker of the Florida House of Representatives; Carl Hess, President and, beginning January 1, CEO of Willis Towers Watson; Rhea Law, Interim President, University of South Florida, and Eric Silagy, President and CEO, Florida Power and Light. The session was moderated by Lisa Lipuma, Director, Risk and Analytics at Willis Towers Watson.

The final session, “Resilient Investment Solutions: Private and Public Perspectives,” highlighted the revolutionary work of the alliance for Climate Resilient Investment in organizing corporeal climate risks. Speakers included Chris Dodwell, Head of Policy and Advocacy, Impax Asset Management; Samir Assaf, CCRI Co-Chair and Chairman, Corporate and Institutional Banking, HSBC; Alicia Seiger, Co-Chair at State of California Climate-related Risk Disclosure Advisory Group; Dr. Wayne Henry, Director General, Planning Institute of Jamaica, Government of Jamaica; Ian Galbraith, Group Head of Strategy, Mott MacDonald, and Carlos Sanchez, Executive Director, CCRI.
The panel discussion discovered that companies across industries are not considering the physical climate risks in a methodically analogous method, which means unfavorable consequences, are yet to be priced in. This additionally highlights the value of CCRI’s work, which is both mutual and pre-competitive, and brings together a broad diversity of institutions to intend the frequent analytical tools desirable, work out the data necessities, price physical climate risks appropriately, and eventually address this market malfunction and price resources consequently.

In short the summit eventually concluded that the level of the challenges needs an extraordinary level of collaboration across borders and industries as well as an augmented collaboration with startup and scale-ups. The summit also emphasized on tangible solutions to be used pragmatically as well as some of the innovative technologies and business models developed by the more than 1,300 entrepreneurs on its Uplink open innovation platform, startups and scale-ups in its Technology Pioneers and global innovators communities, and its Scale360° hubs, which bring together leaders in science, policy and business to figure out how to build lasting ecosystems for the circular economy. There were several aspects which were discussed at the summit but it already recommended that now is the time to deliver with a clear vision. 2022 needs to be a decisive year. The public private partnership in completion of all the goals and agendas can play a very imperative role, therefore an effort to bring together both the sectors should be focused.

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About Saima Zaman 40 Articles
Writer is the Assistant Editor ‘Mélange int’l Magazine’, ‘The Asian Telegraph’ & Project Coordinator (COPAIR); a degree holder in communication & media sciences.