Davos, 27 May 2022 (TDI): This year, a record-breaking Indian delegation attended the World Economic Forum’s Annual Meeting. At the forum was a delegation from Maharashtra.
Maharashtra is home to India’s commercial metropolis, Mumbai. It was one of the five states that attended the meeting.
Several major issues were up for discussion at the annual meeting. Energy transition, plastic pollution, and the freshwater crisis were among the issues discussed.
With about 100 participants and many political members present, India stated its perspective on a variety of subjects. It expressed its views on important global topics such as the energy crisis.
Other important global topics included food security and health equity. Over the past week, world leaders have renewed their focus on India’s growing economic potential.
“In terms of numbers and specifically when it comes to government, we have record numbers from India,” said Sriram Gutta, head of India agenda at the Forum.
“We currently work with many states on diverse initiatives, including food innovation and agri tech, advanced manufacturing and production, drones, and electric vehicles, among others.”
Here are five highlights from the week:
Launch of Indian CEO Alliance
The Forum inaugurated the Alliance of CEO Climate Action Leaders’ India branch on Monday. This boosted India’s climate action and decarbonization activities.
The Alliance will keep working to realize the vision laid out in the white paper presented last year. For India’s low-carbon transition by 2070, see Mission 2070: A Green New Deal for a Net Zero India.
This is part of the Climate Action Platform of the World Economic Forum. There will be representation from the government, corporations, and other essential stakeholders.
This will fulfill Indian Prime Minister Narendra Modi’s five-part “Panchamrit” vow. It includes the country’s goal of being net-zero 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 to the global endeavour, against global warming,” said Sumant Sinha, Co-Chair, Alliance of CEO Climate Action Leaders India, and Chairman and Chief Executive Officer, ReNew Power.
A creation of over $10 trillion in annual business opportunities might arise as a result of the transition. It has the potential to produce 395 million jobs globally by 2030.
The setting up of over 50 million net new jobs might take place as well in India alone. This will generate over $15 trillion in economic value.
The invasion of Ukraine by Russia has severely changed the global energy landscape and market. Overcoming the crisis, the panel was notified that oil at $110 a barrel is “a challenge for the entire world.”
Hardeep Singh Puri, a senior government official, addressed the Energy Outlook on the first morning of Davos 2022. He also said during a discussion on India’s strategic outlook in its 75th year of independence.
“60 million people go to fill up their tanks every day in India; 5 million barrels a day is our consumption.” “Clearly, we are moving toward green energy… (but) we can’t afford to get disrupted on the current.
We have to make sure there is enough energy available to people.” According to him, this has pushed up the goal of a 20% ethanol blend from 2030 to 2025. There is prioritization of green hydrogen, biofuel discoveries, and alternative energy production.
New $15 million investment to tackle freshwater crisis
At the annual meeting, there were discussions about water security. It resulted in major freshwater conservation and management activities. This occurred as a result of the country’s record-breaking heat waves and droughts.
HCL, a global company, has partnered with UpLink. It is a World Economic Forum open innovation platform. It connects high-potential start-ups with the partners and capital they require to grow.
HCL will push the water innovation goal with a $15 million commitment over five years. On UpLink, it will develop a world-first innovation environment for the global freshwater sector.
“Today, freshwater resources globally are extremely burdened, and every fifth child on this planet faces water scarcity,” said Roshni Nadar Malhotra, CEO of HCL Group and Chairperson of HCL Technologies.
Maharashtra joins the World Economic Forum in the Fight against Plastic Pollution
Maharashtra, India’s largest state by GDP, has joined the Global Plastic Action Partnership of the World Economic Forum (GPAP). The economic powerhouse will use the GPAP platform. It will be joining a growing list of global economies.
They will push for localized, circular economic solutions. “This agreement with the World Economic Forum’s Global Plastic Action Partnership marks a critical juncture in our state’s battle against the plastic pollution endemic,” said Aaditya Thackeray, Minister of Environment and Climate Change for Maharashtra.
“Covid proved a hurdle towards our single-use plastic ban, where health priorities in PPP took precedent. This partnership is the building block as we transition towards a more resource circular approach to tackle climate change while strengthening our economy.”
Maharashtra is establishing itself as a national leader in the fight against plastic pollution in India. This collaboration intends to strengthen the company’s commitment to reducing plastic pollution.
India’s role in defining the Metaverse
The metaverse is a novel notion. But it has not stopped businesses from all walks of life from creating plans to engage with it. It is no different in India for industry leaders.
Managing Director and CEO of Tech Mahindra, CP Gurnani, tells the Forum: “Today, for Tech Mahindra, I have a rural education programme being run in the metaverse, and remember, I’m talking of a country where the smartphone penetration is only 26%.”
India appears to have a variety of technical, demographic, and policy foundations for the metaverse. Despite this, operational issues persist.
The Forum unveiled a new program, Defining and Building the Metaverse, on Wednesday. It brings essential parties together. This is to create a metaverse that is economically sustainable, interoperable, secure, and inclusive.
According to estimates, the metaverse business will be worth $800 billion by 2024. There was an addition of five Indian tech enterprises to the Forum’s Technology Pioneers community. This was in the days leading up to the gathering.
These honoured businesses are in respect of their dedication. This is to address some of the world’s most serious problems. Recykal, Asia’s first circular economy marketplace, and SmartCoin Financials are among the companies on the list.
