Climate change and the green economy represented major issues at the 2014 World Economic Forum at Davos, from January 22nd to 25th. UNFCC Executive Secretary Christiana Figueres and World Bank president Jim Yong Kim called for strong climate action, and Figueres warned that failure to establish a binding international agreement on climate change by 2015 would place the global economy at risk. Talks that addressed global finance and the green economy noted the potential of green bonds to fund adaptive and mitigative efforts while stimulating the economy. Kim suggested doubling the size of the green bond market to $20 billion before the next Climate Summit, and doubling it again before the following summit in December 2015.
In early January, WEF released Climate Adaptation: Seizing the Challenge that similarly emphasized the role of investment and the private sector in addressing climate change. According to the report, investing in adaptation measures could help avert up to 65% of the projected increase in losses due to climate change. The report presents a framework developed by Economics of Climate Adaptation (ECA) to assist the public and private sector to quantify possible losses and the cost of adaptation projects, as well as attract private investors to fund those projects. The final day of Davos focussed on discussion of the circular economy – the use of circular supply chains, and increased re-use, recycling, and remanufacture. (See the feature item above for more).
For highlights of speeches, blogs and press releases related to climate change and sustainability at the WEF, see: http://forumblog.org/topic/sustainability/
Climate Adaptation: Seizing the Challenge is available at: http://www.weforum.org/reports/climate-adaptation-seizing-challenge
For coverage by the Globe and Mail, see “Davos summit Aims to Press Reset Button” (Jan 20) at: http://www.theglobeandmail.com/report-on-business/economy/davos-summit-aims-to-press-reset-button/article16419504/; “Davos summit calls for cleaner energy, focus on climate change” (Jan. 22) at: http://www.theglobeandmail.com/news/world/davos-summit-calls-for-cleaner-energy-focus-on-climate-change/article16457713/; “Sovereignty is Canada’s top priority in the North, Baird tells Davos forum” (Jan. 23) at: http://www.theglobeandmail.com/news/politics/sovereignty-is-canadas-top-priority-in-the-north-baird-tells-davis-forum/article16470142/.
Live Coverage by The Guardian (U.K.) is at:
http://www.theguardian.com/sustainable-business/2014/jan/24/davos-2014-climate-change-resource-security-sustainability-day-three-live?INTCMP=ILCNETTXT3487 and http://www.theguardian.com/sustainable-business/2014/jan/25/davos-2014-climate-change-resource-scarcity-sustainability-day-four-live.