WORLD ECONOMIC FORUM: DAVOS 2021 (SINGAPORE)
Davos Forum 2021: defining the post-COVID world
Under the theme The Great Reset, the World Economic Forum (WEF) will bring together business, government and civil society leaders from 17 to 20 August to jointly address the consequences of the COVID-19 crisis and set the course for global recovery. But it will not be in the Swiss town of Davos this time, but in Singapore, where the organisation has decided to move its annual summit as a result of the pandemic.
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IBERDROLA, ON THE DAVOS AGENDA 2021
Before the summit in Singapore, from 25 to 29 January, a virtual Davos Agenda event was held with heads of state and government, corporate CEOs, civil society representatives, the global media and youth leaders from Africa, Asia, Europe, the Middle East, Latin America and North America with the aim of rebuilding confidence and shaping the principles, policies and associations needed for 2021.
The chairman of Iberdrola, Ignacio Galán, was one of the participants. Given the global nature of the company and its aspirations to improve the future and stimulate economic growth through technological projects and innovative businesses, the group is a member of the World Economic Forum and its chairman has become a regular contributor to the events held by this institution.
- sub INTERVIEW ON CNBC
Ignacio Galán was interviewed by CNBC's Davos Dialogues to discuss the company's sustainability commitments as the world moves forward to overcome the challenges we are facing. Galán spoke about the investment outlook for the company and the need for businesses to be ambitious in setting decarbonisation target.
- sub 'RACE TO ZERO BREAKTHOUGH'
The initiative — promoted by the UN, the COP and the UNFCCC and presented at the Davos Forum — establishes the specific and short-term inflection points for more than 20 sectors that make up the world economy, involving a strategic plan to bring together companies, governments and civil society before COP26. As a whole, Race to Zero Breakthrough coordinates stakeholders' actions and the timing required to achieve the sectoral changes needed for a zero-carbon and resilient future, by 2050 at the latest.
- sub GLOBAL 100 INDEX
Iberdrola has been selected as the most sustainable Spanish company, according to the Global 100 Most Sustainable Corporations in the World index, prepared annually by the publication Corporate Knights. The group has also been ranked as being among the top 20 companies in the world in this classification and has been recognised as one of the so-called green energy majors — leaders in the process of transforming the economic model aligned with the green recovery and increasingly ambitious climate commitments. The results of this year's index were announced at the Annual Meeting of the World Economic Forum, at which Ignacio Galán spoke, in a virtual meeting with the secretary general of the United Nations, António Guterres.
ALIGNED WITH THE DAVOS FORUM 2021
Iberdrola has invested 120 billion euros over the last 20 years to move towards a low-carbon economy, focusing on electrification of the economy, innovation and greater consumer connectivity. Thanks to this commitment to the energy transition, today the group is a global energy leader that has quadrupled its renewable capacity, increased its EBITDA fivefold, quadrupled its net profit, increased its market capitalisation sixfold and tripled its shareholder remuneration.
The company has committed to investing 75 billion euros between 2020 and 2025, increasing to 150 billion euros by 2030, as a decisive contribution to economic recovery, boosting the industrial fabric and employment in the countries in which it operates. These investments will allow it to triple its current renewable capacity (to 95 GW by the end of the period) and double its regulated asset base (60 billion euros by 2030).
With CO2/kWh emissions already half or almost three times less than its main competitors, Iberdrola aims to be carbon neutral in Europe by 2030 and to reduce its global CO2 emissions to 50g/kWh, with the aim of achieving global carbon neutrality by 2050. In addition, it plans to invest 330 million euros annually in R&D until 2022 and 400 million euros until 2025.
Iberdrola will maintain the social market economy and the United Nations 2030 Agenda as the main pillars of its activities. Firmly committed to creating quality jobs, the group will hire 20,000 people between 2020 and 2025 — of whom 3,700 had already been recruited at the close of the Fiscal year 2020 — while investments and purchases of goods and services from its more than 22,000 suppliers will contribute to sustaining around 500,000 jobs worldwide by the end of that period.
Committed to green recovery
Iberdrola has accelerated its investments in renewable energy, digitalisation and electric mobility to boost economic recovery and employment in the wake of the COVID-19 crisis.
World leader in renewable energy
The company will invest 34 billion euros in renewable energies until 2025, reinforcing its position as an international energy leader and Europe's largest wind power producer.
An example in the fight against climate change
Iberdrola is fully aligned with the emission reduction targets of the Paris Agreement and actively contributes to achieving a decarbonised future.
We support green employment
The transition to a decarbonised economy is not only key to slowing down climate change, but it is also an engine of economic growth with the potential to create millions of green jobs.
At the forefront of digital transformation
The leading private utility in Europe and second in the world in terms of R&D investment, Iberdrola is at the forefront in the use of digital technologies and is preparing for an era in which disruptive tools will be key.
Diversity and inclusion, our strategic priority
The company is committed to creating a diverse and inclusive environment in which everyone feels represented.
THEMES OF THE DAVOS FORUM 2021
As every year, the Davos Forum will discuss the most urgent issues to be addressed during the year, thereby defining the global agenda for 2021. These issues are structured around seven main areas:
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DAVOS AND THE WORLD ECONOMIC FORUM
What is Davos and the World Economic Forum?
The Davos conference is the annual meeting of the World Economic Forum (WEF), an independent, non-profit organisation dedicated to public-private sector cooperation. Headquartered in Geneva, Switzerland, the institution involves the most important political, business, cultural leaders, etc. from all over the world to shape the global agenda.
Where is Davos located?
Davos takes place at Davos-Klosters, a tourist resort situated in the high Alps in Switzerland. It is one of the biggest winter sports areas in Europe and the continent's highest-lying town.
What is the purpose of Davos?
The aim of the Davos summit is to bring together the top world leaders to debate the most pressing global problems and seek solutions to these challenges. And they do it in the Davos spirit, based on interdisciplinary, informal and direct interaction among peers.
Where and when will the Davos Forum 2021 be held?
Due to the COVID-19 pandemic, the 2021 annual meeting of the World Economic Forum will be held in Singapore instead of Davos. It will be held in person from 17 to 20 August.
Which events are part of the Davos Forum 2021?
Coinciding with the usual date of this conference, a virtual event called the Davos Agenda was held from 25-29 January where world leaders exchanged their views on how to drive the post-pandemic economy forward.
The Forum also organised the Global Technology Governance Summit in Tokyo (Japan) on 6 and 7 April.
What will the Davos Forum 2021 be about?
Davos 2021 will address the global recovery from the COVID-19 pandemic, focusing on seven specific themes: saving the planet, fairer economies, technology for good, the future of work, fairer business, healthier futures and beyond geopolitics. The theme will be the The Great Reset.
How many Davos Forums have been held?
The Davos 2021 conference will be the 51st edition of this annual meeting.
What are the goals of the World Economic Forum?
The mission of the World Economic Forum is to serve as a platform for dialogue and cooperation between public and private institutions from all over the world. This mission is based on the stakeholder theory, according to which organisations, of whatever kind, are answerable to all sectors of society. So, a company must not just let itself be guided by the interests of its shareholders, but also by those of its employees, customers, suppliers, local communities and society in general.
Who is the creator of the World Economic Forum?
The creator of the World Economic Forum is Klaus Schwab, Swiss economist, professor and businessman.
How did the World Economic Forum come about, and how has it developed?
In 1971, Klaus Schwab founded in Geneva what was originally called the European Management Forum, a non-profit foundation that brought together business leaders from the entire continent in its annual meeting in January. These first conferences aimed to help European corporations to keep up to date with the management practices of the United States, and to develop and promote the management approach based on the stakeholder theory.
In 1973, due to the collapse of the Bretton Woods exchange system and the Arab-Israeli war, the Forum widened its focus to social matters and, at Davos 1974, political representatives were invited for the first time. Two years later, a membership system was introduced which permitted the entry of 1,000 leading companies from all over the world. The forum started to work with China to stimulate economic reform policies and, in 1979, after the publishing of the Global Competitiveness Report, it also became a research centre.
All this led to the institution becoming the World Economic Forum in 1987. In 2006, it opened regional offices in Beijing and New York, and in 2015, it was recognised as an international organisation.
Which countries integrate the World Economic Forum?
The World Economic Forum includes the 1,000 leading companies in the world, which form part of the institution through a membership system. The members are regional or global companies that have the intention and potential to transform the future to a significant extent, stimulating economic growth through their groundbreaking technological and business proposals. Membership is by invitation only.
What activities does the World Economic Forum organise?
Apart from the Davos summit, the Forum's members take part in the Annual Meeting of the New Champions, which is held in China and is the leading world conference on innovation, technology and science. The Forum also holds regional meetings and high-level workshops in Africa, East Asia, Latin America and the Middle East. It also promotes the Young World Leaders community — comprised of persons under 40 years of age from different sectors and disciplines — and publishes various research reports.