Climate change has been a global issue that needs to be addressed on similar forums like the World Economic Forum. The aim is to highlight the issue of sustainability, especially with the MNCs. The Role of the World Economic Forum since its formation in 1971 has been phenomenal. There is remarkable progress in combatting global issues of similar nature on such a platform.
THE ROLE OF ‘WORLD ECONOMIC FORUM’
‘WEF’ or the World Economic Forum is a Non-Governmental Organization that addresses issues that needs global awakening. The mission of WEF is to improve the state of world affairs through seminars, discussions, meetings and international forums. These are issues that are political, academic, business, climatic hazards, leadership, and finally regional and industry agendas. The motive is to give the vision for change and bringing improvements in global sustainability. Hence, all these agendas are rated high in importance and priorities.
WORLD ECONOMIC FORUM & THEIR SUSTAINABLE DEVELOPMENTS
Issues related to sustainability and change management needs huge prominence due to climate change. Awakening in the field of climate change is the main aim of the World Economic Forum.
The organization also plays an active part in the meetings and discussions of agendas of world leaders and Environmentalists. It also includes Actors, Social Icons, Business Tycoons, Entrepreneurs, and Media personalities. Hence, the issues addressed by leaders are mostly related to politics and security affairs. On top of this also includes the effects on World Trade of conflicts between nations.
Formed in 1971 just for the reason of War Prevention, and creating a climate of peace. Also used for talk and discussions of change between world nations. Knowledgeable, highly prestigious and most acknowledged ones have the ability and opportunity to deliver their thoughts on World Economic Forum. They have huge recognition of global platforms through their particular countries.
Climate change is a global agenda that currently holds the most significance. In addition to this, they hold huge priorities and been discussed multiple times on a global scale. Ironically, while having worldwide impacts and higher priority levels. It is a critical issue due to its high relativity with ‘carbon footprints’ and its effects on the environment.
Environmentalists believe that climate change has introduced many changes in the world’s climate. Its effects have a global impact and analyzing how things have changed geographically in the last 2-3 decades.
THE GREENHOUSE EFFECTS
As we all know that (CO2) i.e. Carbon dioxide is an essential gas for life on the planet earth in more than one way. It is a necessary Gas for plants and the primary producers and is a necessary part of the environmental developments.
FIVE STEPS NEEDED TO TACKLE CLIMATE CHANGE
COMPANIES & THEIR RELATIONSHIP TO CARBON
Companies are highly active as part of their sustainable development programs. Their efforts are increasing annually towards climate change along with the role of the ‘WEF’. Hence, they have the responsibility of reducing their carbon intensity fast. The carbon intensity means the amount of CO2 that they emit per unit of production. It is necessary for the reduction that companies put a price on emissions per unit. Also, as part of their CSR activities, they must actively monitor and maintain the climate-related risks. Also, increase combined efforts to achieve a 1.5 to 2degree Centigrade of World climate.
Perceived with a cost or a trade-off, Climate Action is taken in most cases with a different perspective. New and diverse business models are adopted by companies and MNCs. These are the companies that are given the opportune moment to work for climate change agendas. These business models should contribute to achieving a low carbon economy. In addition to this the capitalization of the new value pools for ‘green’ products and services. By green products, we mean those promoting climate change and environmentally friendly products i.e. good for the environment.
SHARING THE TECHNOLOGY BURDEN – A SUSTAINABILITY ASPECT
As part of the sustainable development measures and the Economic Forum activities, companies can be more knowledgeable and enthusiastic. Their motivations can be more profound towards their part of sharing the technology burden. Having mutual collaborations to develop emission reduction systems is the hour of the need.
It is one of the most effective ways of sharing the technology burden that companies can do regularly. Other sustainable developments for climate change and reduction in emissions is limiting the use of energy. This is achieved through smart energy systems and energy-efficient building systems. Technologically, things have moved smoothly towards the sustainability aspects.
THE ROLE OF INVESTORS & ENTREPRENEURS
The role of investors and entrepreneurs is to work for the environment by investing smartly. Investors need more investments for the environment in their projects and promo campaigns. As part of their Corporate Social Responsibility investors must keep an eye on their contributions towards climate change. Climate Action 100Plus is a list of the consortium of investors that have combined together. These investors have managed a total of $35 trillion for reductions in carbon emissions in their particular and portfolio companies.
An investor initiative achieved initially in 2017. The motive is to ensure the world’s largest corporate greenhouse gas emitters take immediate action for climate change. The consortium includes more than 370 investors with over $35 trillion of investments to curb emissions. They further need improving governance and strengthen climate-related financial disclosures.
REGULATORY PROCEDURES ALONG WITH ‘WEF’ POLICIES
The governments need to step in to drive climate change as a ‘change agent’. The govt. activities should be in light on the agenda of the World Economic Forum. As it is a necessary part of the regulatory procedures. Having compliance with 1.5 – 2 Degree centigrade temperatures is a necessary thing. This is because there is an intense need for the reduction of carbon emissions in the next decade. Hence, voluntary action is quiet not enough together with unregulated markets to deliver that shift in procedures. Governments of most developed nations should keep an eye on the policies and procedures of ‘WEF’ as mandatory practices.
WHAT CAN THE INDIVIDUALS DO ON THEIR PART?
As an individual, there are many things that can be done for the sake of climate change and sustainability measures. Individual action is necessary to create an awareness of climate change hazards and its global impacts. As an individual and a good citizen of their specific countries, people can play an active role. These people can work within the system to drive change in businesses, government institutions, NGOs, and schools.
They can act as ‘change agents’ by raising their voices for climate change and acting for their sustainable developments. There can be demonstrations and talks at national and international level. People can also act as a catalyst for climate action and climate change. This largely means change drivers and change actors i.e. a huge step in change management. Climate change needs radical change management and improving sustainability aspects in the business.
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