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Closing ACT DAVOS 2023  - the way ahead

South Korean
President Yoon Calls for Enhanced Cooperation to Boost Global Supply Chains

Enhanced international cooperation and a return to multilateralism is needed to counter block-forming among nations
The global supply chain is severely disrupted and the international community must urgently address resilience
Clean energy sources, such as nuclear power and green hydrogen, will bolster energy security as well as help achieve carbon neutrality goals
For more information on the Annual Meeting 2023, visit www.weforum.org. Share on social media using the hashtag #wef23
Davos-Kloster, Switzerland, 19 January 2023 – In a special address at the World Economic Forum Annual Meeting 2023, Yoon Suk Yeol, President of the Republic of Korea, called for solidarity and unity in safeguarding freedom and strong cooperation in addressing the many shared challenges the world faces.

Welcoming the president, Klaus Schwab, Founder and Executive Chairman, World Economic Forum, asked Yoon to share his vision for the Republic of Korea and its role in the international community. “There are many challenges the world faces in the year ahead, and we need leaders with shared values to help shape a better and more inclusive future for all,” Schwab said.

Yoon said the world is facing several crises, including economic uncertainty, geopolitical risks, social fragmentation and weakening of multilateral trade system. He added that the war in Ukraine has exacerbated supply shocks and disrupted already fragile supply chains. In addition to essential sectors like food and energy, the supply chains of vital infrastructure, such as semiconductors, are also under threat.

“The most urgent task of our time is to enhance resilience of the global supply chain,” he said. This can only be achieved with close cooperation of the international community, in compliance with international trade laws and norms.

Block-forming among nations is not the answer, he said. “Building up walls and intensifying protectionism cannot be the right solution.”

To counter emerging global fragmentation, he called for enhanced intergovernmental collaboration. “The free flow of knowledge, capital and goods across borders has helped push our civilization forward,” he said. “We cannot forget the positive benefits and successful history of multilateralism and free trade.”

On climate, Yoon stressed that the energy transition and energy security are not mutually exclusive goals. He argued that renewable and green energy sources, such as nuclear power and green hydrogen, will bolster energy security as well as achieve carbon neutrality goals. “Korea is a leader in both nuclear energy and green hydrogen and can help other countries build capacity,” he said.

The Korean government is committed to increasing the country’s nuclear energy in the power mix to more than 30% by 2030. At the same time, the production of clean hydrogen will be significantly ramped up with special focus on green hydrogen – made entirely from renewable energy.

Yoon also identified the worsening digital divide as an emerging challenge, and said South Korea will establish a comprehensive framework enumerating basic rights for digital access, referred to as the Digital Bill of Rights. “Digital access is a universal right,” he said. Specific initiatives will promote digital industries, establish related social infrastructure and foster talent in digital fields.

In closing, President Yoon reflected on the responsibilities that global leaders face: “We share a duty to share a compelling vision of the future with our young people.”

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India
India Meets with World Economic Forum to Advance Progress in Addressing Socioeconomic Challenges and G20 Agenda

World Economic Forum values its nearly 40-year collaborative history with India and looks forward to continued cooperation
As part of its G20 presidency, India aims to promote just and equitable growth while also making significant progress on the most pressing domestic challenges

In Davos, world leaders continue progress on solutions for the most pressing crises affecting the world. The World Economic Forum Annual Meeting 2023 comes as multiple crises deepen divisions and fragment the geopolitical landscape.
Governments and business must address people’s immediate, critical needs while also laying the groundwork for a more sustainable, resilient world by the end of the decade.

The programme simultaneously addresses immediate crises and long-term future challenges and helps set the scene for India’s G20 presidency.

“I had the pleasure of meeting the Indian ministerial delegation and many of its top business leaders,” said Klaus Schwab, Founder and Executive Chairman, World Economic Forum. “I commend the country’s decisive action on the climate case for renewables, its contribution to the global healthcare ecosystem, the focus on an economic model for women-led development, and its leadership on digital public infrastructure. India remains a bright spot amid global geoeconomics and geopolitical crises.”

The World Economic Forum shares a 38-year history with India and looks forward to continued partnership with the country during its G20 presidency under the leadership of Prime Minister Narendra Modi.

India is promoting a just and equitable growth for all in the world during its G20 presidency.

“India’s G20 presidency comes at a crucial time, Prime Minister Modi’s leadership is critical in this fractured world,” Schwab said.

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GERMANY
German Chancellor Scholz Lays Out Roadmap to Climate Neutrality by 2045
  
Olaf Scholz says Germany’s energy transformation will happen not in spite of, but because of, the war in Ukraine.
The German leader vows to continue support Ukraine and touts a Marshall Plan for reconstruction.
He also promises modern immigration legislation in order to remain competitive as a leading industrial nation.

In a special address at the World Economic Forum Annual Meeting 2023, German Chancellor Olaf Scholz reaffirmed Germany’s goal of attaining climate neutrality, or net-zero greenhouse gas emissions, by 2045.

While the Russian invasion of Ukraine in February 2022 initially appeared to throw a spanner into German and European ambitions for the transition to renewables, Scholz sees Russia’s aggression as only having accelerated that shift.

“Our transformation toward a climate-neutral economy – the fundamental task of our century – is currently taking on an entirely new dynamic,” said Scholz, “not in spite of, but because of, the Russian war.”

“Whether you are a business leader or a climate activist, as a security policy specialist or an investor, it is now crystal clear to each and every one of us that the future belongs solely to renewables for cost reasons, for environmental reasons, for security reasons, and because in the long run, renewables promise the best returns.”

Within a few months of the war’s onset, Scholz said Germany had made itself completely independent from Russian gas, Russian oil and Russian coal. Initial fears of energy shortfalls, especially with the approach of winter, proved unfounded. “We concluded new partnerships with Asia, Africa and America, thus lessening our dependence,” he said, “so I can say that our energy supply for this winter is secure.”

With new laws mandating the expansion of renewables including wind, solar and hydrogen, Scholz said that the German government will eliminate red tape, enabling connection to the grid an average of two years faster than was previously possible. “We intend to step up the pace even more,” he added. “You can also rely on our targets: the obstacles have been swept aside.

The German chancellor said for 2023, the country had more than doubled the volume of calls for tender for onshore wind farms alone. “By 2030, 80% of our electricity production will come from renewable sources, double what it is at present,” he said. “At the same time, our electricity requirements are increasing from 600 terawatt hours today to 750 by the end of the decade, and we are expecting them to double yet again in the 2030s.”

Despite the suffering of the Ukrainian people since the invasion, Scholz pointed to the post-war recovery as an opportunity for businesses.

“In Berlin at the end of October 2022, we worked with international experts to draw up a Marshall Plan for the long-term reconstruction of Ukraine,” he said. “Private sector capital will play a key role here. I know that many companies in Germany and beyond are very aware of the opportunities that the Ukrainian economic miracle could offer them, particularly as the country moves toward the European Union after the end of the war.”

Bucking the trend of population decline in many developed countries and pessimistic predictions of a shrinking German population, Scholz noted that his country now boasts more residents and employed individuals than at any other time in its history.

“Before the year is out, our country will finally benefit from modern immigration legislation. After all, if we want to remain competitive as a leading industrial nation, we need experienced practitioners, qualified engineers, tradesmen and mechanics,” he said. “Those who want to roll up their sleeves are welcome in Germany. That is our message.”