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Rebooting Planet Earth

Rebooting Planet Earth

How a Dubai summit helped set the agenda for this week’s World Economic Forum meeting in Davos. The agenda? Nothing less than ‘global redesign’…

January 27, 2010 9:58 by

The cause du jour of the world’s academic elites – climate change – took center stage at the Dubai summit. Most of the members were looking ahead to December’s Copenhagen meeting and urging more immediate action on climate issues than whatever recommendations would come out of Denmark.

The vice chairman of Deutsche Bank, Caio Koch-Weser, said that coming up with “quick-start” initiatives is most important right now. One such plan would be to arrange for a $148 billion financing scheme that would be available to those countries that implement low-carbon growth plans.

Deutsche Bank is betting big on carbon trading, renewable energy financing, and related analytics. “There should be a carbon registry for these plans. That’s why Copenhagen needs to be bottom-up, scalable, and quick-moving toward its 2013 target,” he said.

The governor of Amazonas, a region in Brazil that’s three times the size of France and home to most of the world’s rainforest, said that he came to the summit to speak about the importance of taking quick environmental action. “Deforestation, global warming, climate change – it’s all about people,” governor Carlos de Souza Braga said.

From the moneymen came recommendations for infrastructure investment. The economist and senior fellow of Harvard University, Sir John Gieve, said that infrastructure spending would lessen political risk and establish new frameworks for those in search of long-term investments – especially sovereign wealth funds. Gieve also proposed a “Report on Social Competitiveness” that would rank nations in much the same way the extremely popular Report on Business Competiveness has during the last decade.

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