Categories: World

They talk about climate at the WEF and are the biggest climate sinners themselves How WEF influencers represent Switzerland

The World Economic Forum (WEF) is about bringing people together at 1,560 meters above sea level – at least the 2,600 chosen ones who are there. In Davos they will talk, argue and admonish.

They will always have in mind: the climate. Because the WEF has committed itself to the Paris climate target of 1.5 degrees.

And so that the powerful of this world can be a role model in the fight against climate change, the forum serves sustainable food. On Wednesdays there is even a purely vegetarian meal for lunch, as this is a sustainable form of nutrition with “benefits for the health of people and the planet”.

But the WEF guests not only eat as CO₂-free as possible, but also have a lasting impact on the climate, according to the forum. The “Our impact” section describes several net zero projects that have been initiated, supported or developed.

So much for the advertising brochure.

But a closer look dulls the glow of these climate promises.

The climate sinners in the jet

Perhaps the most obvious contradiction to the event’s climate slogans are the planes and private jets that many WEF guests use to arrive.

The Swiss air traffic control Skyguide estimates that some 1,000 extra flight movements have been caused by the WEF. Research shows that twice as many private jets fly into the region during the WEF as in the weeks before and after. And that in 2022 alone the WEF jets will emit as much CO₂ emissions as 350,000 cars in a week. The study was carried out by the independent environmental consultancy CE Delft on behalf of Greenpeace.

The WEF encourages its guests to offset the CO₂ emissions of their trip or to purchase climate-neutral fuel.

And this is how Alois Zwinggi, director of the WEF, refutes any criticism of the carbon footprint towards SRF: “For years, the World Economic Forum has been measuring the full carbon footprint of all parties involved and globally compensates for this through projects at home and abroad. .”

Green energy: “Humanity’s greatest challenge”

For the time of your stay in Switzerland, this is possible with the CO₂ compensation. Despite all efforts, the WEF has not yet reached a political or economic consensus on how to actually tackle the climate problem in a sustainable and globally just way in a networked world.

In addition, the geopolitical events of the past year have complicated the situation. Major power rivalries on a warming planet have become the new reality. And these rivalries, in turn, exacerbate the warm planet problem.

For example, while eco-capitalism is publicly embraced by many Davos business leaders, the rapid search for readily available sources of energy – to replace Russian oil and gas – has not necessarily favored renewable energy, which is typically more expensive than fossil fuels.

And so the forum describes the transition to green energy as “the greatest challenge facing humanity”.

Greenwashing – or: «Gas is part of the solution»

A number of oil and gas CEOs are discussing this switch to green energy in Davos, which in turn is being denounced by climate activists and the hefty accusation of “greenwashing”. For example, Ugandan climate activist Vanessa Nakate:

“Oil and gas CEOs are greenwashing the forum.”

The fact is that there is still a lot of money to be made with investments in oil and gas. The WEF’s oil and gas CEOs defend their business accordingly.

In Tuesday’s “Mastering New Energy Economics” session, Vicki Hollub, president of Occidental Petroleum Corporation (Oxy), was present.

Oxy is among the top 60 companies that emitted the most greenhouse gases between 1988 and 2015, according to data from the Carbon Disclosure Project and the Climate Accountability Institute. And even today, the American energy giant is on the list.

When session moderator Hollub asked that the oil and gas industry had “a terrible image” in terms of emissions, the CEO replies:

“It is important that we understand that it is not the fossil energy source itself that is ‘the enemy’, but our emissions. (…) Oil provides the most energy for the lowest price.”

And as she addresses the audience, she adds:

“The oil and gas industry is always under attack for its emissions. But the reality is that many of the products you all use only exist because of oil and gas.”

She argues that neither abandoning fossil sources nor going exclusively to wind or solar energy is the “answer to the emissions problem”. On the contrary, part of the solution is the storage of carbon dioxide underground (“carbon caputre”) – and Oxy is also successfully working on that. Patricia K. Poppe, of the Pacific Gas and Electric Company, nods in agreement.

Another session on Tuesday, “Bending the Emissions Curve,” included Lorenzo Simonelli, chairman of Baker Hughes Energy Services – one of the world’s leading oil services companies. He argues for a technical upgrade of natural gas plants:

“To get on the curve to the 1.5 degree target, the gas and oil industry must use the technology that is already available.”

Simonelli then gives examples of valves that don’t leak or upgrades in compressors or turbines. According to the gas CEO, such simple purchases could achieve up to 40 percent of the Paris climate goals. But then he points the finger at his own industry: “But we’re not using these funds enough.”

The moderator then asks why there are still leaking valves when the solution is that simple. Simonelli believes it is important to ensure that investments are directed to developing regions and not just developed countries. He does not say how this should be ensured.

At the end of his speech, he recalled that a large part of the CO₂ savings in the past could be achieved by switching from coal to gas. Gas therefore remains an important source of energy as a bridge to renewables. “Gas is part of the solution.”

The contact exchange

The WEF can be an opportunity for entrepreneurs from developing countries to get in touch with investors. Because more than 100 countries are represented in Davos this year. Most of the participants are from the US, namely 703, writes the business portal Quartz.

It is customary for heads of state and other senior government officials to attend Davos. All in all, government representatives from more than 40 countries will attend – including those that have fossil fuel resources but are not western industrialized countries.

In addition to the political powers, corporate bosses and potential investors are also present – among them one of the richest people of all: Gautam Adani, chairman of India’s Adani Group. According to Forbes, he is the third richest person in the world. This year, however, he is the only one in the top ten richest in Davos.

At least one of the countries in East Africa currently most affected by climate change will be attending this year’s WEF: Gebremeskel Chala, Minister of Commerce. Somalia, South Sudan or Madagascar have not sent anyone to the WEF.

In a blog post after the WEF 2022, Bernd Montag, CEO of the medical technology company Siemens Healthineers, describes how numbers and ideas are exchanged at the WEF:

“So I left Davos full of optimism – and with a long list of contacts and ideas I’d like to pursue.”

In fact, initiatives have already been concluded during the WEF to bring companies from the public and private sector together in partnerships – also with a view to climate change. For example, the so-called water initiative to develop projects for better water management in South Africa and India.

The Swiss climate sinners at the WEF

And representatives of Swiss heavyweights are also whirling through the Davos snow this year: ABB, Adecco, AstraZeneca, Novartis, Roche, MKS Pamp, Nestlé, SICPA of Credit Suisse and UBS, as well as the reinsurer SwissRe.

The big Swiss banks have been portrayed as climate sinners for some time now. In the past, climate activists have occupied bank entrances to draw attention to the climate-damaging investments of traditional Swiss companies.

Credit Suisse invested a total of $91 billion in fossil fuels between 2016 and 2021, and UBS invested $40 billion in the fossil fuel industry during the same period, according to the Rainforest Action Network’s “Fossil Fuel Finance Report 2022.”

The urgency of the climate crisis is insufficiently recognized by most financial institutions. The very large financial institutions in particular would not take their responsibility.

The two banks emphasize their commitment to the goals of the Paris climate agreement to limit global warming to 1.5 degrees. UBS has committed to reducing greenhouse gas emissions across its business to net zero by 2050. At the end of 2018, about 21 percent of the money in Switzerland was already invested sustainably. “We are well ahead of the global average of 11 percent,” the banking association told CH Media.

But companies like Nestlé are also repeatedly targeted by climate activists. The food giant advertises that it is moving towards “green zero”, but according to multiple reports from human rights and environmental groups, Nestlé is one of the biggest climate sinners ever. But Nestlé also counters that they want to achieve net-zero emissions across the value chain by 2050 at the latest.

But is that enough?

Author: Yasmin Muller

Soource :Watson

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