Thoughts from the World Economic Forum 2024 in Davos

I am on my last day at the World Economic Forum (WEF) in the picturesque city of Davos, Switzerland and it has been such a privilege.

At this year’s forum, one key theme was the development of long-term, systemic strategies aimed at achieving a carbon-neutral, nature-positive world by 2050 while also ensuring affordable, secure and inclusive access to energy, food and water. This theme is a compelling call to action, resonating deeply with Gentari's mission to implement clean energy solutions and support customers in their journey towards decarbonisation and a net-zero future.

Throughout the past four days, I’ve had the honor of meeting with various great industry leaders, engaging in discussions on how they – and Gentari – are harnessing the opportunities and tackling the challenges of the clean energy landscape.

I am sharing some insights from my time at the World Economic Forum.

We must act to ensure a just and equitable transition to renewables and we must cross-collaborate

Four weeks ago, at COP28, 120 countries, including Malaysia, signed the ‘Global Commitment on Renewable Energy and Energy Efficiency,’ working together to triple the world’s installed renewable energy generation capacity to at least 11,000 GW by 2030.

To successfully pursue this ambitious goal, countries must deal with infrastructure development, financing, energy system decarbonisation and policy and governance challenges. These critical topics, amongst others, were thoroughly discussed at the ‘ASEAN Leaders for Just Energy Transition’ meeting, which I was honored to be invited to.

The emphasis on collaboration was striking. The path to sustainability is more than just a solitary one. Government bodies, private sectors and civil societies are showing an unprecedented readiness to unite efforts and this collaborative spirit is not just inspiring, but a necessary catalyst for the monumental task of addressing climate change and tripling renewable energy capacity by 2030.

Chief Executive Officers and leaders from the World Economic Forum’s ‘ASEAN Leaders for Just Energy Transition’ published a Shared Aspiration statement,?highlighting priorities for Southeast Asia to achieve a just and responsible energy transition, urging for cross-regional collaboration.

This unified vision (read more about it here) endorsed by 14 regional CEOs and supported by the broader community, will be vital to fostering global cooperation in achieving ASEAN’s energy transition goals.

Moving beyond talk to action – the power of conversations and translating to actions on the ground

At this year’s World Economic Forum (WEF), themed 'Rebuilding Trust', a key focus emerged from its annual risk outlook: extreme weather as the top concern among Davos attendees.

This concern reflects a broader shift in business priorities, as highlighted by a PwC global CEO survey launched on the forum's first day. Surveying 4,700 CEOs revealed a significant change from short-term issues like inflation and economic growth to deeper worries about the lasting impacts of climate change and AI on business sustainability.

Intriguingly, nearly half of the respondents (45%) acknowledge a stark reality: without significant reinvention, their companies might not withstand the next decade in the face of these challenges. This sentiment is particularly telling as it positions climate change as the most urgent and pressing issue for business leaders, necessitating immediate and innovative action.

Although survey results highlight increasing uncertainty among CEOs, it also demonstrates that they are still taking action. Leaders are actively reshaping business models, channeling investments into technology and talent and adeptly navigating the risks and opportunities of climate transition. If businesses were to succeed in both the short and long term, foster trust and deliver value, however, it is imperative to accelerate the pace of reinvention.

Platforms like the World Economic Forum are crucial in amplifying awareness of clean energy solutions critical for rapid reinvention and energy transition.

At the forum, renewable energy, hydrogen, and green mobility, key elements of Gentari’s clean energy portfolio, were central to many of my discussions. Like COP28, the World Economic Forum (WEF) provided an invaluable opportunity for Gentari to share and learn best practices, recognise successful partnerships and identify opportunities for future collaborations (like when we met up with the Karnataka India team here). ?

As leaders, we have a responsibility to lead by example. In the panels and discussions at Davos, I heard inspiring visions and bold commitments. However, the actual test of our collective commitment to a sustainable future lies in our ability to translate these words into actions. It is time to move beyond declarations and start implementing the solutions we discuss – investing in renewable technologies, supporting clean energy policies and fostering a financing innovation ecosystem that encourages the transition to clean energy.

Concluding thoughts

At Davos, the significance of partnerships in advancing the energy transition was unmistakably clear. Also, one message stood out: the imperative of immediate action.

The forum’s emphasis on collaborative diplomacy and environmental stewardship echoes our focus at Gentari in renewable energy, hydrogen and green mobility.

Despite the challenges, the collective determination and innovative spirit I experienced in Davos left me optimistic.

I am leaving here, energised and inspired. I am determined to maintain this momentum and steer Gentari towards becoming Asia Pacific’s most-valued clean energy solutions partner by 2030.

Watch this space!

#WEF2024 #Sustainability #RenewableEnergy #HydrogenEconomy #GreenMobility