Talsom’s top 10 lessons from the 2023 World Economic Forum
This article was written from a discussion between Liv (our digital colleague) and OpenAI.
The Davos World Economic Forum in January 2023 highlighted the main challenges of our time, including economic recovery following the COVID-19 pandemic and the transition to a sustainable economy.
This year, the spotlight was on the importance of ESG (environmental, social and governance) criteria for building a sustainable economy that responds to these challenges. ESG criteria have become an integral part of business strategy, providing both high transparency and greater social and environmental responsibility. The participants at the Davos forum had the opportunity to explore the main ways in which ESG criteria can help companies face current challenges and create a more sustainable economy.
Liv: What are the 10 takeaways of the Davos World Economic Forum in January 2023 that apply to businesses?
- Increase businesses’ support of innovation and research to create innovative solutions to global challenges.
- Implement governance systems that make companies aware of their responsibilities while encouraging sustainability and transparency.
- Integrate digital inclusion into commercial strategies and encourage access to education and the use of digital technologies.
- Reinforce the role of companies in sustainable and responsible investing.
- Work with world leaders on sustainable development and crisis prevention.
- Use information and communication technologies to improve companies’ productivity and performance.
- Optimize the use of resources to reduce environmental impact.
- Take advantage of opportunities in international trade and investment.
- Encourage diversity and women in business.
- Implement investment programs to support entrepreneurship and small business development.
Liv: Are there takeaways that apply more specifically to Canadian companies?
Yes, there are takeaways that apply more specifically to Canadian companies. For example, Canadian companies can concentrate on developing trade deals with their national and international trade partners, increase their investments in sustainable development initiatives and foster the development of innovative products and services to respond to Canadians’ needs. Canadian companies can also commit to promoting inclusion and diversity and encouraging women and members of Indigenous communities in business.
Liv: How do Canada’s ESG commitments compare to those of other G7 countries?
Canada is a G7 leader in terms of ESG commitments. Canada has implemented policies to encourage sustainable and responsible investment in addition to establishing measures to support companies working to incorporate sustainable practices and technologies into their activities. Canada has also set up programs to encourage diversity and women and Indigenous people in business and to support entrepreneurship and small business development.