“Smart world:” a great reset

The World Economic Forum has initiated a major economic reset. Authoritative economists are confident that development in the pre-crisis format "as usual" will only exacerbate existing problems, and humanity has one promising way - to develop in a carbon-free, sustainable and fair manner

The new concept of “Great Reset” presented the  Prince Charles of Wales to the world community during the opening of the World Economic Forum (WEF) virtual meeting. In his opinion, the pandemic is the result of a break in the relationship between humanity and nature, and the situation can be corrected by recognizing “the interdependence of all living beings.” “We have a great opportunity to extract something good from this crisis... Recovery is an opportunity to reboot the world economy and prioritize sustainable development without further damage to the planet,” added the prince.

The presentation of the of the British heir to the throne was part of an event to launch a new initiative. As highlighted by the World Economic Forum on its website, “there is a general agreement that a world already suffering from the effects of climate change and social inequality needs radical economic change.” But, according to analysts, there is a great risk that people will return to business as usual once the vaccine for Covid-19 becomes available.

To prevent this from happening, a “great reset” is needed, the five principles of which Prince Charles formulated:

  • The need for attention and awareness on a human scale (change will only happen if a large number of people really want it)
  • The recovery of the world economy should only be sustainable. The old models that have had a deleterious effect on the planet have to go away
  • Life systems must be adjusted to promote net zero emissions. Adequate carbon pricing can provide the necessary transition to a sustainable market
  • Science, technology and innovation need to be “revitalized.” Mankind is on the verge of breakthroughs that will change the way we see it possible and beneficial in a sustainable future
  • Investments need to be balanced. Increased green investments will lead to job growth in green energy, circular and bio economics, eco tourism and green public infrastructure.

 

“Covid 19 has accelerated our transition to the era of the fourth industrial revolution,” says WEF Executive Chairman Klaus Schwab.   We have to decarbonize the economy, use the small window that is still open and bring our thinking and behavior into line with the laws of nature.

 

The “Big Reset” is planned to be the main theme of the annual meeting of the World Economic Forum, which is scheduled for January 2021. The next meeting of politicians and economists, in contrast to previous meetings, will provide an opportunity for dialogue not only with key world leaders, but also “open doors” to a wide range of participants from different social backgrounds. According to the WEF representatives, the “open door policy” will allow all interested citizens to participate in the dialogue.

 

“The global pandemic has demonstrated how dependent we are on each other. We must restore a functioning system of intelligent global cooperation to meet the challenges of the next 50 years. The great reset will require us to integrate all stakeholders of the global community for common interest, goals and actions,” write the WEF representatives.   “We need to change our thinking, move from short-term to long-term thinking, from equity capitalism to stakeholders’ responsibility. Environmental, social and good governance must become part of corporate and public responsibility.”

In April, the Russian Social and Ecological Union (RSEU), along with nearly 500 NGOs around the world, as part of the Just Recovery initiative, addressed politicians, economists, governments and banks to apply the five principles of equitable crisis response and recovery. According to civil society activists, “assistance provided during and after the pandemic should build resilience to future crises, especially climate change.”

 

In July, Greenpeace Russia, in partnership with the Russian Social and Ecological Union (RSEU), launched an online platform “The Green Agenda for Russia”  Together with social movements, socially and environmentally responsible business, leading experts in the field of economics and environmental protection, we will formulate proposals to overcome the economic and climate crisis.