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Why Africa's power partnership with the World Bank should attract investors
There’s a word frequently used at global convenings like the World Bank Group’s Spring Meetings held this week in Washington, D.C.—multistakeholder. It refers to an approach to problem solving that involves input from a wide range of players—governments, civil society, private sector corporations and investors.
It will take a multistakeholder approach to bring an ambitious new project announced Wednesday to fruition, an initiative to provide electricity to 300 million people in Africa by 2030.
Of the world’s nearly 800 million people living without power, an estimated 570 million are in Sub-Saharan Africa, according to the World Bank. The organization is partnering with the African Development Bank and its own International Development Association to provide up to $30 billion in funding, but is also banking on private sector investment to help make this plan a reality.
At the meetings this week, GZERO’s Tony Maciulis spoke to Lucy Heintz, Head of Energy Infrastructure at Actis Energy Fund, a global investment company focused on sustainability. Heintz expressed optimism in the announcement and explained the reasons why it could be attractive to investors.
“This is a great ambition and it's a huge plan,” Heintz said. “If it's met on the other side by a real intent to do business by government, wherever those governments may be, in those countries where energy access is still lacking, then I think you can start to see the pieces fall into place.”
Heintz explained there are already tools in place that mitigate risk for cross-border private investors, such as the Multilateral Investment Guarantee Agency (MIGA), a World Bank organization that provides insurance for noncommercial political and economic risk.
Success stories already exist globally, Heintz explained, with India being a prime example.
“India has put in place the right legislative frameworks, the right regulation,” she said. “It's also invested in the enabling environment. So, there's a very successful transmission grid investment program, which is led by the government, but then brings in private sector once those projects are de-risked.”
As for concerns about carbon emissions and environmental risk from expanding electricity generation, Heintz says there is a greater danger in not bringing more people to power.
“Reliable electricity supply is fundamental if you want to have any ability to mitigate the risks of climate change, whether it's refrigeration, cooling, the ability to earn a livelihood, it's fundamental,” she said. “I think that's the most important thing to have in mind.”
For more of our 2024 IMF/World Bank Spring Meetings coverage, visit Global Stage.
AI's rapid rise
In a remarkable shift, AI has catapulted to the forefront of global conversations within a span of just one year. From political leaders to multilateral organizations, the dialogue has swiftly transitioned from mere curiosity to deep-seated concern. Ian Bremmer, founder and president of GZERO Media and Eurasia Group, says AI transcends traditional geopolitical boundaries. Notably, the reins of AI's dominion rest not in governments but predominantly within the hands of technology corporations.
This unconventional dynamic prompts a recalibration of governance strategies. Unlike past challenges that could be addressed in isolation, AI's complexity necessitates collaboration with its creators—engineers, scientists, technologists, and corporate leaders. The emergence of a new era, where technology companies hold significant sway, has redefined the political landscape. The journey to understand and govern AI is a collaborative endeavor that promises both learning and transformation.
Watch the full conversation: Governing AI Before It’s Too Late
Watch GZERO World with Ian Bremmer every week at gzeromedia.com/gzeroworld or on US public television. Check local listings.
- The AI power paradox: Rules for AI's power ›
- Podcast: Artificial intelligence new rules: Ian Bremmer and Mustafa Suleyman explain the AI power paradox ›
- Ian Bremmer explains: Should we worry about AI? ›
- The geopolitics of AI ›
- Making rules for AI … before it’s too late ›
- How should artificial intelligence be governed? ›
- How AI can be used in public policy: Anne Witkowsky - GZERO Media ›
What is a techno-prudential approach to AI governance?
Can the world learn how to govern artificial intelligence before it’s too late?
According to Ian Bremmer, founder and president of GZERO Media and Eurasia Group, AI’s power paradox is that it’s both too powerful to easily govern, but too beneficial to outright ban. In a new video series on AI, Bremmer introduces the idea of “techno-prudentialism.” A mouthful of a word that will almost certainly come to define the way AI is governed, regulated, and controlled.
Techno-prudentialism is the idea that we need to identify and limit risks to global stability posed by AI without choking off innovation and the opportunities that come with it. It’s a tricky tightrope to walk, but it’s similar to how global finance is governed, known as macro-prudentialism. Despite conflict between, say, the US, China, and Europe, they all work together within institutions like the Bank of International Settlements, the IMF, and the Financial Stability Board to keep markets functioning. The do it because global finance is too important to allow it to break.
Techno-prudentialism applies that idea to the AI space. Bremmer lays out the case for a collective, international effort in AI governance, emphasizing the need for global institutions to address the many ways AI could challenge geopolitical stability. As the balance of power shifts towards technology companies in a techno-polar world [HYPERLINK TO TECHNO-POLAR VIDEO], Bremmer envisions these institutions creating a framework that balances AI’s power and benefits, while preventing it from inciting political instability on a global scale.
3 ways mining companies can help protect biodiversity
You'd think the best thing an extractive industry like mining can do for biodiversity would be to go out of business. Think again, says International Council on Mining and Metals CEO Rohitesh “Ro” Dhawan.
He shares three ways mining can have a positive impact on reversing the course of nature's destruction during "Time for nature: Turning biodiversity risk into opportunity," a livestream conversation hosted by GZERO in partnership with Suntory.
First, conservation. Second, restoration. And third, disclosure of lots of data.
Once mining firms "understand what species there are in the area, they change their mining plan to make sure it doesn't disturb those species," Dhawan says.
Learn more about this GZERO Media live discussion: https://www.gzeromedia.com/sustainability
- Biodiversity loss: Is nature-positive the new net zero? ›
- COP15 biodiversity wish list for the private sector ›
- Reversing biodiversity loss by 2030: "We don't have a choice," says Magali Anderson ›
- "We don't have any right to destroy nature" — Suntory CEO Tak Niinami ›
- How do financial disclosures help protect biodiversity? - GZERO Media ›
- US-Canada can and will extract critical minerals sustainably, says top US diplomat - GZERO Media ›
Reversing biodiversity loss by 2030: "We don't have a choice," says Magali Anderson
What does the world's No. 1 cement maker want from the COP15 biodiversity conference in Montreal, Canada?
First, a framework for companies. Second, a commitment to halt and reverse biodiversity loss by 2030, Magali Anderson, Holcim's chief sustainability and innovation officer, says during the livestream discussion "Time for nature: Turning biodiversity risk into opportunity," hosted by GZERO in partnership with Suntory.
"I think we just don't have a choice there. It's not even a question of a wishlist or whatever," she adds. "It's a question of do we want the planet to still be liveable for everything that's alive in 10 years or not. That's all it is about."
Don't miss Anderson's COP27 joke.
Learn more about this GZERO Media live discussion: https://www.gzeromedia.com/sustainability
"We don't have any right to destroy nature" — Suntory CEO Tak Niinami
In biodiversity circles, many are talking up nature-positive as the new net zero. But for some companies, striving for a world where nature is being restored and is regenerating rather than declining is more than a buzzword.
"We don't have any right to destroy nature," Suntory CEO Tak Niinami says during the livestream discussion "Time for nature: Turning biodiversity risk into opportunity," hosted by GZERO in partnership with Suntory.
For Niinami, corporations need to make money, but also contribute to society. And companies have a lot of know-how they can apply to help reverse biodiversity loss in the future.
"Nature positive is not nature-neutral," he says. "Nature-positive is additional value for us to create for the generation to come."
Learn more about this GZERO Media live discussion: https://www.gzeromedia.com/sustainability
Watch live: Turning biodiversity risk into opportunity
TODAY AT 8 AM ET: Among the many challenges stemming from climate change: natural ecosystems and habitats are being destroyed.
Recognition of the link between business sustainability and a healthy, living planet has motivated businesses to incorporate nature into decision-making. But the private sector needs help – from policymakers, scientists, and communities – to measure impact and devise sustainable solutions.
In our live digital event on December 14, Tak Niinami, CEO, Suntory Holdings, will be joined by Eurasia Group & GZERO Media president Ian Bremmer, experts from Eurasia Group’s climate team, private and public leaders, scientists, and other experts on the world’s nature and biodiversity to address this challenge and chart a path towards reversing nature loss.
Time for nature: Turning biodiversity risk into opportunity
Wednesday, Dec 14 2022 | 8 am EST / 10 pm JST
Register to attend and receive the playback after the livestream concludes.
Speakers
- Magali Anderson, Chief Sustainability and Innovation Officer, Holcim Technology
- Ko Barrett, Senior Advisor for Climate, National Oceanic and Atmospheric Administration
- Ian Bremmer, President and Founder of Eurasia Group and GZERO Media
- Katie Critchlow, CEO, NatureMetrics
- Rohitesh Dhawan, CEO, International Council on Mining and Metals
- Ingrid Kukuljan, Head of Impact & Sustainable Investing, Federated Hermes
- Eva Mayerhofer, Head of Environment Policy Unit, European Investment Bank
- Kathleen McLaughlin, EVP and Chief Sustainability Officer, Walmart Inc & President, Walmart Foundation
- Emily McKenzie, Technical Director, Taskforce on Nature-related Financial Disclosures
- Tak Niinami, CEO, Suntory Holdings
- Vian Sharif, Head of Sustainability, FNZ Group
- Shari Friedman, Managing Director, Climate & Sustainability, Eurasia Group (moderator)
- Franck Gbaguidi, Senior Analyst, Energy, Climate & Resources, Eurasia Group (moderator)
The livestream is part of the Sustainability Leaders Council, in partnership with Suntory Holdings, Fubon Financial, Gund Investment LLC, Indorama Ventures, Japan Bank for International Cooperation (JBIC), Sumitomo Corporation, Taiwan Mobile, Unison Capital, the Asia Business Council, and the International Council on Mining and Metals.
The weaknesses of a digital economy
Is there any downside to going cashless?
Not really, but there are challenges, Usman Ahmed, head of Global Public Affairs and Strategic Research at PayPal, says during a livestream conversation on closing the global digital gap hosted by GZERO in partnership with Visa.
On the one hand, digitizing payment allows the creation of other financial services around it — mainly access to finance for the unbanked. On the other, there are privacy and security concerns, although these also exist with cash.
Overall, though, Ahmed believes that going digital is something that nobody will solve on their own. Governments and the private sector need to work together, and digital access is useless without digital literacy.