Live updates

Google is adding more COVID-related health and safety information to its Google Travel booking service.

Starting this week, when users search for hotels and vacation rental properties through Google Travel, they may see new information about COVID-19 safety precautions at the property — like enhanced cleaning procedures that may be in use or if there’s an option for a contact-free check-in, among other things.

Read more about the post-COVID future for travel and tourism here.

Did you know that the World Economic Forum's 2017 Top 10 Technologies included emergent genomics-based vaccines, now in phase 3 COVID-19 trials by Pfizer and Moderna?

Read about this year's Top 10 Technologies here, which - no surprise - include a number of important health and medical innovations.

Today's first session of the Green Horizon Summit looks at infrastructure investments for the coming decade, and how that will determine the fate of the Paris Agreement and the quality of life for hundreds of millions globally.

New investments in low-carbon and climate-resilient initiatives are needed – particularly in cities – to unlock growth and jobs. But investing in infrastructure remains a challenge, especially at the municipal level. What is needed to mobilize capital at scale to support green growth?

Stay tuned to hear what the business community says.

Ewen Stevenson, Group Chief Financial Officer at HSBC Holdings says, "We want to make sure that we can measure the transition in a proper scientific way."

Alberto De Paoli, Chief Financial Officer at Enel says, "The energy transition is a fact. We have already put 100% of our business model into it. We invest 10 billion euros each year. I think this is a unique opportunity for the whole world. All the efforts to restart the economy can flow towards a new economy, and Europe is leading this effort. But it’s also clear that this must be a global effort and the new economy must be more profitable and less risky."

Tobias C. Pross, Chief Executive Officer at Allianz Global Investors, suggests that current instruments need to combine public and private sector – and they need to specifically address risk to private investors.

"We have structures in place that put private investors before governments so they can get their return. It gives certainty to gather together capital to really kickstart these projects." He also says that "product innovation and vehicle innovation" is key.

Maria Håkansson, VD/CEO Swedfund International calls for a global standard for ESG data – “viewed in the same way as we view numbers – but contextualised for different sectors”. When you talk about sustainability – it’s equally about value creation and it’s needed with a multistakeholder approach.

Hard-to-abate industry sectors, such as steel, aluminium, cement, chemicals, aviation, shipping and trucking, are responsible for nearly one-third of global greenhouse gas (GHG) emissions. What's the view from a major steel industry player on his industry's role in meeting the Paris Agreement objective of limiting global warming to well below 2°C?

Alan Knight, Director, Corporate Responsibility and Sustainability, ArcelorMittal, talks about the longterm solutions to becoming carbon negative, including clean hydrogen, but also other technologies - or the "circular carbon principle" - such as biomass and storage.

"We have high degrees of confidence that you can make steel without carbon emissions – but the challenge is to make it competitive so issues such as policy and finance are front of mind for us."

"You need carbon border adjustment – we need to find ways to make steel created the old fashioned way unavailable. Access to low cost finance will help." But there also needs to be a clearer, common definition of "green steel".

Join us for the Race to Zero Dialogues with the first session of the event, Global Outlook: The Road to COP26, looking at hard-to-abate industry sectors and their role in meeting the Paris Agreement goals.

Volvo Group launches a Green Finance Framework for the financing of investments and projects in the area of clean transportation.

"Sustainability is a part of our DNA, ranging from safety, operations, purchasing, durability and quality in our products to constant fuel-efficiency improvements in our vehicles and machines. We take a holistic view on sustainability and are very pleased to show that we are supporting this transition with every part of our organization," says Martin Lundstedt, President and CEO of the Volvo Group.

The framework enables the Volvo Group to issue green bonds and other green financial instruments and allows the company to identify, select, manage and report on eligible projects and assets in line with International Capital Market Association Green Bond Principles.

Read more about the company's insights into the "Business of Sustainability".

Welcome to the Green Horizon Summit. In the recovery from COVID-19, the green transition is both an urgent existential imperative, as well as a significant commercial opportunity. This morning's sessions kick off with The Cartography of Post-COVID-19 Green Growth.

Here are some highlights from and relevant to the Forum's business partners.

Mark Carney, Finance Adviser on the 26th Conference of the Parties (COP 26) to the Prime Minister, urges private sector action on climate change, "Transition plans will reveal the leaders and laggers on the road to Glasgow" and said, “We will not get to net zero in a niche, it requires a whole economy transition”.

Christine Lagarde, President at European Central Bank calls for a wholesale transformation of the economy. She says climate change information remains optional – in part because the financial impact is still not well understood.

There are reference frameworks and disclosure and reporting frameworks – but it increases reporting costs. "So harmonization efforts are crucial. We need common technical reporting standards and increased data collecting to enable a consistent way to classify green activities and a taxonomy of carbon intensive activities."

This would enable pricing of risks – consistently and transparently – for investment decisions.

Paolo Gentiloni, Commissioner for Economy at European Commission, says the EU Green deal "remains our growth strategy". It will shortly be legally binding and there is 30% of EU budget earmarked for climate-related spending. “We have made clear that the green transition must be front and centre.”

"We want to seize the opportunity offered by the recovery plan to forge a sustainable future for our continent. But it will require even more investment. The green transition will only succeed if we manage to mobilize private sector finance. Our task is to provide a framework that sets incentives."

John Green, Chief Commercial Officer at Ninety One says, “Meeting the challenge of decarbonising our society is not about marginal change, it is not about waiting it is not about over-analysing or seeking the perfect data set. It is about acting now.”

He continues, "everything that is now going on in the world has galvanised all parts of society to take action. Investment opportunities are profound and it is increasingly clear that we do not have to sacrifice returns to do the right thing."

Jes Staley, Group Chief Executive Officer at Barclays, agrees that initiatives around a market for carbon offset will be very important. He adds, "We recognize that climate change is an existential risk and investors and financial markets acknowledge this more and more."

And on the recent US election results, "The election is a significant move. What COVID-19 is showing is that we’re on this planet together. Getting a major economy like the US aligned is a significant and positive step.”