https://www.theguardian.com/business/live/2022/may/26/davos-day-4-vitali-klitschko-olaf-scholz-jobs-risks-economics-live-updates

Here’s Associated Press’s take on Olaf Scholz’s speech:

German Chancellor Olaf Scholz has sharply condemned Russia’s war on Ukraine and called for global cooperation to overcome life-threatening challenges such as climate change, hunger and dependency on fossil fuels.

Speaking on Thursday at the World Economic Forum meeting in Davos, Switzerland, Scholz said the:

“invasion of Ukraine does not mark the outbreak of any conflict anywhere in Europe. Here, a nuclear-armed superpower claims to redraw borders.”

Scholz said Russian President Vladimir “Putin wants to return to a world order in which the strongest dictate what is right, in which freedom, sovereignty and self-determination are not.”

The German chancellor described Putin’s war politics as “imperialism,” which is “trying to bomb us back to a time when war was a common means of politics, when our continent and the world lacked a stable peace order.”

He says the world is no longer bipolar like during the Cold War between the U.S. and Soviet Union. Instead of using the power politics of past centuries, the chancellor said it’s important all powers work together to solve threats like hunger, climate change or dependence on fossil fuels.

Scholz said:

“If some want to take us back to the past of nationalism, imperialism and war, our answer is not with us.’ We stand for the future.”

Dr John Chipman, director-general of the International Institute for Strategic Studies (IISS), has tweeted some key points too:

Chancellor Scholz @Davos calls Putin’s aims ‘imperialist.’ He says the international system is at risk – a system that ‘subjects power to the law.’ ‘We cannot allow Putin to win this war.’ ‘Sweden and Finland will be welcomed to NATO with open arms.’ 1/2

— Dr John Chipman IISS (@chipmanj) May 26, 2022

Putin will only seek peace when he realises that Ukraine’s will cannot be broken. There will be no dictated peace. We will not allow it. Also insists: We will not allow NATO to become a party to this war as that will oppose nuclear powers to each other.

— Dr John Chipman IISS (@chipmanj) May 26, 2022

German Chancellor Olaf Scholz addresses the assembly during the World Economic Forum (WEF) 2022 annual meeting in Davos, Switzerland.

Finally, here’s Olaf Scholz

A major nuclear power is behaving as if it had the right to redraw borders.

“Putin wants a return to a world order in which strength dictates what is right; in which freedom, sovereignty and self-determination are simply not for everyone. That is imperialism. That is an attempt to blast us back to a time when war was a common instrument of politics, when our continent and the world were without a stable peaceful order.

Putin underestimated the unity and vigour with which the G7, NATO and the EU would respond to his aggression,”

“Working together, we have imposed sanctions that are tougher and further-reaching than any previously imposed on a country of Russia’s size.”

And in the need to accelerate the energy transition.

Now we have even more cause to move away from fossil fuels than before.

Ultimately, our goal of achieving carbon neutrality by 2045 has been given an additional boost by Putin’s war.”

That’s all from Davos from us until next January, at least, when the Annual Meeting plans to return to its winter slot. GW

The clearest sign of change at Davos this year is that a building previously used for Russian parties has hosted evidence of atrocities in Ukraine.

The Russian War Crimes House, on the promenade outside the WEF congress centre, displays a map showing civilian deaths in the conflict, along with photos including ruined buildings and cemetries.

A video plays thousands of photos from photographers from the conflict, which can also be seen by WEF attendees as they pass by.

It’s backed by Ukrainian oligarch Viktor Pinchuk’s foundation, who said this week:

“If we tell the story of this tragedy as wide as possible, maybe it will save some lives.”

A woman displays a poster in front of the Russian War Crimes House in Davos.

Although the Ukraine war and the risk of global recession have dominated WEF this week, sustainability has also been on the Davos agenda.

South American politicians and financiers urged new forms of sustainable forestry in the Amazon rainforest at the World Economic Forum in Davos, saying it was the only way to halt over-exploitation.

Gustavo Montezano, president of the Brazilian Development Bank (BNDES).

“It’s all about regulation, legislation and putting the ground for the people from the forest to become entrepreneurs. And they really want that.”

Some 60 percent of Brazil’s territory is in the Amazon basin, and the bank is now financing efforts to reforest parts of it after decades of people believing that “destroying the forest was creating economic value,” Montezano said.

Water was another concern, with the launch of a two-year commission into the economics of water.

And Indian tech conglomerate HCL announced $15m of funding to support entrepeneurs (or ‘aquapreneurs’) to develop better access to freshwater.

Roshni Nadar Malhotra, chairperson of HCL Technologies, explained:

“Today, freshwater resources globally are extremely burdened and every firth child on this planet faces water scarcity.”

Tether, the multibillion dollar “stablecoin” that functions as the largest bank in the cryptocurrency economy, is 100% safe, its chief technical officer has said.

Speaking in Davos, Paolo Ardoino said that after the collapse of the rival stablecoin Terra speculators had turned their fire on Tether.

“They attacked us believing we didn’t have the money to pay out. We showed them we had the money.”

Ardoino said that despite withdrawals of $10bn in the past two months – almost half of it serviced from the company’s cash reserves – said new accounts were “being opened by the day”.

Like all stablecoins, Tetheris supposed to always be worth a fixed amount – in its case, one US dollar. It achieves that, the company says, by maintaining a large reserve of stable assets – a mixture of cash, US treasury bills and commercial paper.

Ardoino said the amount held in commercial paper had been reduced from $40bn to $15bn since March. Asked whether investors could be sure their money was safe he replied: “100%”.

As Davos closes today, the need for radical change does not, says Jenny Ricks, Global Convenor of Fight Inequality Alliance.

The usual warm words contrast with the cold, hard reality outside the elite bubble. Protests continued this morning from South Africa to India, where people experiencing the sharp end of inequality are demanding wealth taxes and more.

“The world has changed rapidly and leaders must meet these serious challenges. Inequality is a real threat to our lives and livelihoods that requires action from governments now not broken neoliberal economic policies well past their sell by date.”

Scenes from our protest outside Provincial treasury in the Western Cape. 👏

We are demanding a wealth tax on the Rich, and calling on government to stop wasting tax payers money by attending that billionaires club called #Davos2022 pic.twitter.com/TA5VFGBwhB

— Fight Inequality SA (@FIAsouthafrica) May 26, 2022

Watch LIVE! Fight Inequality Alliance South Africa (@FIAsouthafrica) hold a Davos protest at the Provincial Treasury in Cape Town.

Activists call on their government to #TaxTheRich

📽️https://t.co/uDzSwC3nxX

— #FightInequality (@FightInequality) May 26, 2022

Hawkers demand Wealth Tax now! In protest organized by National Hawker Federation in Delhi on International Hawkers Day, demanding wealth tax on the top 1% to ensure social protection for unorganized sector workers and universal socio-economic rights. #TaxTheRich @FightInequality pic.twitter.com/EDkrKdGXFG

— Tax The Top 1% (@TaxTheTopIndia) May 26, 2022

A group of climate activists are holding a demonstration outside the World Economic Forum, as the Annual Meeting wraps up.

The Fridays for Future group are holding a climate strike, to urge WEF delegates to take more action on the climate emergency as they leave the Congress Centre.

Greta Thunberg held a climate strike here in 2019, on her first visit to WEF, and in 2020, so it’s turning into a regular event.

(Had they waited until Friday, there’s be no delegates here)

Activists from Fridays for Future hold a climate strike at World Economic Forum, in DavosClimate activists hold signs, during a Fridays for Future climate strike on the last day of the World Economic Forum (WEF), in the alpine resort of Davos, Switzerland May 26, 2022. REUTERS/Arnd Wiegmann

Several of the activists have spoken on WEF panels this week, including Climate activist Vanessa Nakate, the founder of the Rise Up movement (who was cropped out of a photo with four other activists in 2020).

Nakate told a panel session earlier this week:

“We know who caused the climate crisis and we know who has to pay for it. We need a compensation fund for loss and damage. It’s happening right now, it’s pushing people to places where they cannot recover. People cannot adapt to the loss of their cultures, the loss of their islands, the loss of their histories. I’m looking at the West to pay this bill.”

“When we talk about climate change we are also talking about food security. Look at the East Africa drought that has left more than 26 million people with no access to food. It’s really important to understand the intersections of this crisis.

“The African continent is responsible for less than 4% of emissions, but the East Africa drought has left 28 million people with no access to food.”

Climate activists Alexandria Villasenor of the United States, Elizabeth Wathuti of Kenia, Vanessa Nakate of Uganda and Helena Gualinga of Ecuador take part in the protest.
Activists from Fridays for Future hold a climate strike at World Economic Forum, in DavosClimate activists hold signs, during a Fridays for Future climate strike on the last day of the World Economic Forum (WEF), in the alpine resort of Davos, Switzerland May 26, 2022. REUTERS/Arnd Wiegmann
Activists from Fridays for Future hold a climate strike at World Economic Forum, in DavosClimate activists hold signs, during a Fridays for Future climate strike on the last day of the World Economic Forum (WEF), in the alpine resort of Davos, Switzerland May 26, 2022. REUTERS/Arnd Wiegmann

I’m at the Climate Strike at #WEF2022 where @ilyess_ek from Ukraine gave an inspiring speech about climate and war— pic.twitter.com/YOoAMsRJSi

— Alexandria Villaseñor is at #WEF2022 (@AlexandriaV2005) May 26, 2022

Climate activist Elizabeth Wathuti said on the fringes of the World Economic Forum that the war in Ukraine is exacerbating the effects of climate change on the most vulnerable pic.twitter.com/tFXIJL2ygg

— Reuters (@Reuters) May 25, 2022

Scholz also said Germany’s plan to become carbon-neutral by 2045 has become “even more important” due to the Ukraine war, which increases the pressure to act to hit the Paris climate targets.

And in a sign of his push for multilateral cooperation, Scholz is inviting South Africa, Senegal, India, Indonesia and Argentina to the G7 summit, which he’s hosting in Bavaria, next month.

Scholz says:

“they represent countries and regions whose cooperation the world needs to move forward on global challenges in the future.

The author of the ground-breaking report on the economics of climate change – Nick Stern – says one effect of the war in Ukraine has been to emphasise the need for energy security.

That could help the fight against global heating, Stern tells us:

“If we have rediscovered the importance of energy security it points the same way as climate change – away from fossil fuels.”

Stern, a former Treasury chief economist, says he is worried about stagflation – a combination of weak growth and high inflation – which he says “looks a bit like the 1970s.”

Stern says central banks are right to be raising interest rates but warns finance ministers – such as the UK’s Rishi Sunak – of the risks of “premature austerity” which could harm the prospects for growth.

Higher investment to speed up the transition to a cleaner, greener economy would not add to inflationary pressure, Stern says.

“Rishi says the government is committed to growth and a large part of that is going to be clean investment for a new economy. We need to go faster.”

Stern says the benefits of driving electric cars and better-insulated homes are obvious but people need help.

“You have got to work out a way of making it easier for people to make changes in their lives. You can’t just say it’s all too difficult.”

”History is at a turning point“
German Chancellor Olaf Scholz tells @wef
Rich nations ”won‘t get away with“ telling poorer nations Climate doesn‘t allow for their wealth ”after 200 years of industrialization“.
Must deliver the technology to provide same wealth for global South. pic.twitter.com/mKxDmM4uWo

— Michaela Kuefner (@MKuefner) May 26, 2022

German Chancellor Olaf Scholz speaks with World Trade Organization Director-General Ngozi Okonjo-Iweala (right) as he left the stage after his speech

Here’s Associated Press’s take on Olaf Scholz’s speech:

German Chancellor Olaf Scholz has sharply condemned Russia’s war on Ukraine and called for global cooperation to overcome life-threatening challenges such as climate change, hunger and dependency on fossil fuels.

Speaking on Thursday at the World Economic Forum meeting in Davos, Switzerland, Scholz said the:

“invasion of Ukraine does not mark the outbreak of any conflict anywhere in Europe. Here, a nuclear-armed superpower claims to redraw borders.”

Scholz said Russian President Vladimir “Putin wants to return to a world order in which the strongest dictate what is right, in which freedom, sovereignty and self-determination are not.”

The German chancellor described Putin’s war politics as “imperialism,” which is “trying to bomb us back to a time when war was a common means of politics, when our continent and the world lacked a stable peace order.”

He says the world is no longer bipolar like during the Cold War between the U.S. and Soviet Union. Instead of using the power politics of past centuries, the chancellor said it’s important all powers work together to solve threats like hunger, climate change or dependence on fossil fuels.

Scholz said:

“If some want to take us back to the past of nationalism, imperialism and war, our answer is not with us.’ We stand for the future.”

Dr John Chipman, director-general of the International Institute for Strategic Studies (IISS), has tweeted some key points too:

Chancellor Scholz @Davos calls Putin’s aims ‘imperialist.’ He says the international system is at risk – a system that ‘subjects power to the law.’ ‘We cannot allow Putin to win this war.’ ‘Sweden and Finland will be welcomed to NATO with open arms.’ 1/2

— Dr John Chipman IISS (@chipmanj) May 26, 2022

Putin will only seek peace when he realises that Ukraine’s will cannot be broken. There will be no dictated peace. We will not allow it. Also insists: We will not allow NATO to become a party to this war as that will oppose nuclear powers to each other.

— Dr John Chipman IISS (@chipmanj) May 26, 2022

Returning to Ukraine, Scholz says a return to the imperialism of the past, as Russia wants, cannot be tolerated, and must be stood up to with solidarity.

Germany’s chancellor concludes by saying it would be wrong to ‘switch off’ – we must think about Ukraine every day, and do everything we can to end the war, he says.

Chancellor Scholz @Davos closes the conversation with Schwab saying that we cannot ‘switch off during the war in Ukraine’ — we must think about it every day and do what we can to bring it to an end.

— Dr John Chipman IISS (@chipmanj) May 26, 2022

”He will not win“
German Chancellor Scholz says World won’t accept Putin’s ”Imperialist war of Aggression“ 17th/18th century style.
Will only strengthen multipolar World.
Vows to work for fairer, more sustainable globalization which is answer to global challenges, not the problem pic.twitter.com/hXSGLkk9cu

— Michaela Kuefner (@MKuefner) May 26, 2022

Countries must maintain international cooperation as we move to a multipolar world, says Scholz.

On the pandemic, he says some countries are not making enough headway on vaccinating populations, and that leaves them at risk.

Scholz also defended globalisation during his speech, saying it has lifted global life expectancy and reduced poverty.

But that doesn’t mean everyone has been a winner, so it must be made more stable and resilient.

Scholz offers a defense of globalization, which he notes has increased global life expectancy and reduced poverty. Says we shouldn’t “talk casually about decoupling” without thinking of the costs. BUT also says globalization has had losers, must be made more stable and resilient

— Dave Lawler (@DavidLawler10) May 26, 2022

“The European Union, the United States, and the United Kingdom announced the creation of the Atrocity Crimes Advisory Group” to ensure “efficient coordination” of their efforts to support “accountability efforts on the ground.” https://t.co/eLAtNjZyKn

— Kenneth Roth (@KenRoth) May 26, 2022

If someone wants to lead us back to a world of imperialism and war, then count us out, declares Olaf Scholz.

On Covid, Scholz warns that the pandemic not over it, much as we wish it were.

And it will not end until we stop the cycle of mutations, he says — as Pfizer’s CEO Albert Bourla also warned this week in Davos).

Delegates here in Davos had to be triple-vaccinated, pass a Covid test before arriving, and were also tested here. And while the staff working here are wearing masks — the delegates are generally not.

Scholz reminds @wef audience “the pandemic is not over yet and it won’t be over until we stop mutations”. With hundreds sitting closely in s closed hall without masks, a scary reminder! pic.twitter.com/UOMFroO3Oe

— Mina Al-Oraibi (@AlOraibi) May 26, 2022

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