The 15th Annual Meeting of the New Champions, also known as Summer Davos 2024, concluded in Dalian, China, on June 27th, 2024. Held under the theme “Next Frontiers for Growth,” the forum brought together over 1,700 participants from nearly 80 countries and regions. This year’s event was particularly significant, taking place amidst global economic uncertainty and a renewed focus on climate action.
Key Outcomes and Deliverables: Fostering Trust, Driving Sustainability
Summer Davos 2024 yielded several noteworthy outcomes that promise to impact global progress on various fronts. These include:
- China’s Economic Growth and Future Trajectory: Chinese Premier Li Qiang addressed the forum, highlighting China’s economic growth exceeding expectations at 5.3% in Q1 2024. However, discussions acknowledged the need for a more sustainable and innovative model for long-term growth. This focus on responsible development within China’s vast market has implications for global sourcing companies. As China prioritizes environmental sustainability and green practices, global sourcing may shift towards ethically produced goods with a lower environmental footprint.
- Expansion of the First Movers Coalition: This initiative, launched at COP26, aims to create a market for clean energy technologies. Summer Davos witnessed its expansion to nearly 100 companies, including giants like IKEA and Maersk. This signifies a growing international commitment to accelerating the development and adoption of clean technologies. This expansion could lead to increased demand for clean energy solutions from a wider range of global sourcing companies, potentially impacting supply chains and trade flows.
- Progress on the 1t.org Platform: This ambitious platform aims to conserve, restore, and grow one trillion trees by 2030. At Summer Davos, over 100 companies pledged to plant 12 billion trees, a significant step towards achieving the platform’s goal. Increased collaboration on reforestation efforts could create new opportunities for global sourcing companies specializing in sustainable forestry practices and related technologies.
- Launch of the Network to Mobilize Clean Energy Investment for the Global South: This critical initiative aims to connect developing economies with resources and expertise for their energy transition. Developed nations and global sourcing companies can leverage this network to increase clean energy investments in the Global South. This can lead to the creation of new markets for clean energy technologies, fostering sustainable development and potentially creating new sourcing opportunities for ethically produced goods from these regions.
- Mental Health in Cities: Experts identified 37 characteristics of a “mental health-friendly city.” These insights can guide urban planning and policy decisions around the world, contributing to the well-being of citizens and potentially improving overall productivity within global sourcing hubs.
Impact on Global Sourcing and Procurement
The outcomes of Summer Davos 2024 have the potential to influence global trade in several ways:
- Shift Towards Green Practices: The forum’s emphasis on sustainability and clean energy initiatives could lead to a rise in demand for environmentally friendly products and technologies, reshaping global trade patterns and impacting the sourcing strategies of companies worldwide.
- Focus on Innovation: China’s pledge to prioritize innovation paves the way for new industries and technologies with global trade implications. This could lead to new sourcing opportunities for innovative products and solutions.
- Investment Opportunities: The Network to Mobilize Clean Energy
ET2C International Global Sourcing Experts
The ET2C International is a UK managed Global Sourcing company with over 22 years trading experience. Our 200 colleagues are based in offices in 7 countries across Asian and emerging markets from China to India to Turkey. Ensuring we are always well placed to support our clients strategic sourcing and procurement challenges. ET2C Corporate Profile
The latest Summer Davos shows the both the challenges in Global Trading and Supply but also the growth of Sustainability as a key plank of Sourcing Strategies.
If you would like to know more about how you can improve Sustainability in your Sourcing Strategy or to discuss emerging supply markets please drop us a line contact@et2cint.com
