• As we're slowly moving away from the heart of the crisis, we must invigorate global cooperation to achieve shared prosperity
  • Cooperation has proven effective in the past, but static roadmaps are no longer adapted to our fast-paced environment
  • The Principles for Strengthening Global Cooperation are meant to be a compass to navigate this new call for peace and security, equity, gender equality and sustainability

As we're edging closer to overcoming the pandemic and going back to somewhat of a normal life, companies and governments face competition for vaccines, travel restrictions and supply chain disruptions.

To address these challenges, the world should focus on cooperation as a means to leave the crisis in a better position than the one in which we entered it. Multistakeholder initiatives such as COVAX and CommonPass, as well as regional collaboration schemes, are fostering innovation and coordinated approaches to global threats.

Greater resilience can only occur if leaders rebuild or reimagine instruments for greater collaboration. Cooperation has proven effective in the past, but static roadmaps are neither effective in our dynamic reality nor adapted to long-term interconnected threats such as environmental degradation.

This is why the World Economic Forum's Principles for Strengthening Global Cooperation, released, today provides a compass of seven principles to improve shared futures. They were developed by a group of 32 leaders who met throughout 2020, with leaders from Canada, the Netherlands, Japan, South Africa, Goldman Sachs and Google co-chairing the Global Action Group.

Here are the seven guiding principles, which are meant to help guide leaders towards greater global cooperation.

1. Strengthen global cooperation

Recovery measures must include steps that advance long-term security and humanitarian objectives in accordance with Sustainable Development Goal 16 in order to protect fragile communities and conflict zones which were the hardest hit by the current crises.

2. Advance peace and security

Recovery measures must include steps that advance long-term security and humanitarian objectives in accordance with Sustainable Development Goal 16 by accelerating peace efforts, capital investments, as well as steps that promote good governance, strong institutions and social cohesion.

Image: World Economic Forum

3. Re-globalize equitably

For all people, regardless of race, gender or financial standing, to benefit from globalization, we need a new global social contract that calls to close digital divides, supports education and life-long skills learning, reduces inequity and addresses debt burdens globally.

4. Promote gender equality

As part of their recovery, economies should create measures to prevent gender-based violence and discrimination, improve women’s financial and professional advancement, and facilitate respect of women’s human rights.

5. Rebuild sustainably

The economic crisis caused by COVID-19 shouldn’t be used as an excuse to exclude environmental measures from policies. Instead, measures should advance carbon-neutral products and practices and be undertaken in a way that is consistent with the 2030 Agenda for Sustainable Development.

Financing Sustainable Development

The world’s economies are already absorbing the costs of climate change and a “business as usual” approach that is obsolete. Both scientific evidence and the dislocation of people are highlighting the urgent need to create a sustainable, inclusive and climate-resilient future.

This will require no less than a transformation of our current economic model into one that generates long-term value by balancing natural, social, human and financial conditions. Cooperation between different stakeholders will be vital to developing the innovative strategies, partnerships and markets that will drive this transformation and allow us to raise the trillions of dollars in investments that are needed.

To tackle these challenges, Financing Sustainable Development is one of the four focus areas at the World Economic Forum's 2019 Sustainable Development Impact summit. A range of sessions will spotlight the innovative financial models, pioneering solutions and scalable best practices that can mobilize capital for the the world's sustainable development goals. It will focus on the conditions that both public and private institutions should create to enable large-scale financing of sustainable development. It will also explore the role that governments, corporations, investors, philanthropists and consumers could play to deliver new ways of financing sustainable development.

6. Deepen public-private partnerships

Governments and businesses will need to keep on financing environments that are favourable for innovation and that will direct resources towards education, infrastructure, technology and humanitarian priorities.

7. Increase global resilience

Greater information sharing and better global trading systems that will restart trade are needed to improve resilience.