Mohammed bin Zayed Council: "Cop 28" is an Emirati opportunity to redesign the global social contract

Director of the Institute of Innovation and Public Service at University College London in the United Kingdom, Dr. Mariana Mazzucato, confirmed that the UAE has a tremendous opportunity to redesign the global social contract between governments and the private sector, during its hosting of the World Climate Summit "COP 28" next year, by establishing the principle of financing. Economic and investment conditional on preserving the environment, stressing that the UAE is a pioneer in the approach between the government and private investment sectors, and its leadership has succeeded in planning for a sustainable post-oil economy, and gives great priorities to modern and sustainable education.

Mazcato explained, during a lecture organized by the "Mohammed bin Zayed Council", the day before yesterday, that the UAE is currently the most prominent country in the world to attract investors and the private sector, because its doors are always open to discussion about the future and its needs, in a way that serves humanity, in addition to being a luxury country that possesses technical services. Far from routine.   

In detail, the council of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, organized the day before yesterday a lecture at Al Bateen Palace in Abu Dhabi, under the title “An ambitious global approach to guide economic growth..How can the UAE benefit from it?”, In the presence of His Highness Sheikh Hamed bin Zayed Al Nahyan, member of the Abu Dhabi Executive Council, His Highness Sheikh Khalid bin Zayed Al Nahyan, Chairman of the Board of Directors of the Zayed Higher Organization for People of Determination, and a number of sheikhs and officials.

The lecture, which was presented by the Director of the Institute of Innovation and Public Service at University College London in the United Kingdom, Dr. Mariana Mazzucato, focused on 4 main topics, which included "the main global challenges affecting the world (climate, health, cost of living, geopolitical challenges), reasons for policy failure The current framework in giving governments a proactive framework to face these challenges, the framework based on the implementation of tasks and its pivotal role in building a more inclusive and sustainable economy, the effectiveness of this global approach in addressing the challenges facing the UAE.

Mazzucato began the lecture, which was moderated by the Deputy Director of the World Summit Foundation for Women, Muhammad Yousef Al-Sharhan, by stressing that the world is facing multiple financial, health and climate crises, which are linked to each other, and many countries face long-term economic challenges, such as declining productivity and low growth, stressing on The "managed economy", or economic thinking based on setting tasks, may enable countries to address climate, digital divide and health problems, thus stimulating investment and innovation in various sectors, and thus driving growth in the long term. 

“In times of crisis, governments should support the real economy, which is linked to the production of actual goods and services, rather than focusing most of the support on the financial sector only from investment banks and companies, because when the crisis is over and the economy is working again, those banks and companies will reap the rewards,” Mazzucato said. recovery, while the citizen continues to pay the price and suffer the consequences and effects of recession.

She added: "The importance of the command economy is a theory that has been proven by many global crises that countries have failed to manage during the past decades, and although it represents a long-term scientific solution to economic problems, the major countries did not learn from past mistakes, and failed miserably in using the command economy during the pandemic crisis." (Covid-19), as it focused on directing vaccines to specific countries, and used pandemic recovery funds incorrectly, for which many front-line defense heroes who lost their lives paid the price.

She stressed that the (Covid-19) crisis reinforced the assertion that the relationship between the public and private sectors is severed, and that its reform requires addressing a fundamental problem represented in understanding and assimilating the “concept of value” in its contemporary form and its enormous effects on the way economies are structured, how institutions are managed, activities are calculated, and priorities are set. sectors, looking at government, and measuring national wealth, explaining that task-based policies can create a multiplier effect in all aspects of the economy, by promoting new forms of cooperation between actors in the public and private sectors, especially since the mechanism of action of task-based thinking, Its main objective is to identify major challenges and break them down into clear and achievable objectives.

And she stated that these tasks will be quantified problems that different sectors can address to meet a challenge, such as reducing carbon emissions by a certain percentage during a specific period of time, and Goal 13 of the Sustainable Development Goals on climate can be transformed into a task about carbon-free cities that require new forms. mobility, new types of building materials, and new types of school feeding.” 

Mazzucato stressed that the UAE has all the capabilities, opportunities and mechanisms to take advantage of the ambitious approach to guide economic growth, especially as it is a pioneer in the approach between the government and private investment sectors, and its leadership has a continuous pursuit of change for the sake of development, and they give great priorities to modern and sustainable education, and therefore it leads the region in Many fields such as space, missions to reach Mars and land on the moon, which are factors that have been the key to entering the smart economy. 

She said: "One of the important factors that qualifies the UAE to direct economic growth as well is its success in thinking about a sustainable post-oil economy, and its embrace of talent, in addition to being the most prominent country in the world to attract investors and the private sector, and its doors are always open to discussion about the future and its needs, which is a wonderful thing that serves Humanity, and most importantly, it is a welfare state that possesses technical services and is far from routine, which makes its citizens, residents and visitors enjoy government services and benefits.

She stressed that the UAE has a tremendous opportunity to redesign the global social contract between governments and the private sector, during its hosting of the World Climate Summit "COP 28" next year, by establishing the principle of economic and investment financing conditional on preserving the environment.    

6 criteria for successful government missions 

In the lecture, Dr. Mariana Mazzucato, Director of the Institute of Innovation and Public Service at University College London in the United Kingdom, spoke about the role of governments during global economic crises, where she stressed the need for governments to harness their full capabilities to bring together public, private and societal institutions in order to choose a specific mission, to take The tasks come in different shapes and sizes, with the need for these tasks to meet six main criteria, which are: "to be bold, inspiring, and closely socially relevant, to have clear direction, purposeful, measurable, and time-bound, to include ambitious but realistic research and innovation processes, to focus on Research and innovation activities are interdisciplinary and cross-cutting across many sectors and actors, based on a bottom-up multi-solution approach, characterized by community engagement.

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