Renewable Energy Use after the Pandemic

March 19, 2024

By Ariane Evertz, Philipp Manuel Reynders, Sandra Felicitas Willert and Michael Palocz-Andresen

This paper aims to identify the positive effects that the global COVID-19 pandemic entails and how they can be retained within the social and economic recovery. The central finding is that the positive effects of reduced pollution, increased air quality and ecosystems recovery from human stressors need a technology push by the use of renewable energies and other green technologies alongside a societal pull into the direction of sustainability. Sustainable recovery is vital for our common future, for fighting climate change and diminishing health risks of future pandemics.

Introduction

The massive shock of the COVID-19 pandemic led to major changes in people’s lives, reducing mobility and thus social and industrial activities as well. The originated socio-economic disruption entailed various and, in most cases, positive consequences for the environment as well as great potential for future strategies of sustainability. Socio-economic changes occurred due to restricting policies like lockdowns and emerged from individual or societal adaptation strategies to the new situation like remote work.

The first part gives insight to the direct or indirect positive impact of the pandemic on environmental parameters like pollution, air quality or the condition of ecosystems and points out which socio-economic changes led to these improvements. The second part discusses the importance of renewable energy production and using for an environmental-friendly future. In the third part sustainability strategies will be considered, related to the “One Health” approach as one possible concept to strengthen society’s resilience towards future pandemics and further challenges.

Environmental Consequences of the COVID-19 Pandemic

The COVID-19 pandemic brought most social and economic activities to a halt as mobility was restricted to control the spread of the virus. The COVID-19 is primarily impairing the respiratory system and can even lead to death¹. Counter steering policies like the mandatory use of face masks, social distance and lockdowns were enforced in the most affected countries worldwide and led to a huge socio-economic disruption which had more or less direct impact on the extent of emissions and pollution as well as on the condition of ecosystems ¹.

Emissions and Air Quality

Transportation and industries are the major source of most pollutants and greenhouse gases (GHG) such as CO, CO₂, SO₂, NO₂ and particulate matter ^1,2. These substances are harmful to human and environmental health by causing respiratory diseases, biodiversity loss and reinforcing climate change¹. Even though the concentration of the individual air pollutants changed to a different extent, the concentration of particulate matter and NO₂ showed a significant drop, increasing the total air quality to good levels whereas GHG emissions dropped along with reduced consumption of fossil fuels and less energy demand, see Fig. 1³.

These changes were especially visible for the world’s most polluted and densely populated cities that are most affected by rather unhealthy air quality levels as well. Air pollution is a crucial factor that affects the COVID-19 transmission, effect size and mortality rate as it causes several diseases that make the person concerned more vulnerable to infections¹. Thus, not only COVID-19 can influence environmental factors but also vice versa. This means that we can prevent high infection rates in the future by changing our mobility and consumer habits as a healthy environment also facilitates better health conditions of the society.

Biodiversity and ecosystems

Biodiversity plays a major role in the emergence of pandemics. Deforestation and climate change mainly induce the current ongoing biodiversity loss that facilitates the spread of pathogens among populations. The ongoing destruction of the environment forces wildlife out of their natural habitats. This leads to wildlife shifting closer to urban areas which in-turn leads to more contact between wildlife and humans. The increased contact might result in a higher number of transmissions of zoonotic pathogens, such as SARS or Ebola, from their animal hosts onto humans⁴. This calls for an effective and sustainable protection and conservation of biodiversity, for instance by addressing deforestation as well as a drastic reduction of emissions for better air quality and healthier ecosystems⁵.

Due to restrictions in international travel, as well as local restrictions, ecosystems in and around tourist areas had time to recover and wildlife claimed back some of its territory. Though more medical waste is being produced due to the COVID-19 pandemic which poses new challenges for waste management authorities in the short-term, less waste in areas of tourism as well as less water, air and noise pollution had major effects on ecosystems in those areas¹. For instance, rivers and seas reached a significant level of purity that could be observed by the changed water colour and the reappearance of many aquatic species in India, Italy and Thailand¹.

Disruption as Incentive for Change

The vast changes in mobility and respectively human activities within the pandemic result in various short-term positive effects for society and the environment across the world. The local measures and observations reporting about these changes are references of a global phenomenon. Pollution and emissions tend to decrease significantly, hence improving air quality and quality of life whereas wildlife and ecosystems seem to recover from the absent intensive human activities¹.

The current period indicates what range of benefits can be achieved from a lasting and sustainable reduction of economic and social activities as shown in Fig. 3. Disruptive events like the COVID-19 pandemic are proven to be vital factors in upsetting unsustainable business-as-usual practices in society and setting incentives for temporary or permanent change⁶. The before-mentioned positive effects on the environment and society are assumed to be only short-term and need a deep change in societal and economical structures to outlast the pandemic¹.

Otherwise, positive trends will quickly go back to pre-lockdown status or even cause rebound effects that lead to an overshoot of previously projected emission levels despite decreased economic growth². The adverse effects of global crises such as climate change or pandemics are disproportionately affecting world regions albeit their contribution to their origination, reinforcing the already existing injustice in the world. Sustainability strategies have great potential to secure a resilient recovery that is just, creates wealth and facilitates ecological restoration for the benefit of all, see Fig. 2.

Using Renewable Energies

The shut-down of economic activities resulted in a reduction of energy consumption and widely-reported environmental improvements¹. These improvements, however, will diminish if large-scale industrial activities resume as before. For sustainable industrialization in post-pandemic times, it is essential to shift the industry sector to green technologies, energy efficiency, use of renewable energies and circularity to diminish the emissions of the industry without hampering the national economies, see Fig. 3^7,8,9.

Sustainable Future

Sustainability is especially important for economic recovery as the industry sector has to revitalize production and jobs in the face of supply-demand imbalances caused by restrictions and other policies related to the pandemic², see Fig. 4¹⁰.

The malfunction of today’s economy manifests not only in more obvious aspects like the sovereign debt crisis, economic stagnation and unemployment, but also in environmental pollution and reinforcement of climate change¹¹.

The past showed that currently dominant practices and conceptions of economies, more precisely the separate treatment of pressing problems and the rest upon linear processes or the conception of unlimited economic growth, are rather leading to the amplification of these challenges than to their resolution¹². Concepts of a slow-growth or no-growth economy aim to find an integrated solution that considers the complex interrelationships of economic, social as well as environmental challenges and to minimize the risk of rebound effects and lock-in to carbon-intensive industry structures¹³. The design of supporting structures where economic and social activities occur is essential for sustainability transitions³. Hence, green behaviour of companies and a sustainable industry would most likely induce a change in individual consumption patterns by acting as infrastructure that limits consumer choices on exclusively sustainable options of supply and services, thus is minimizing the occurrence of unsustainable consumption on the whole⁴.

Companies have a great responsibility in designing greener products for the market, nudging sustainable consumption behaviour and promoting low-carbon interventions⁵. Moreover, certain procedures adapted in the circumstances of the pandemic, like more hygienic workspaces with proper distances and home office, can be seen as guiding models to minimize the future risk of spreading of any infectious communicable disease and to increase the general flexibility of the personnel in post-pandemic times¹. Cleaner production and sustainability considerations benefit the future health and industry. Policymakers have a key role in scaling up low-carbon interventions in industries by dedicating a share of the recovery budget to low-carbon measures and promoting already existing best-practices in the industry ¹⁴.

Most economic and social activities highly depend on the provision of energy¹⁵. Reverting economic growth and consumption will not allow for the perpetuation of lowered energy demand like the way it was induced by the exceptional situation of the pandemic and will increase emissions and pollution again¹.

Green technologies such as electric vehicles will probably get more popular in the process of electrification and will increase the total demand for clean energy in the near future.

The extension of renewable energy systems can lower the demand for conventional energy sources, namely fossil fuels and nuclear energy – both are associated with considerable environmental pollution and health risks. While sufficiency – on individual and societal level – remains a pivotal strategy to pave the way for the resilient implementation of sustainability in industries, renewable energy sources like wind, solar, hydropower, geothermal heat and biomass play a crucial role in future energy production by avoiding resource-overuse and harmful pollution to make social and economic activities as clean as possible¹.

Furthermore, green technologies such as electric vehicles will probably get more popular in the process of electrification and will increase the total demand for clean energy in the near future. The implementation of a renewable energy system hence needs to be accelerated by the provision of certain infrastructure such as grid extension or grid storage to stabilize the energy system against the rising energy demand and variable weather conditions. Investments should ideally be geared to minimize pollution and promoting the use of renewable energy sources¹³.

Energy systems play a crucial role in the sustainability transition. They help to make social and economic activities as clean as possible by avoiding resource-overuse and harmful pollution¹. Amongst the various types of pollution, air pollution is one of the most urgent threats to human and environmental health. Air pollutants increase the mortality rate and cause several respiratory diseases like asthma^1,2. In addition, air pollutants are also negatively affecting ecosystems and their biotic communities, for instance N- and PM-emissions pose a meaningful threat to biodiversity, especially in nutrient-poor ecosystems. This contributes to the ongoing biodiversity loss that diminishes ecosystem resilience and facilitates the spread of pathogens among populations, which increases the risk of transmissions of zoonotic pathogens from animal hosts to humans as well². Consequently, air pollution is positively affecting the COVID-19 transmission rate in two ways – by making the person concerned more vulnerable to infections and by reinforcing the transmission rate of diseases among populations and onto humans.

Perspective on the Pandemic: One Health

Given the overarching impact not only anthropogenic air pollution but also all other human made influences have on the global ecological system, it is imperative to find an appropriate approach to this complex interconnectedness. The pandemic’s roots are to be found in human encroachment in ecosystems, as Córdoba-Aguilar et al. (2021) have pointed out the excessive land use and exploitation of natural spaces as well as resources, and the increased human mobility that help pathogens to reach all corners of the world. They compare the Corona pandemic to previous zoonoses like the HIV pandemic or the Spanish Flu. All in all, they state that all those emerged from “avoidable interactions” with ecosystems, which mainly means human encroachment in natural areas⁹. This includes illegal wildlife trading, which has especially been a debate in the Corona context, see Fig. 5¹⁴.

As depicted in Fig. 5, most vector-borne diseases are directly or indirectly fuelled by the destruction of nature. Córdoba-Aguilar et al. (2021) also have summarized the main reasons why biodiversity and nature are crucial for pandemic prevention¹⁵. To begin, natural areas without human infrastructure serve as buffers between animal pathogen carriers and humans – high diversity among species helps stabilize and balance the ecosystem and prevents one species from multiplying exponentially. Moreover, the so-called dilution effect sets in when pathogens are distributed more evenly among several species. A previously mentioned risk for zoonoses is the illegal handling of wildlife and the accompanying degradation of natural spaces. The authors’ fourth mentioned aspect is climate change and deforestation, as the rising temperatures create the possibility for certain vectors to spread to different areas than before.

The last and maybe most fundamental issue is the unsolved contradiction of growth-fixated capitalism and the planetary boundaries and the requirement for nature to regenerate and restore. This is the driver of all of the aspects mentioned above, and it is time to rethink our relationship to nature, if we seek to prevent or at least mitigate the climate crisis, future pandemics and suffering in general¹⁵.

The concept of viewing the earth as one ecologically interconnected system with human health, nature and biodiversity as interacting parts is called One Health. Each element’s state of the One Health concept is dependent on the wellbeing of the other elements. Although we are far from understanding the earth system’s complex reciprocities, it is worth assuming that biodiversity generally serves our planet’s health. On the individual level, research has shown how interaction with nature, such as visiting the park or the forest, can significantly enhance mental and physical health.

Moreover, transdisciplinary research is one of the concept’s cornerstones. It is based on informing communities, raising awareness for the importance of ecosystem preservation, as well as about benefits people can personally get from taking part in restoration efforts. Also, cooperation not only between different international researchers, but also with indigenous communities is crucial for successful conservation because of their valuable locally shared knowledge. Another reason to promote One Health is the endeavour to directly work with stakeholders who are and will be affected by the consequences of nature’s deterioration, and at last, to create a bridge between scientists and policymakers to actively change real-world circumstances for the better¹⁴. One Health needs to be administered on a global level, see Fig. 6.

To avoid future pandemics there is a need for “a healthy balance between prevention and treatment”¹³. According to Breed et al. (2020) COVID-19 is a wake-up call for humanity to shift its focus to ecosystem restoration as a public health intervention. “The required paradigm shift can be supported by recognition that ecological degradation is driving many public health problems, and we cannot solve these public health problems without tackling ecological degradation”¹⁶. The transdisciplinary research collective has exposed two major knowledge gaps: The lack of a “quantification of individual health benefit”, as well as “population health benefits” that come from ecological restoration¹⁶. Moreover, they developed a transdisciplinary action plan that is necessary for establishing an empirical scientific basis for future research to rely upon.

Breed et al. (2020) emphasize the necessity to define causalities between ecological restoration and human health benefits. In order to gain a quantitative foundation, research must monitor both restoration and health outcomes for evaluation. Another point addresses the importance of interaction with local communities. These need to participate in the research process in order to gain knowledge as diverse as possible. Lastly, only through decision-makers it is possible to implement the necessary restoration measures. To sum it up, Breed et al. (2020) make a case for ecological restoration: They see it as “a clearly identifiable pathway to tackle some of our most critical challenges, as it becomes increasingly clear that the human and ecological health crises are intimately interwoven”¹⁷.

Outlook

Renewable energies are key to decouple any social or economic activity from high resource use and pollution, which is why they need to be promoted.

Global challenges like future pandemics and climate change will only be overcome if we acknowledge the interweaving of human and ecological health. Ecological restoration and biodiversity conservation will be imperative regulators. The experience of this devastating pandemic must serve as a leverage point for dramatic structural change and international cooperation if we seek to save lives, ecosystems and perspectives for future generations.

Renewable energies are key to decouple any social or economic activity from high resource use and pollution, which is why they need to be promoted. Investments in sustainability innovations and processes should be highly encouraged as it is comprehensively worthwhile for mitigating risks, saving costs as well as facilitating a healthy and secure life now and in the future. Further efforts are needed in ecosystem protection, but also regulation of wildlife markets and factory farming for meat production is crucial.

The One Health concept is a way to do justice to the complexity of the world’s environmental interconnectedness and the approach has the potential to unify scientists and civilians on an international transdisciplinary level. The concept brings a fundamental issue to light: The way we comprehend wealth is not aligned at all with the goal of universal wellbeing and ecological and social health. It is essential to rethink our definition of prosperity at this point and foster inter- and transdisciplinary research on cross-sectorial sustainability to successfully mitigate risks of global challenges.

Conclusion

This paper aimed at elaborating the effects on the environment that came from socio-economic restrictions due to the COVID-19 pandemic as well as the role of environmental destruction in the emergence of such pandemics with emphasis on the close interconnectedness of human health and the health of ecosystems. During lockdown periods, major improvements in emissions have been observed in areas that were especially exposed to low air quality before. As air quality facilitates a healthy environment and society, it becomes clear that air pollution also has a major impact on the transmission rate of pathogens.

The authors would like to thank Prof. Maik Adomßent for years of support for the above seminar series in the Complementary studies at the Leuphana University Lüneburg, Germany.

This article was originally published in The European Financial Review 11 February 2022. It can be accessed here: https://www.europeanfinancialreview.com/renewable-energy-use-after-the-pandemic/

Go to top

About the Authors

Ariane Evertz has been studying cultural studies at the Leuphana University Lüneburg and sustainability science since 2019. She is engaged in sustainability projects like Food-Coops and Lüneburg 2030+, the latter aiming at a sustainability transformation starting from city communities.

Philipp Manuel Reynders studies business administration with a focus on marketing management and social media and information systems as his minor at the Leuphana University Lüneburg, Germany. He worked as a freelance project assistant for the “German Social Accident Insurance for the Health and Welfare Services”.

Sandra Felicitas Willert studies environmental sciences and spatial sciences. at the Leuphana University Lüneburg, Germany Her studies incorporate natural sciences such as basic chemistry and ecology as well as social sciences such as sustainability communication and environmental education.

Michael Palocz-Andresen has been working as Herder-professor since 2018, supported by the DAAD at the TEC de Monterrey Mexico. He became a full-professor at the University West-Hungary, a guest professor at the TU Budapest, the Leuphana University Lüneburg and the Shanghai Jiao Tong University. He is a Humboldt scientist and an instructor of the SAE International in the USA

References

Rume, T.; Islam, S. M. D.: Environmental effects of COVID-19 pandemic and potential strategies of sustainability. DOI: 10.1016/j.heliyon.2020.e04965
Cox, A.; Piccolo, A.: Environmental health and strengthening resilience to pandemics, Organisation for Economic Co-operation and Development. Online available at: https://read.oecd-ilibrary.org/view/?ref=129_129937-jm4ul2jun9&title=Environmentalhealth-and-strengthening-resilience-to-pandemics (November 28, 2020)
Hamburger Luftmessnetz Monatsdaten März 2021. https://luft.hamburg.de/contentblob/15019548/bfda78a594f77a7d079084d3d3e180a5/data/monatsdaten-2103.pdf (Jun 08, 2021)
Kuhnhenn, K.; Coast, L.; Mahnke, E.; Schneider, L.; Lange, S.: A Societal Transformation Scenario for Staying Below 1.5°C. Volume 23 of the Publication Series Economic & Social Issues. Heinrich Böll Foundation and Konzeptwerk Neue Ökonomie 2020
Solimini, A.; Filipponi, F.; Alunni Fegatelli, D.; Vestri, A. R.: A global association between Covid-19 cases and airborne particulate matter at regional level. Sci Rep 11, 6256 (2021). https://doi.org/10.1038/s41598-021-85751-z, (May 19, 2021)
Chiu, A. S. F.; Aviso, K. B.; Baquillas, J.; Tan, R. R.: Can disruptive events trigger transitions towards sustainable consumption? Cleaner and Responsible Consumption 1 (2020) 100001. DOI: 10.1016/j.clrc.2020.100001
The impact of COVID-19 on the energy transition. https://www.dnv.com/energy-transition/impact-of-covid19-on-the-energy-transition.html (June 13, 2021)
Special Report on Emissions Scenarios. https://en.wikipedia.org/wiki/Special_Report_on_Emissions_Scenarios (Juni 13, 2021)
World total final consumption (TFC) by source. https://www.google.com/search?client=firefox-b-d&q=world+final+energy+demand (June 13, 2021)
Sustainable Development and its Challenges in Developing Countries. https://medium.com/@iynf/sustainable-development-and-its-challenges-in-developing-countries-487a333184a0 (June 13, 2021)
Kanda, W.; Kivimaa, P.: What opportunities could the COVID-19 outbreak offer for sustainability transitions research on electricity and mobility. Energy Research & Social Science 68 (2020), 101666. DOI: 10.1016/j.erss.2020.101666
Ayres, Robert U.; Campbell, C. J.; Casten, T. R.; von Weiszäcker, E. U.: Sustainability transition and economic growth enigma: Money or energy? Environmental Innovation and Societal Transformations 9 (2013), 8-12. DOI: 10.1016/j.eist.2013.09.002
Burck, J.; Hagen, U.; Bals, C.; Lucas, B.: Climate Change Performance Index. Results. Climate mitigation efforts of 57 countries plus the EU. Covering 90% of the global greenhouse gas emissions. Online available at: https://ccpi.org/download/the-climatechange-performance-index-2021/ (March 01, 2021)
UN environment programme, https://twitter.com/unep/status/1250697346071085057 (June 13, 2021)
Córdoba-Aguilar, A., Ibarra-Cerdeña, C. N., Castro-Arellano, I. & Suzan, G.: Tackling zoonoses in a crowded world: Lessons to be learned from the COVID-19 pandemic. Acta tropica, 214, 105780. https://doi.org/10.1016/j.actatropica.2020.105780
Smiley Evans, T.; Grange, Z.; Belkhiria, J.;Mazet, J.: Beyond COVID-19: Conserving nature to prevent the next pandemic. Parks Stewardship Forum, 37(1). https://doi.org/10.5070/P537151713
Breed, M. F.; Cross, A. T.; Wallace, K.; Aronson, J.: Ecosystem Restoration: https://link.springer.com/article/10.1007/s10393-020-01480-1 (May 19, 2021)

5 Practical Tips for a Less Stressful Business Trip to Yas Island Abu Dhabi

March 18, 2024

Many business organisations aim to reach the global market. Even small and startup enterprises have their eyes on the international business scene. After all, it is the most crucial competitive strategy, especially since technology has made international transactions a breeze.

But despite the efficacy of technology in expanding business operations, genuine and personal connections are still crucial to globalisation. This is why many people still go on overseas business trips.

For many, going on business trips may seem luxurious. Still, those who actually frequently hop on a plane to accomplish something for work know that business trips are rather stressful arrangements.

First of all, you deal with jetlag. Then, if you’re flying economy, you’ll spend hours and hours in a cramped sitting spot. On top of that, there’s rarely any opportunity to mix pleasure into the arrangement since the trip is mainly focused on getting where you need to go to get work done.

If you visit Yas Island Abu Dhabi for business, your travels don’t need to be like the experience described above. While you may face some discomfort along the way, you can beat those by carefully planning the trip to eliminate the usual hassles and actually find time for pleasure.

So, if you want a more pleasant business trip to Yas Island Abu Dhabi, here are five tips you should follow:

1. Make sure you’re healthy prior to the trip

Load up on your vitamins and get some exercise. Physical activity is effective in reducing stress hormone levels. Studies also show that exercise-induced endorphins help reduce stress-related symptoms.

The fast pace of your life during the business trip will require a fit and healthy body. You’ll have an easier time doing what you need to if your body’s free from aches and other discomforts.

2. Include relaxation when planning for the trip

If you will be staying at one of the top hotels in Abu Dhabi, remember to check if their services include relaxation amenities.

After a long day of travel and work, you need to make sure your body recuperates properly. Don’t just head straight to bed. Getting some much-needed pampering for an hour or two will greatly impact how you feel the following day.

There’s nothing wrong with adding a bit of fun to your business trip, even if it’s for just a moment. After all, stress can affect your productivity – and not in the best way, either.

Whether it’s a quick stroll down Yas Beach, an hour-long massage at the spa at DoubleTree by Hilton, or even just a leisurely coffee hour before or after a meeting, set aside time to unwind. If you’re heading somewhere new, have a moment to take in the scenery.

Who knows? If you explore other places besides your business meeting venue, you may even get the opportunity to expand your network.

3. Research the location

There are always lovely places to see on Yas Island, which offers something new for you to see and do. If they’re nearby, it won’t be too much of a stretch for your time to include them in your itinerary.

Business trips should be enriching, and discovering a new place is one great way to secure such an experience. You can use various phone apps or simply go online and type the events and other interesting provisions. Don’t forget to add “Yas Island” with your search query so the results are narrowed down to your destination.

4. Forget public transport

Getting to your intended destinations fast is crucial when you’re trying to stick to a schedule. This is where car leasing can come in handy.

According to Emirati travel experts, renting a vehicle is more economical than riding a taxi, not to mention more convenient than riding a bus. Plus, it will give you the freedom to include destinations of interest in your itinerary and to rest and recreate in between trips.

Many car leasing and rental companies have a vast collection of automobiles you can choose from while offering better rates throughout the year. They pay closer attention to every client’s specific requirements to ensure complete satisfaction with their service. You can get a vehicle that will go well with the image you need to maintain, as well as your driving style, without creating a big dent in your travel budget.

5. Use the power of your hotel’s concierge

If you wish to eat at a five-star restaurant, check out a theatre performance, or get tickets to a concert during the trip, your hotel concierge can take care of those for you if you’re staying at prime accommodation. All you have to do is tell them what you want, and the concierge will use their connections to make your request happen.

The Takeaway

Business trips that are often perceived as stressful can be transformed into more enjoyable experiences with careful planning. Prioritise your health, choose convenient transportation, and incorporate unwinding into the itinerary. Yas Island is an excellent destination, after all. With the help of your hotel concierge, you can enhance your overall trip to make it both productive and pleasurable.

Go to top

Building Investment Strategies: Becoming an Investment Advisory Specialist in Australia

March 18, 2024

The field of investment advisory is undergoing a significant metamorphosis in Australia, where there is an increasing demand for competent investment advisory specialists. Economically savvy individuals are needed to help navigate complex financial landscapes and guide both individuals and businesses towards achieving their financial aspirations. This article delves into why investment strategies are crucial in this field and will shed light on how one can become an investment advisory specialist in Australia.

Understanding the Role of an Investment Advisory Specialist

An investment advisory specialist is a seasoned professional who provides comprehensive advice on a range of financial matters. They typically work with diverse clientele, extending from individual investors to commercial enterprises, offering them a gamut of services such as investment management, income tax preparation, and estate planning.

The main goal of an investment advisor is not just to provide advice but to directly impact the financial objectives of their clients. For instance, they help clients sift through numerous financial options and recommend investments that are best suited to their savings objectives, risk appetite or business goals. As part of their daily work, they stay abreast of changes in financial regulations and economy trends in order to provide the finest advice possible.

The Importance of Building Robust Investment Strategies

A cogent investment strategy is akin to a roadmap, outlining your financial goals and the steps you’ll take to reach these. It is essentially a plan of action, tailored to an individual’s or a business’s specific needs and aspirations.

Having robust investment strategies is crucial as it offers several advantages. It not only serves as a guiding post, helping investors stay the course during volatile market times but also aids in optimised asset allocation, keeping risk levels within acceptable boundaries. It’s important to remember though, every investment bears some degree of risk, hence, effective risk management is an inherent part of constructing a solid investment strategy.

Pathway to Becoming an Investment Advisory Specialist in Australia

Though the journey to become an investment advisory specialist in Australia differs for everyone, some fundamental steps remain fairly common. The initial step involves acquiring a bachelor’s degree in finance, economics or a related field. Post-graduation, certifications like Chartered Financial Analyst (CFA) and Certified Financial Planner (CFP) can augment your credibility as a competent advisor.

Securing internships or entry level positions at institutions offering financial advice services can provide practical experience. Continuous learning is indispensable in this ever-evolving field. Therefore, staying updated with current finance-related regulations, global economic trends and industry best practices is non-negotiable.

Key Skills Required for an Investment Advisory Specialist

Effectively bridging the gap between clients and their financial goals requires a conducive blend of both soft and hard skills. Soft skills such as excellent communication, critical reasoning, attentiveness to detail and problem-solving capacity equip advisors to comprehend and cater to distinct client requirements.

Mastery of specific hard skills like a stellar understanding of financial markets, ability to interpret complex financial reports and an extensive comprehension of diverse investment products is vital too. Further, given the sensitive nature of the financial information they handle, they must adhere to the highest ethical standards and maintain total confidentiality.

Future Scope and Opportunities — Investment Advisory in Australia

The landscape for investment advisory in Australia currently holds significant promise. The continuous economic growth coupled with the increasing population aspiring to achieve financial security translates into a high demand for financial strategy specialists. This demand is projected to grow in the coming years.

Furthermore, the field offers ample avenues for specialisation such as retirement planning, estate planning or tax planning. Like any profession, it does pose its challenges and rewards. Anticipating and adapting to the changing market conditions and laws, managing client relationships, may be challenging. But, witnessing aspiring investors making positive strides towards their financial objectives can be immensely rewarding.

Conclusion

In conclusion, the role of an investment advisory specialist in Australia is multi-faceted and meaningful. Through the application of well-crafted investment strategies, they play a vital part in providing financial direction to individuals and businesses alike. For anyone harbouring aspirations towards this career, it certainly poses a promising future. The essence of success in this role hinges greatly on continual learning and building robust investment strategies, both of which are prerequisites to thrive and create an impressive impact in the ever-evolving world of finance.

Go to top

Unveiling Golden Opportunities: A Strategic Guide to Gold Trading with CFDs

March 18, 2024

In the world of online trading, the allure of gold remains timeless, and coupling this precious metal with Contracts for Difference (CFDs) presents a strategic avenue for investors. This comprehensive guide explores the nuanced strategies and golden opportunities that arise when trading gold with CFDs, shedding light on the role of CFD trading platforms and the quest for the best gold trading app.

The Precious Symphony: Understanding Gold Trading with CFDs

Before delving into strategic insights, it’s crucial to understand the fundamental dynamics of gold trading with CFDs. This section explores the inherent qualities of gold as a sought-after asset and how CFDs amplify the potential for flexibility and efficiency in gold trading.

Crafting Golden Strategies: A Tactical Approach to Gold Trading with CFDs

Strategies form the backbone of successful gold trading with CFDs. This section provides actionable insights into crafting winning strategies, including leveraging technical analysis tools and implementing risk management techniques. Traders will gain valuable insights into navigating the unique dynamics of the gold market.

The Rise of CFD Trading Platforms: Your Gateway to Gold Success

The evolution of CFD trading platforms has transformed the landscape of online trading. This section explores the rise of CFD trading platforms, emphasizing their pivotal role in executing strategic gold trading decisions. From real-time market data to advanced charting tools, these platforms provide the necessary infrastructure for success.

Navigating the Digital Gold Rush: Choosing the Right CFD Trading Platform

Selecting the ideal CFD trading platform is a pivotal decision for traders entering the digital gold rush. This section offers guidance on evaluating platform features, considering user experience, and ensuring compatibility with gold trading strategies.

Unlocking Convenience: The Quest for the Best Gold Trading App

In the era of mobile trading, the best gold trading app can empower traders with unparalleled convenience. This section explores the features that make an app stand out, including user-friendly interfaces, real-time market updates, and seamless execution of gold trades.

Conclusion: Seizing Golden Opportunities with CFDs

Armed with a strategic guide, a profound understanding of gold trading with CFDs, and the right trading tools, investors can navigate the complexities of the gold market with confidence. This article emphasizes the symbiotic relationship between CFD trading platforms, gold trading, and the quest for the best gold trading app – a trifecta that unveils golden opportunities for those seeking success in the world of online trading.

By leveraging CFDs, adopting strategic approaches, and embracing cutting-edge trading platforms and apps, investors can seize the golden opportunities that the world of gold trading has to offer.

Go to top

Conscious Leadership Model: Effective Leadership Strategies for Strong Social Innovation Initiatives

March 17, 2024

By Mostafa Sayyadi and Michael Provitera

The world of business is exposed to rapid changes, and corporate social innovation has become a key way for companies to resolve social problems while growing their businesses. This article shows how effective leadership in corporate social innovation, which we call as Conscious Leadership Model, can make a big difference in the business world.

Introduction

We cover the six critical ingredients for strong corporate social innovation initiatives to successfully leverage a company’s capacities and assets for the greater social good. Leadership vision and commitment is one of these six critical ingredients. Next, this article points out the Conscious Leadership Model that can make corporate social innovation leadership successful, helping businesses use their resources and skills to make a social impact. We thoroughly examine this new leadership model to cultivate effective corporate leadership for social innovation. The article also continues talking about how to include corporate social innovation in a company’s conscious leadership. The narrative shows how innovation can be linked to corporate leadership, providing a detailed model of how to incorporate corporate social innovation into conscious leadership. In particular, we provide the three-step learning process to effectively integrate corporate social innovation into corporate leadership – meeting business objectives while considering social issues. Our mission is to offer guidance on advancing corporate social innovation, like launching small pilot projects and aligning business objectives with social impact.

Companies that are breaking the mold are moving beyond corporate social responsibility to social innovation. These companies are the vanguard of the new paradigm. They view community needs as opportunities to develop ideas and demonstrate business technologies, to find and serve new markets, and to solve longstanding business problems. ____ Rosabeth Moss Kanter ^[1]

The Six Ingredients of Strong Corporate Social Innovation Initiatives

First, let’s look at this handy guide for leaders seeking to embrace corporate social innovation as an innovation and growth strategy in their corporate leadership. Corporate social innovation involves companies finding creative solutions to social problems using their available resources and talent. ^{[2] [3] [4]} The following critical ingredients should underpin any comprehensive definition of corporate social innovation. These include:

1. Leadership Vision and Commitment

The first ingredient of strong corporate social innovation initiatives is leadership vision and commitment in which leaders play a pivotal role in setting their company’s social vision, embedding social value creation within company cultures, and nurturing an atmosphere supportive of this activity. Leaders’ support and dedication play a crucial role in mobilizing stakeholders, allocating resources, and driving social innovation initiatives forward. ^{[5] [6] [7]}

2. Shared Value Creation

Second, we also use what we call shared value creation, and we build upon this idea through corporate social innovation actions and beyond their benefits for society, creating tangible and intangible economic value for businesses through tangible and intangible measures of social return on investment (ROI).

3. An Effective Structure and Culture to Drive Social Value Creation

The third ingredient of strong corporate social innovation initiatives is an effective structure and culture to drive social value creation. Here we integrate social innovation into an organization which involves taking into account its business model, its structure, its system, and most importantly, its culture. In particular, responsiveness to society must be prioritized to foster lasting social value creation. ^{[8] [9] [10]}

4. Stakeholder Involvement

The next ingredient of strong corporate social innovation initiatives is stakeholder involvement. ^{[11] [12] [13]} External stakeholders such as civil society, public institutions, and non-government organizations (NGOs) play an essential role in defining social problems and finding suitable solutions. In addition, executives should not take away from the employees, who constitute the first stakeholder group in the city.

5. Social Empathy and Awareness

The fifth ingredient of strong corporate social innovation initiatives is social empathy and awareness. ^{[14] [15]} For an enterprise to successfully undertake social innovation initiatives, its social empathy and awareness capabilities must be strong and continually developed concerning particular social challenges it must confront and then look for bold, innovative solutions to overcome them. Incorporating this dimension underlines the necessity of industry-specific social innovation initiatives.

6. Ability to Innovate when Solving Social Problems

The last ingredient of strong corporate social innovation initiatives is the ability to innovate when solving social problems. Many of the organizations have capitalized on the significance of corporate social innovation capabilities. These corporations have demonstrated they are adept at finding novel approaches for solving societal challenges using skills and technology while creating methodologies that benefit society and business.

Figure 1: The Six Ingredients of Strong Corporate Social Innovation Initiatives

Conscious Leadership Model

Executives can develop conscious leadership through implement the following three-step learning process:

Step One: run a Got Want Gap Analysis
Step Two: record the want portion of the analysis coupled with the strategy situation initiatives.
Step Three: implement three intangible strategic initiatives. One incorporating Human capital, two, incorporating Organizational Capital, and three, expanding the organizational social capital.

We suggest that leaders start by launching small pilot projects for social innovation. When those are successful, the lessons learned can be used to expand the efforts more broadly. Training all employees at all company levels on social issues is also crucial. This builds an understanding so everyone can help come up with solutions.

Defining and tracking clear metrics also lets you monitor the social and business value created. ^[16] Check on progress regularly to stay accountable. Developing processes to gather input from different groups, including their needs and perspectives, keeps solutions focused on what matters most to society. Visibly rewarding and praising employees for demonstrating the desired values and behaviors is a positive reinforcement.

When corporate social innovation is approached carefully, with dedicated effort over time, leaders can transform culture to embed social responsibility fully. This ultimately leads to positive change for communities and builds long-term value for the company.

The Main Challenges Ahead

Executives can develop conscious leadership to create innovative solutions to social problems. However, employees don’t want to change up their regular routines to do new socially focused stuff. Plus, it’s hard to measure whether the social projects are making a difference for people. So, it’s very tough to know the real value created. Furthermore, executives face many other challenges – getting people on board, balancing business and social goals, showing the impact, and dealing with more opinions. It’s tough. But if they stay committed and keep working at it, companies can push through the obstacles in progress.

In Conclusion

This article delves into understanding how effective leadership in corporate social innovation can provide more innovative solutions to solve social problems and bring about positive social change. This article aims to understand how the leadership of corporate social innovation can effectively address social challenges and contribute to sustainable and inclusive development. This article highlights the growing importance of integrating corporate leadership in social innovation research. To do this, this article proposes the Conscious Leadership Model to foster sustainable practices and approaches within corporate social innovation initiatives. The prominence of these discussions is reflected in this proposed three-step learning process related to corporate social innovation in the field.

Go to top

About the Authors

Mostafa Sayyadi works with senior business leaders to effectively develop innovation in companies, and helps companies—from start-ups to the Fortune 100—succeed by improving the effectiveness of their leaders.

Michael J. Provitera is an Associate Professor at Barry University. He is an author of Level Up Leadership published by Business Expert Press.

References

[1] Kanter, R.M. (1999). From Spare Change to Real Change: The Social Sector as Beta Site for Business Innovation. Harvard Business Review (May-June, 1999). https://hbr.org/1999/05/from-spare-change-to-real-change-the-social-sector-as-beta-site-for-business-innovation
[2] Riano, .D., Yakovleva, N. (2019). Corporate Social Responsibility. In: Leal Filho, W., Azul, A., Brandli, L., Özuyar, P., Wall, T. (eds) Responsible Consumption and Production. Encyclopedia of the UN Sustainable Development Goals. Springer, Cham. https://doi.org/10.1007/978-3-319-71062-4_26-1
[3] Jiang, L. (2021). Definitions of Corporate Social Responsibility. In: Crowther, D., Seifi, S. (eds) The Palgrave Handbook of Corporate Social Responsibility. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-42465-7_1
[4] Chu, M., Muhamad, H.B., Mustapha, M.B., San, O.T., Zan, F. & Jia, X. (2022). Research Trends in Corporate Social Responsibility and Innovation: A Bibliometric Analysis. Sustainability, 14(21), p. 14185. https://doi.org/10.3390/su142114185
[5] Porter, M. E. & Kramer, M. R. (2006). Strategy & society: The link between competitive advantage and corporate social responsibility. Harvard Business Review, 84(12), pp. 78-92. https://hbr.org/2006/12/strategy-and-society-the-link-between-competitive-advantage-and-corporate-social-responsibility
[6] Wirba, A.V. (2023). Corporate Social Responsibility (CSR): The Role of Government in promoting CSR. Journal of the Knowledge Economy. https://doi.org/10.1007/s13132-023-01185-0
[7] Pless, N.M., Sengupta, A., Wheeler, M.A. & Makk, T. (2022). Responsible Leadership and the Reflective CEO: Resolving Stakeholder Conflict by Imagining What Could Be Done. Journal of Business Ethics 180(1), 313–337. https://doi.org/10.1007/s10551-021-04865-6
[8] Bertello, A., De Bernardi, P. & Ricciardi, F. (2023). Open innovation: status quo and quo vadis – an analysis of a research field. Review of Managerial Science. https://doi.org/10.1007/s11846-023-00655-8
[9] Braunerhjelm, P. & Henrekson, M. (2024). Policies to Stimulate Innovation and Entrepreneurship. In: Unleashing Society’s Innovative Capacity. International Studies in Entrepreneurship, vol 55. Springer, Cham. https://doi.org/10.1007/978-3-031-42756-5_4
[10] Chalmers, D. (2013). Social innovation: An exploration of the barriers faced by innovating organizations in the social economy. Local Economy, 28 (1), 17–34. https://doi.org/10.1177/02690942124636
[11] Zu, L. (2013). Social Innovation. In: Idowu, S.O., Capaldi, N., Zu, L., Gupta, A.D. (eds) Encyclopedia of Corporate Social Responsibility. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-28036-8_252
[12] Eschweiler, J. & Dupret, K. (2023). Introduction. In: Langergaard, L.L., Dupret, K., Eschweiler, J. (eds) Learning about Social Entrepreneurship and Management in Times of Social Transformation. Ethical Economy, vol 66. Springer, Cham. https://doi.org/10.1007/978-3-031-47708-9_1
[13] Tapaninaho, R. & Kujala, J. (2019). Reviewing the Stakeholder Value Creation Literature: Towards a Sustainability Approach. In: Leal Filho, W. (eds) Social Responsibility and Sustainability. World Sustainability Series. Springer, Cham. https://doi.org/10.1007/978-3-030-03562-4_1
[14] Lashitew, A.A., Narayan, S., Rosca, E. & Bals, L. (2022). Creating Social Value for the ‘Base of the Pyramid’: An Integrative Review and Research Agenda. Journal of Business Ethics 178(2), 445–466. https://doi.org/10.1007/s10551-020-04710-2
[15] Osburg, T. (2013). Social Innovation to Drive Corporate Sustainability, CSR, Sustainability, Ethics & Governance, In: Thomas Osburg & René Schmidpeter (Eds.), Springer. https://doi.org/10.1007/978-3-642-36540-9_2
[16] Fabbe-Costes, N. (2023). Performance Measurement – Value Creation. In: Sarkis, J. (eds) The Palgrave Handbook of Supply Chain Management. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-89822-9_28-1

How Generative AI Will Impact Payments in 2024

March 17, 2024

By Zachary Jarvinen

Artificial intelligence (AI) is already in use within the payment industry, primarily in the form of Machine Learning (ML), which is most commonly used to combat fraud. However, the usage of AI is increasing rapidly, especially creative uses of generative AI, which refers to the creative extrapolation and the creation of new ideas. Here are some specific use cases that will become much more common across payments in 2024.

Use of generative AI and ML in combating payment fraud

ML has been used for some time in combating payment fraud, particularly in evaluating transactions and flagging behaviors that are associated with fraud. Suspicious cases can be rejected or passed on for further scrutiny by humans and other systems.

The initial use of ML was to create static rule-based systems that were generated for fraud detection. Next, the use of machine learning was expanded to collaboratively enhance the static models of fraud detection by continuously leveraging live data, with the latest models adding generative AI.

Generative AI is being tested and used to create new patterns to train ML systems so that they can get stronger and more robust quickly without the risk of real fraud. Generative AI can mimic the kinds of behaviors fraudsters might commit, and in addition, the criticism of generative AI for making up information or “hallucinating” is actually an advantage because it can come up with new patterns for training that can only make systems stronger.

Another area where generative AI is employed is to combat fraudulent uses of generative AI itself—especially in fraudulent identity creation. In fact, this is one of the fastest-growing forms of fraud, comprising more than 85% of identity fraud cases. “Synthetic identity fraud” is powered by generative AI, making it challenging to detect using traditional methods. Interestingly, generative AI is very useful in detecting the fingerprints of generative AI in fraudulent identities. Many companies already specialize in detecting and combating fraudulent usage of generative AI.

Use of generative AI in streamlining payment approval processes

Onboarding is the process of setting up a merchant to accept online payments. One of the slowest points of onboarding for any payment provider is gathering business information and creating the many forms needed for completing underwriting, filing regulatory documents, assessing processing fees, and more. For new merchants, this is a time-consuming and difficult process where they lack expertise.

Companies are beginning to experiment with generative AI to speed up the process of completing these documents. One approach is to engage in custom, interactive interviews and allow AI to generate much of the needed documentation automatically. This limits human input rather than manually entering repetitive information.

In addition, much of the onboarding process consists of providing the customer with a great deal of legal information that must be acknowledged and accepted for regulatory and legal requirements to be met. This information must also be generated individually for each customer and must be explained carefully. Generative AI is useful both for completing these documents and for providing easy-to-read summaries that can speed up the acceptance process. More advanced usage can even include AI-created interactive chatbots that can explain the process as it happens.

Use of generative AI in streamlining customer checkout experience

ML and generative AI will be utilized more widely across the payment experience, including the customer experience. One prominent example is AI-driven chatbots in customer service. This use case extends to active shopping, where generative AI can intelligently offer additional products and services to complement items a customer is actively purchasing. Additionally, chatbots can help answer common customer questions.

As more businesses turn to a single SaaS solution to run day-to-day operations like appointment scheduling, accounting, and payments, the concept of embedded payments has emerged. Embedded payments are built into the software application, creating more natural payment flows that are consistent with the existing user interface—as opposed to third-party branded payment forms and redirects. In an article on how generative AI can help improve embedded payments, Tom Randklev, Global Head of Product at Cellpoint Digital, said that AI can improve upon embedded payments and continue to streamline checkout experiences: “Consumer convenience plays to the very front of this one, where embedded payments have already made the experience incredibly smooth—it’s a one- or two-click experience to get from product selection to a payment, and I think generative AI will continue to accelerate that,” Randklev said.

Use of generative AI to predict consumer behavior

Generative AI, in combination with ML, is also going to lead to increased personalization of services by analyzing consumer behavior to predict future purchase decisions and how much they are likely to spend. It will streamline the experience by continuing to offer purchasers exactly what they want at the right time, even down to payment method choice. This can help businesses tailor their offerings to meet the needs of individual customers, increase customer loyalty, and drive revenue growth. Examples of this could include personalized loyalty programs, interactive chatbots to help in the purchase of high-end and complex products and services, and offering more complete and descriptive product information to help in decision-making at the point of sale.

A survey by Edgar, Dunn and Company of over 100 payments professionals found that fraud detection and improving customer service were the leading expected use cases for AI in the payments industry.

data for AI — https://www.edgardunn.com/articles/the-impact-of-artificial-intelligence-and-machine-learning-on-the-payments-industry

Looking to the future

At its core, AI provides speed, increased efficiency, data insights, and cost savings that will benefit businesses and consumers alike. In 2024, the payments industry will use generative AI to help streamline payment processes, improve fraud detection, and enhance customer experiences. Since generative AI is inherently a creative field with many unknown use cases, undoubtedly, other opportunities will arise. Indeed, it is an exciting time to be in payments, witnessing the transformative potential AI holds for the industry.

Go to top

About the Author

Zachary Jarvinen is the VP of Marketing at Exact Payments, a member of the Forbes Technology Council, and a published AI writer. During his 15+ years career, he has grown a data analytics startup to #87 on the Inc. 5000 list, helped expand global markets for Fortune 500 Epson, and led AI & Analytics product marketing at OpenText.

Businessmen-Turned-Leaders Can Drive Meaningful Change

March 17, 2024

businessman making speech behind the flag of moldova

By Amanda Davis

In the political sphere, the transition of many a leader from the private sector to public service often showcases the potential positive impact of entrepreneurial spirit on political leadership. Petr Nečas, exemplified this trajectory in the Czech Republic, initially starting out as an entrepreneur in the private security space. His later foray into politics, as a member of the Civic Democratic Party (ODS), was marked by a nuanced understanding of economic dynamics and strategic leadership. He later ascended to the office of Prime Minister, serving from 2010 to 2013 and echoing the transformative potential of private sector acumen in shaping effective governance.  

The story of Ukrainian President Petro Poroshenko, is a similar one, with Poroshenko starting out as a businessman in the confectionery industry, as head of Roshen group.  He would later lead the country through both a pragmatic decision-making process and widescale economic reform, much of which was the product of insights gleaned from private sector endeavours. Bidzina Ivanishvili, famous in Georgian politics, mirrored this trajectory, and channeled private sector experience when building the political party Georgian Dream. Serving as Prime Minister from 2012 to 2013, his tenure underscored the transformative potential of entrepreneurial vision in navigating the complexities of governance. All three of these individuals showcase how private sector experience can indeed catalyse political efficacy, imbuing leaders with the acumen to navigate the intricacies of governance and enact substantive change.

The city of Orhei, in the heart of Moldova and not far from the country’s capital Chisinau, is a place which although many may not have not heard of, tells a remarkable development tale reminiscent of the those of Nečas, Poroshenko and Ivanishvili. The process which the city has undergone under the visionary leadership of a former mayor, businessman, and philanthropist, Mr. Ilan Shor, is indeed a modern-day rendition of the previously mentioned tales and can and should inform the development of many a place in this still developing corner of Europe.

Orhei experienced transformative development between the years 2015 to 2019, when Mr. Shor served as mayor. His successes were seen not only in the way in which he modernized the city’s infrastructure, but also in the way in which the city’s rich historical essence has been preserved. This story puts forth a prime example of the potential benefit of private sector experience in the development of post-Soviet states, many of which, to date, have not managed to create a better future for their citizens through their reliance on traditional development models and investment methods.  

Urban development is a key metric in gauging a city’s potential, with Orhei witnessing significant progress in its urban development during Mr. Shor’s tenure as mayor. A significant achievement was the restoration he led of multiple historic city landmarks and facades, revitalizing Orhei’s architectural landscape. Commenced with a project on Mihai Eminescu Street in the heart of Orhei which any of the city’s residents would be familiar with, this was one example of the way in which Mr. Shor’s plan breathed new life into the city’s historical core, while simultaneously honouring its heritage.

A city, at the end of the day, must provide for the needs of its residents and Mr. Shor’s administration made sure to put that first. Specifically, his team saw to the needs of residents from low-income backgrounds. Disadvantaged families were supported through the construction of social housing units, seeing brand new homes provided for families, alongside social stores and pharmacies which made sure that those residents who were struggling were given access to affordable essential goods and often much needed medical supplies.  

Despite exceptional progress in Orhei, similar challenges remain unaddressed in other parts of Moldova. Even in Chisinau the capital, unresolved systemic issues which impact residents’ quality of life remain. Indeed, according to a World Bank Report, adequate investment in the city’s infrastructure has not been made in close to 20 years. Among the most pressing, and often dangerous, is not tending to infrastructure and deteriorating structures due to lack of regular maintenance. Many a visitor to Chisinau will note the decapitated entrances, crumbling exteriors, and outdated utilities seen across the city’s urban landscape.  

Scarcity of facilities for families, such as playgrounds and educational institutions is notable, alongside deficiencies in public amenities essential for fostering healthy communities. Chisinau’s utility sector has been struggling with inefficiencies in recent years, resulting in inadequate trash removal and snow clearance, among other issues. Last year’s winter conditions, some of the coldest on record, quite literally saw the city shutting down. The urgent need for strategic urban planning and investment is apparent, but more pressing is leadership with a plan to address infrastructure deficiencies and improve living conditions. Examples such as Mr. Shor’s leadership in Orhei should be seen as a beacon of hope, clearly demonstrating the impact that local leaders with private sector experience can have on community development.

On the subject of community, and in order to foster a communal spirit in Orhei, common spaces in the city underwent improvements during Mr. Shor’s time as Mayor, with a reported 100 courtyards renovated alongside children’s playgrounds that were built. Road construction that would ensure the safe mobility of residents was prioritized, and proactive action saw cost-effective infrastructure development at lower costs to city budgets. Over 150 kilometers of roads, or 90% of the city’s road network was thus improved at a fraction of what it might have otherwise cost. Other projects to improve residents’ mobility involved upgrading public transport and even offering free bus rides at peak hours, setting a new standard for urban mobility in the region.

With regard to social welfare programs aimed at supporting vulnerable citizens of Orhei, monthly financial assistance was extended. Most importantly, this was sourced from a municipal reserve fund and did not involve raising city tax. This special project included providing pension supplements to elderly residents, in order to ensure their financial security.

A similar initiative, in the form of the “Maternity Capital” program was introduced during Mr. Shor’s tenure. As many residents simply could not afford to start a family, the program sought to encourage family growth through financial aid to those who wanted to become new parents. Instead of simply handing out grants, and through meticulous financial planning, a tiered financial assistance system was created, granting substantial support to families welcoming children and nurturing family life in the city of Orhei.

A city cannot thrive without culture and as French philosopher Albert Camus once said, “Without culture, and the relative freedom it implies, society, even when perfect, is but a jungle”. Thus, in addition to urban development and social welfare programs, Mr. Shor focused on establishing cultural vitality in his city. Indeed, the city’s cultural scene flourished with a bustling calendar of events, festivals, and performances attracting visitors from across Moldova. This included OrheiLand, a free entertainment park that became a popular tourist destination, contributing to economic growth and cultural vibrancy.

As Moldova works toward the prospect of joining the EU, it must first of all address its internal challenges to infrastructure, utilities, healthcare and education systems alongside citizens’ services more broadly. There is a compelling case to be made for greater private sector involvement in the local leadership of other parts of the country alongside many still struggling post-Soviet states. By leveraging their expertise and resources, businessmen-turned-leaders can drive meaningful change and contribute to the development of their communities, ultimately creating a brighter future. With these examples of Mr. Shor’s leadership as a shining example, Moldova and its neighbours can hopefully continue on their respective and joint development journeys.  

Go to top

About the Author

Amanda Davis is originally from Canada but living in Europe. An aspiring author, she is currently working with refugees from MENA in Europe, and is a proud free market libertarian

The AI Edge in Assessing Geopolitical Risk: Opportunities and Challenges

March 17, 2024

By Joshua Haecker and Fallon Farmer

In the past year, multinationals have rushed to leverage generative AI to get a better grasp of geopolitical risks they face around the world. Amid mounting emerging market instability, security crises, sanctions regimes and trade wars, generative AI offers significant potential for companies’ risk and intelligence teams.

However, by moving so quickly, some have not properly considered the limitations of the data-synthesising technology – an oversight that can lead to flawed operational decisions. The haste with which the technology is being deployed as a forecasting tool has left some firms with models whose responses to questions may be inaccurate. This, in many cases, is because the AI has not had access to sufficiently comprehensive and balanced data sets, nor been trained to learn from and interpret these sources.

Put simply, the models sometimes do not have the knowledge or the skills to answer the questions they are being asked. Consequently, the answers they do provide can be misleading or erroneous. That, in turn, can lead to bad corporate decision-making, for example to pull out of a market or stand down a security team, when there’s no compelling reason to do so.

The challenges of using AI as a means of helping companies assess security risks are particularly evident when operating in potentially volatile jurisdictions. Below, we illustrate this with hypothetical examples of corporate risk assessment in the run-up to the Israel-Hamas and the Ukraine-Russian wars, where there were few signs of imminent conflict.

In September of last year, a multinational considering expanding its operations in southern Israel may have asked its generative AI model to assess the likelihood of an escalation of tensions between Hamas and Israel. The organisation has periodically launched rocket attacks from its base in Gaza against Israeli urban centres. These have triggered reprisal strikes. The exchanges have often quickly spiralled into highly disruptive security crises.

In the weeks before the October 7 Hamas raid into southern Israel, there would not have been much, if any, open-source information warning of such an operation. Hamas’s actions caught observers by surprise. So, based on the data available, an AI model might have said there were no indications of a possible escalation. A human analyst, however, would likely have provided a more cautious response. They might have suggested that the situation was unclear because of the lack of data on security conditions in the region and Hamas’s intent.

Prior to the outbreak of the Ukraine war on February 24, 2022, there was a massive build-up of Russian forces near the Ukrainian frontier with Russia. Yet most observers took the view that Moscow was not about to invade but was instead trying to exert pressure on Kyiv to make political concessions. Views changed when the US, drawing on its own intelligence, warned an invasion was imminent.

Before that warning, a generative AI model asked to assess escalating tensions may have suggested the country was not under immediate threat. A human analyst’s response would likely have been more caveated, perhaps drawing on a wider range of sources. Some of these might have given more weight to the possibility of an invasion.

FiscalNote has been researching and experimenting with generative AI models, exploring their limitations, and developing ways of mitigating them. Our work has shown that companies can use prompting techniques to prime the models and better prepare them for the tasks they perform or the answers they produce. In essence, it means teaching the model that ‘this is what I mean when I ask you to do a certain task’.

Through our work, we’ve identified five key steps (outlined below) that companies can take to craft effective AI models that generate accurate and actionable outputs. This will help organisations navigate and respond to the dynamic challenges of today’s business environment, maximizing the benefits of AI technologies while mitigating potential pitfalls.

Picking a rich and robust set of training data. The data sets used to train AI models should be as comprehensive, timely and authoritative as possible. If there are gaps or omissions in the sources, then answers generated may be flawed, no matter how much effort is made to improve the programme’s synthesising capabilities.

Prompting with task-specific instructions. As much as possible, AI should be trained to answer critical questions following the same processes and techniques as their human counterparts – for example, to cite sources on which its answers are based. Essentially, this amounts to explaining how it came to its conclusions. If not required to tie them back to source documents, there is a risk of the model making up answers.

Permitting responses with no answers. Generative AI is hard-wired to provide an answer to a question, regardless of whether it has the correct answer or not. This can be avoided by including fallback options when instructing a model. So, where there isn’t the data to support an accurate response to a question, the model is allowed to say, “I don’t know”, “I don’t have enough information to answer”, or ” I can’t help with that”.

Making sure responses are objective and balanced. Companies can also use generative AI to self-check for potential bias in answers. This becomes particularly important, for example, in responding to questions related to conflicts where the positions of the parties involved are unequally represented in data sources. Once sensitive to bias, the model can confirm whether the parties are being presented fairly in its responses; identify when that’s not happening; and determine if this is due to insufficient data.

Designing an option for human input. AI systems should be deployed with a human-in-the-loop design, which effectively recognises when a question should be escalated to a human analyst. The escalation may be triggered by answers that generate high rates of bias, “don’t knows”, or questionable source citations. The human analyst then draws on their own expertise and knowledge, which might include taking into consideration subjective and intangible factors beyond the scope of an AI model.

As geopolitical threats multiply around the world, companies are right to consider using AI models to assist them with critical operational decisions. These programmes can certainly inform and enhance risk assessment, but to be truly effective they must be trained and have access to optimal data sets. Even then, they may not have all the answers. So, it is imperative that they work in tandem with human analysts, not replace them. If well-managed, the technology is a real asset. If not, it can be a liability.

Go to top

About the Authors

Joshua Haecker is Head of Product, FiscalNote Global Intelligence.

Fallon Farmer is a Principal Data Scientist at FiscalNote.

Enhancing Security with Remote Guarding Solutions

March 17, 2024

In an era marked by technological advancements, businesses are increasingly turning to innovative solutions to address security concerns and improve their bottom line.

One such solution that has gained widespread recognition is video monitoring and remote guarding. By leveraging the capabilities of surveillance cameras, businesses can not only detect criminal activities, but prevent them from happening and enjoy a number of additional benefits that positively impact their overall performance.

What is Remote Guarding?

Eyeforce, a Becklar company, specializes in advanced video surveillance systems.

Remote Guarding is a dependable security solution that has many benefits. This advanced system eliminates human error factors such as fatigue and lapses in patrol duties during rest breaks. Operating 24/7, remote guarding remains vigilant and on guard at all times.

How Does It Work?

The command and control center personnel actively track and monitor premises using real-time video feeds transmitted by video cameras. Leveraging technology employed by the Department of Defense and the Department of Homeland Security for surveillance and monitoring, this system ensures the best possible security.

Through proactive systems integration, the Eyeforce remote guard and patrol system takes a preventative approach to crime. Video feeds are transmitted in real-time with an event-focused interactive strategy, allowing intruders to be warned before any criminal activity occurs. Choosing to invest in cutting-edge security that goes beyond traditional measures is a smart decision to safeguard your assets effectively.

The Benefits of Remote Guarding Solutions

Preventing Crime Through Surveillance

Video monitoring through Remote Guarding serves as a powerful deterrent to criminal activities.

The presence of visible cameras can significantly reduce the likelihood of theft, vandalism, and other illicit behaviors. Criminals are less likely to target a facility when they know their actions are being recorded, as the risk of identification and apprehension increases.

In addition to camera visibility, remote guarding services provide real-time observation of premises and engagement, enabling a swift response to potential security threats. Advanced analytics and artificial intelligence algorithms can detect unusual activities or suspicious behaviors, triggering immediate alerts for security personnel.

Remote guards are able to engage in real-time. There isn’t a prerecorded message that is played when someone attempts illegal entry. There is a live operator who can speak in real-time to divert criminal activity. This proactive approach ensures that security measures can be deployed promptly, preventing crimes before they happen.

Cost Savings with Video Monitoring and Remote Guarding

There are many cost saving opportunities that come with video monitoring and remote guarding services by Eyeforce.

First, let’s look at reducing losses, and the natural expenses associated with theft and vandalism. For businesses, minimizing these losses is essential. Costs associated with theft or vandalism can be reduced through real-time remote guard engagement that deters crime. It also improves emergency services response time when necessary. Reducing or eliminating the expenses associated with crime provides a huge boost to an organization’s bottom line.

Another form of savings from video monitoring and remote guarding is the potential savings on personnel costs. Having live security guards on-site, around the clock, can be extremely costly. The remote video guarding system could effectively monitor an entire property at a fraction of the cost in many scenarios. Hiring security guards requires expenses for recruitment, training, and possibly providing uniforms and equipment. Ongoing costs include salaries, benefits, and other employment-related expenses, and more.

Another savings opportunity comes from being able to identify false alarm signals and reducing false emergency dispatches. With video monitoring and remote guarding, alarms can be verified before dispatching security or emergency response teams. This feature significantly enhances the effectiveness of security systems, and brings potential savings to organizations.

Surveillance footage can also be valuable in legal matters and reducing liability. In the event of accidents, disputes, or liability claims, having a comprehensive record of events can be crucial for defending the business against false accusations and mitigating potential legal expenses.

Improve Security with Remote Guarding Today

Eyeforce’s Remote Guarding is much more than simply a security tool; it’s a strategic investment that can positively impact a business’s bottom line as discussed above.

By effectively deterring criminal activities and reducing losses and liabilities associated with theft and vandalism, businesses can create a safer and more secure environment while simultaneously enhancing their bottom line. As technology continues to evolve, video monitoring and remote guarding will play an increasingly pivotal role in safeguarding businesses and fostering a more profitable future.

Go to top

Sleep Apnea and Jaw Problems: Understanding the Role of Jaw Surgery

March 17, 2024

Sleep apnea, a disorder characterized by interrupted breathing during sleep, is a condition that affects millions worldwide. While its association with respiratory issues is well-known, the link between sleep apnea and jaw problems is an emerging area of study. This article explores the intricate connection between sleep apnea and jaw issues, shedding light on the role of jaw surgery in managing these conditions.

Understanding Sleep Apnea

Sleep apnea comes in various forms, with the two most prevalent being obstructive sleep apnea (OSA) and central sleep apnea. OSA occurs when the muscles at the back of the throat relax excessively, leading to a blockage in the airway. Central sleep apnea, on the other hand, results from a failure of the brain to send proper signals to the muscles that control breathing. Both types can have severe consequences for one’s health, ranging from daytime fatigue to cardiovascular problems.

The Link with Jaw Problems

The connection between sleep apnea and jaw problems lies in the anatomy of the upper airway. The position and alignment of the jaw, tongue, and soft tissues in the throat play a crucial role in maintaining an open airway during sleep. Individuals with jaw problems, such as a misaligned jaw or a small lower jaw, may be more prone to developing sleep apnea. These anatomical issues can contribute to airway obstruction, especially when the muscles relax during sleep.

Temporomandibular Joint (TMJ) Disorders and Sleep Apnea

One specific aspect of jaw problems that researchers have been investigating is the association between sleep apnea and temporomandibular joint (TMJ) disorders. The TMJ is a hinge joint that connects the jawbone to the skull, facilitating actions like chewing and talking. Dysfunction in the TMJ can lead to pain, clicking sounds, and difficulty in jaw movement.

Studies have suggested that individuals with TMJ disorders may have a higher risk of developing sleep apnea. The relationship between the two conditions is complex, with TMJ problems potentially contributing to airway compromise during sleep. Conversely, untreated sleep apnea can exacerbate TMJ symptoms due to the increased clenching and grinding of teeth often associated with the disorder.

Jaw Surgery as a Treatment Option

When conservative measures such as lifestyle changes, continuous positive airway pressure (CPAP) therapy, or dental devices prove insufficient, jaw surgery becomes a viable option for managing sleep apnea related to jaw problems. Orthognathic surgery, a type of jaw surgery, aims to reposition the upper and/or lower jaw to enhance the airway and alleviate breathing difficulties during sleep.

The decision to undergo jaw surgery for sleep apnea is not taken lightly. It involves a comprehensive assessment by a multidisciplinary team, including sleep specialists, oral and maxillofacial surgeons, and orthodontists. Candidates for jaw surgery typically have specific anatomical issues contributing to their sleep apnea that can be effectively addressed through surgical intervention.

Indications for Jaw Surgery

Anatomical Abnormalities: Individuals with structural abnormalities such as a retruded lower jaw (mandible) or a narrow upper jaw (maxilla) may benefit from jaw surgery to reposition the bones and improve the airway.
Failure of Conservative Treatments: When other treatments, such as CPAP therapy or dental appliances, have proven ineffective or intolerable, jaw surgery may be considered as a more permanent solution.
Severe Sleep Apnea: In cases where sleep apnea is severe and poses significant health risks, jaw surgery may be recommended to address the underlying anatomical issues.

Conclusion

The intricate connection between sleep apnea and jaw problems underscores the importance of a holistic approach in managing these conditions. While jaw surgery is a potential solution for some individuals, it is crucial to consult with a healthcare team to determine the most appropriate course of action. As research in this field continues to evolve, a better understanding of the relationship between sleep apnea and jaw problems will contribute to more effective and personalized treatment strategies for those affected by these conditions.

Go to top

1...203204205...1,125 Page 204 of 1,125

FOLLOW US!

EDITOR'S PICK OF THE WEEK

CFO's new mandate. CFO explaining the presentation

The Performance and Transformation Orchestrator: The CFO’s New Mandate in the Age of AI

Anglea 0

By Terence Tse CFOs are evolving into AI-driven transformation orchestrators, balancing finance, technology, and strategy while upskilling teams, managing risks, and driving measurable business value. A key insight from this year’s AI for CFOs event, organized...