Youth Drive Sustainable Solutions at Summit Day Two
Report on the Youth Summit: Day 2 – Youth Innovate for a Livable Planet
Event: Les jeunes innovent pour une planète vivable | Sommet de la jeunesse : Jour 2
This report summarizes key discussions from Day 2 of the 12th annual Youth Summit, focusing on the powerful intersection of creative industries and sustainable finance in driving development and empowering youth. The session featured dynamic presentations and a panel discussion on the creative economy, followed by an in-depth look into the World Bank Treasury’s innovative financial strategies.
1. Creative Industries: Fostering Innovation and Resilience
The session began with an impactful performance by Alhanisan, an award-winning poet and advocate from Nigeria, known for leveraging narrative to promote peace, justice, and youth empowerment. Her poetry vividly illustrated the disparities faced by youth globally – a “digital future” inaccessible to many, opportunities defined by privilege, and talent unrecognized by markets. She emphasized that peace is not mere symbolism but about livelihoods, food, and the absence of conflict. Despite being told they are “lagging behind,” she affirmed that youth are creating “miracles and possibilities” from limited resources.
Following Alhanisan’s address, Valan, Design Lead for the Summit, introduced a panel discussion on creative industries as drivers of development. He highlighted the sector’s significant economic footprint: generating $2.2 trillion annually, employing 30 million people worldwide, and disproportionately impacting women and youth. Beyond economics, creative industries serve as potent tools for advocacy and resilience.
The panel featured:
- Herman Cofrey, Global Lead, Digital Infrastructure & Creative Industries at IFC.
- Farida Rafat, CEO & Founder of Dalia NYC and 284 creative agency.
- Jacqueline Sari, award-winning artist and advocate from Nigeria.
1.1. The IFC’s Perspective and Investment in Creative Industries
Herman Cofrey outlined the International Finance Corporation’s (IFC) commitment to creative industries, a program now valued at $1.4 billion. He shared a compelling anecdote of an African security minister underscoring the vital link between creative industries and social-economic security, emphasizing their role in job creation and youth motivation. The IFC, having invested $850 million in two years, supports various sub-sectors including fashion (e.g., in Pakistan) and audiovisual (e.g., DINEC, an Indian VFX company with 13 Oscar wins). Cofrey acknowledged the challenge of harmonizing creative endeavors with economic sustainability, an area where the IFC strives to make a significant impact.
1.2. Economic Empowerment for Underserved Youth and Women
Addressing how creative industries can create opportunities for marginalized groups, Farida Rafat from the fashion industry emphasized a return to craftsmanship. While technology is prevalent, she argued that foundational skills like pattern making, textile knowledge, and embroidery offer a crucial competitive advantage, particularly for women who often inherit these skills culturally.
Herman Cofrey acknowledged the difficulty for large institutions like the IFC to directly support freelancers and Small and Medium-sized Enterprises (SMEs). The IFC mitigates this by working through intermediaries and commercial banks, reducing investment risks in nascent ecosystems. He stressed that economic opportunities are the bedrock for supporting vulnerable populations, including women and refugees. His key advice to creatives was to “speak the language of business,” advocating for artists to understand business fundamentals or partner with those who do, as investors seek returns on investment, not solely talent.
1.3. Art as a Catalyst for Advocacy, Healing, and Social Unity
The discussion shifted to the role of art in fostering resilience and social unity in conflict-affected areas.
Jacqueline Sari highlighted the often-underestimated “transmissive power” of art. Beyond aesthetics, art transforms lives and influences decisions, often subtly. Through her studio work and the “Passion & Art” initiative, she has witnessed art heal trauma and build resilience in displaced communities. She emphasized the importance of visibility and encouraging all youth, not just designated artists, to embrace creativity, as it fosters innovative, multi-faceted problem-solving.
Alhanisan provided a powerful example from her work in Borno State, Nigeria, influenced by Boko Haram. Her poetry campaign, “Bring Back Our Students from Sudan,” went viral on social media, prompting government action and the successful repatriation of 563 Nigerian students. She asserted that art saves lives, influences decision-making, and can change policies. Her strategy involves three interconnected elements:
- Storytelling for empowerment: Creating safe forums like “True My Voice” for sharing realities, building emotional resilience.
- Platforms for visibility: Providing spaces for youth to simplify complex truths through art, fostering leadership, and framing creative enterprise as a vehicle for dignity and economic empowerment.
- Systems for support: Including mentorship, market access, and digital tools to translate political jargon into visually compelling experiences.
Regarding advocacy, Alhanisan advised translating personal stories into collective narratives (“we” instead of “I”) and transforming heavy political jargon into evocative, emotionally charged language that inspires action. She maintained that poetry, by changing hearts, empowers individuals to change the world. Jacqueline Sari echoed this, stressing that art should always be part of strategic conversations, arguing that it influences without permission, slowly integrating messages into communities and shifting behaviors.
1.4. Persistent Obstacles and Collaborative Solutions
The panelists identified several barriers hindering youth innovation and creation:
- Lack of Business Acumen: Herman Cofrey reiterated the need for creatives to understand the business side of their craft for greater autonomy.
- Information Asymmetry & Visibility: Alhanisan noted the lack of public awareness regarding the creative sector’s economic power, hindering policy influence. She stressed the importance of visibility to inspire and provide role models, urging economists and leaders to celebrate artists’ journeys, including their struggles, not just their successes.
- Funding & Investment: Alhanisan called for educating investors on the long-term, non-immediate nature of returns in the creative sector, requiring patience and sustained commitment.
- Collaboration vs. Competition: Herman and Farida highlighted the need for artists to embrace collaboration, seeking partnerships to complement skills (e.g., creative talent with business acumen) and leveraging digital tools for visibility and networking.
- Passion and Resilience: Alhanisan underscored that passion is the enduring force behind creative work, enabling artists to persevere even without immediate financial reward.
In conclusion, the panel advocated for greater visibility, mentorship, access to markets and digital tools, and a shift towards viewing art as a strategic partner in development.
2. World Bank Treasury: Innovating Sustainable Finance and Digital Solutions
The second segment featured Horacio Familia, Treasurer and Vice President of the World Bank, introduced by Marco Fayer, Deputy Treasurer. Familia, a seasoned veteran with 20 years of diverse experience across the World Bank Group, manages substantial financial assets including $40 billion in pension funds, $70 million in bonds, a $200 billion portfolio, and $600 billion in risk assets.
2.1. The World Bank’s Financial Mandate and Impact
Familia defined the World Bank not just by its mission to eradicate poverty and promote sustainable prosperity, but as “the most efficient private capital mobilizer in the world.” He explained that with just $20 billion received from shareholders since 1945, the Bank has leveraged financial markets to issue over $1 trillion in bonds and shares, lending $130 billion and transferring $200 billion to developing countries. This immense capacity is underpinned by a triple-A credit rating, supported by shareholders, robust capital base, and excellent financial management. He emphasized that the Bank’s long market experience fuels its innovation.
2.2. Pioneering Financial Innovations
Familia provided a historical overview of the Treasury’s groundbreaking innovations:
- First currency exchange: Between Deutschmark and Swiss Franc, creating a multi-trillion-dollar market.
- First global bond: A now commonplace transaction.
- 2008: First Green Bond: A simple $150 million bond that created a multi-billion-dollar market.
- 2018: First Blockchain-based bond: For documentation, not funds.
- First fully digital bond: Featuring a token and using the World Bank’s digital currency for settlement.
- Outcome Bonds (e.g., Rhino Bonds): Where investor coupon payments are linked to the success of specific development projects, such as black rhinoceros conservation in South Africa or carbon credit-generating reforestation in Brazil.
He underscored that true innovation often stems from combining simple, existing elements in novel ways to achieve significant impact.
2.3. Leveraging Digital Assets and Blockchain
Familia detailed the Treasury’s recent use of blockchain to digitize Promissory Notes (IDA donor commitments). Traditionally, these were paper-based, signed, and archived, a process unchanged since the 16th-17th centuries. By moving these to a blockchain, the process becomes automated, eliminating manual archiving and significantly streamlining operations. While not a large-scale project in terms of investors, its importance lies in the collaboration between financial institutions and central banks.
2.4. Career Insights and Leadership Principles
Sharing invaluable career lessons, Familia offered advice relevant to young professionals:
- Passion: Be passionate about the activity itself, not just the organization. Change roles if passion wanes.
- Meaning: Seek work that has meaning and allows you to impact lives, aligning with his commitment to public service at the World Bank.
- Seize Opportunities: “Luck” is when opportunity meets preparedness and a willingness to take risks.
- Define Your Own Success: Success should be a personal definition, balancing work, happiness, and role, rather than conforming to external expectations.
- Innovation Through Curiosity: Innovation arises from combining simple elements, being curious, exploring, and applying lessons from diverse experiences (e.g., secretary, regional VP, treasurer) to new challenges.
In response to an audience question about maintaining excellence in a potentially “toxic” environment, Familia emphasized treating everyone with respect and, as a leader, acting as a “buffer” to foster an environment where team members feel safe to share ideas, as this is crucial for innovation. He also stressed the importance of always communicating truth to leadership.
Regarding recruitment, Familia noted the Treasury seeks individuals with a robust technical background, commitment to excellence, and a passion for learning and innovation. He highlighted the highly competitive nature of their internship programs (3,000 applications for 30 positions). He also provided an example of AI innovation within the Treasury: using Optical Character Recognition (OCR) to automate the verification of bond documentation, reducing a 90-day manual task to just one minute, freeing up human talent for more strategic work.
Conclusion
Day 2 of the Youth Summit underscored the dual power of creative industries and innovative finance in shaping a “livable planet.” Both segments highlighted the critical role of youth in driving change, whether through artistic expression that heals and advocates, or through financial mechanisms that sustainably channel capital towards global development. The emphasis on fostering an environment of innovation, collaboration, and continuous learning, coupled with practical advice on business acumen and ethical practices, provided a comprehensive outlook on empowering the next generation to tackle complex global challenges.
Disclaimer
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