CGE

• Shelby Hartman, age 16 of Sherwood Park, Alta., is one of four Canadian youth selected to represent the #Decarbonize Program led by the Centre for Global Education (CGE).
• "Youth involvement in COP28 allows us to bring our concerns to the table, such as wildlife, education, policy, activism and environmental preservation.
• They will report back on their experiences through a webinar to Canadian schools hosted by CWF and will share their experiences with CWF youth groups across Canada.
• “We have engaged 40,000 students internationally in creating a joint manifesto which incorporates geography and culture in climate solutions and are proud of the Canadian youth representing us in Dubai.

• It’s a question still hanging over Brisbane’s plans for the 2032 Olympics.
• Often economic studies are carried out before the events to build the case for hosting them.

The Sydney Olympics’ $3.7 billion cost

• Our study found the 2000 Olympics reduced Australia’s real private and public consumption by about $3.7 billion (adjusted to 2023 dollars) over the nine years in which the Olympics impacted the economy.
• It is often claimed that hosting the Olympics brings intangible benefits to the host nation – things such as national pride and social cohesion.

How to calculate the value of a mega event

• It’s important to use a model equipped for the task, and to properly simulate the effect of the event.
• In the past, major event studies – such as KPMG’s pre-Sydney Olympics study – used input-output models.
• Modern CGE models track deviations from what would have otherwise happened, as the effects of an event work their way through the economy.
• Studies undertaken before the event often include predicted legacies, such as a large boost to tourism following the event.

Feelings aside, the Sydney Games had a net cost

• The net direct cost of the Sydney Olympics (Olympic costs not funded by Olympics revenue), when updated to 2023 prices, was $4.5 billion.
• A frequent claim by proponents of big events is that the demand stimulus from the event will far offset its net direct cost.
• But our real consumption result indicates the demand stimulus offset only about a fifth of the net direct cost.

Feelings and other intangible benefits

• That is a sizeable figure to pay for the intangible benefits not already counted in the prices of tickets, broadcasting rights and other organising committee sales.
• However, those intangible benefits – including national and sporting pride, a feelgood atmosphere and inspiring children – might also be sizeable.
• There are no estimates for the value of intangible benefits from the Sydney Olympics.
• The UK study showed households outside London also perceived intangible benefits, though only half as much per household as their London counterparts.

Lessons for future mega events

• In all of the work that’s been done to date on the economics of hosting mega events, a few lessons stand out.
• Events with wide appeal can generate enough revenue to cover their operating costs – and this was the case for the Sydney Olympics.
• The most important lesson is that bidders for such events ought to conduct a rigorous analysis of the event’s expected net value before submitting their bids.
• Some mega events might pay their way, when intangibles such as the feelings they engender are taken into account.

• Bregal Sagemount (“Sagemount”), a leading growth-focused private equity firm, today announced a strategic growth investment in Enhesa (the “Company”), a leading provider of regulatory and sustainability intelligence worldwide.
• As part of the transaction, Sagemount will acquire ICG’s minority stake in Enhesa, with existing investor CGE Partners (“CGE”) retaining its majority stake in the Company.
• “We are thrilled to be partnering with Sagemount as we enter our next stage of growth,” said Peter Schramme, CEO of Enhesa.
• "We look forward to continuing to support Enhesa in its next chapter of growth alongside Sagemount."

• LAS VEGAS, Nov. 17, 2022 /PRNewswire/ -- Streamline Media Group (Streamline),a video game and metaverse development company today, welcomed Sheloman Byrd as their new Chief Operations Officer.
• It's a passion that is continued for nearly twenty years with no end in sight, " says Sheloman Byrd, COO, Streamline Media Group.
• "Streamline is transforming entertainment and global industries through video game technology and craft," added Alexander Fernandez , CEO, and Co-Founder of Streamline.
• Streamline Media Group is a global video games, interactive digital assets, and metaverse development company.