The main goal of the session is to invite ideas from the participants and co-create solutions for new data ownership and sharing models that can benefit indigenous and other communities in less developed data ecosystems. It will deepen collective understanding of how data-rich but money-poor people could derive social and economic benefits from the data related to them. The session will be a mix of a more traditional “setting the scene” presentation, an interactive dive and an open conversation.
Whereas the global discussion on building a human-centric and fair data economy is moving, the actual data landscape remains highly unequal. The ability of countries and regions to build data policies and governance frameworks that work for harnessing data for development is in many cases limited. The data-poor who leave little digital trail are increasingly at risk of exclusion. Amidst the proliferation of increasingly intelligent data analytics, artificial intelligence and machine-to-machine communication, governments and regulators in are struggling to keep pace. Businesses are not yet leveraging data to engage with stakeholders. This session, organised by the International Finance Corporation (IFC), a member of the World Bank Group, will investigate the applicability of the MyData principles for building more responsible data governance for business and social opportunities in less-developed data ecosystems.
The session will start with an overview of the World Bank Group’s “data for development” programs and highlight recent research of trends in the global data landscape. The session will then take an interactive deep dive that will investigate use cases, business models and regulatory practices around applying MyData principles in the field of natural resource and infrastructure projects. This will be used to improve understanding and co-create solutions for making data-driven development work in practice. Participants will investigate MyData in the context of private sector investments in natural resources and infrastructure projects, innovation in data ownership by indigenous communities around these projects, options for improving agency around data and the social and economic benefits in more equitable benefit sharing from investment in natural resources, made possible through new approaches in data governance.