Today, the world is in a peculiar position. The US has an ongoing trade war with China, while at the same time keeping busy by butting heads with countries like Iran; The British have yet to come on a final decision regarding Brexit; and global warming continues to be on everyone’s minds.
The World Economic Forum Annual Meeting in Davos-Klosters, Switzerland, or Davos as the meeting is commonly known, will help countries put the world’s greatest issues in perspective.
As with every year, the meeting carries a theme reflecting the greatest issues and ideas of our time. Last year, the focus was on Industry 4.0 and the tech revolution taking place all around us. This month, the World Economic Forum (WEF) revealed 2020’s theme, revealing a return to roots of sorts. Davos 2020 will centre on Stakeholders for a Cohesive and Sustainable World.
According to WEF, the Meeting will “aim to give concrete meaning to “stakeholder capitalism”, assist governments and international institutions in tracking progress towards the Paris Agreement and the Sustainable Development Goals, and facilitate discussions on technology and trade governance.” As citizens of the world, we are all in this together, and no stakeholder’s concerns and wellbeing should be less of a priority in the grand scheme of things.
“People are revolting against the economic ‘elites’ they believe have betrayed them, and our efforts to keep global warming limited to 1.5°C are falling dangerously short,” said Professor Klaus Schwab, Founder and Executive Chairman at the World Economic Forum.
The Programme for the 2020’s Meeting will prioritize six key areas:
Ecology: How to mobilize business to respond to the risks of climate change and ensure that measures to protect biodiversity reach forest floors and ocean beds.
Economy: How to remove the long-term debt burden and keep the economy working at a pace that allows higher inclusion.
Technology: How to create a global consensus on deployment of Fourth Industrial Revolution technologies and avoid a ‘technology war’.
Society: How to reskill and upskill a billion people in the next decade.
Geopolitics: How the ‘spirit of Davos’ can create bridges to resolve conflicts in global hotspots. Informal meetings to set kickstart conciliation.
Industry: How to help business create the models necessary to drive enterprise in the Fourth Industrial Revolution. How to navigate an enterprise in a world exposed to political tensions and driven by exponential technological change as well as increasing expectations from all stakeholders.
At the EIBMED 2019 conference last month in Beirut, Lebanon, the two recurrent issues identified as holding back the Middle East’s economy were “political stability” and “corporate governance.” Currently, the GCC nations are dealing with a fluctuating oil market, owing to international constraints; Lebanon is undergoing a revolution against a corrupt ruling class; and other countries like Egypt are still trying to find stable ground following their political and economic upheavals of recent years. Now, more than ever, is it the time to consider all of the globe’s Stakeholders for a Cohesive and Sustainable World.