The World Economic Forum in Davos is an annual gathering nicknamed for the ski town it’s held in Davos-Klosters, Switzerland. Business, governments and civil society have gathered to discuss the most pressing global issues to improve the state of the world. The four-day conference brings together heads of state, CEOs, and other government and business leaders from around the world. The forum holds lectures and panels where government and business leaders speak. Because of the high-profile attendees, Davos also serves as a place for high-level networking and deal-making. 

MAJOR ATTENDEES:

The CEOs- Sundar Pichai, Satya Nadella, Jeff Bezos, Elon Musk, Mark Zuckerberg, Tim Cook, and many more discussed Artificial Intelligence evolving in the future.

 The bankers, financiers, and investors- The WEF meeting will include six representatives each from Bank of America, BlackRock, Citi, Goldman Sachs, HSBC, and Russian-lender Sberbank. There are 17 banking and investment companies sending five-person delegations. They include Barclays, Bridgewater Associates, JPMorgan Chase, Lazard, Paypal, Brazil’s Banco Bradesco, and Russia’s VTB.

The political leaders– Donald Trump, Giuseppe Conte, Sebastian Kurz, Lee Hsien Loong, Prince Faisal bin Farhan Al Saud, and many more addressed in the World Economic Forum 2020.

MAJOR HEADLINES:

Four global issues that will feature prominently on the agenda are: 

· How to address the urgent climate and environmental challenges that are harming our ecology and economy; 

· How to transform industries to achieve more sustainable and inclusive business models as new political, economic and societal priorities change trade and consumption patterns; 

· How to govern the technologies driving the Fourth Industrial Revolution so they benefit business and society while minimizing their risks to them; and 

· How to adapt to the demographic, social and technological trends reshaping education, employment, and entrepreneurship.

Risk outlook over the next 10 years

MAJOR TALKS:

A major focus of this year’s Annual Meeting is the pressing need to take action against the climate change crisis and make a positive impact in years to come.

 For the first time, a group of teenage change-makers took part in Davos. Greta Thunberg is part of a young generation fighting to change the world. Her emphasis was on how to save the planet by rising global temperatures across the planet.

As the year began, vast tracts of Australia were burning; Jakarta was underwater, while Norway recorded its warmest January day ever. Extreme weather events have long been forecast as the result of global climate change, caused by emissions of greenhouse gases that trap heat in the atmosphere.

 What’s happening now is the result of a 0.9C increase in global temperatures that has already occurred since pre-industrial times. If that rises to 2C, as it is set to do without rapid action to cut emissions, the results will be much worse. This is a climate crisis and risks becoming a climate “apocalypse”.

Rising global temperatures

“Averting a Climate Apocalypse” is one of the main sessions at the World Economic Forum’s Annual Meeting at Davos this week, where delegates will seek ways to avert a full-blown catastrophe.

President Donald Trump criticized climate activists at Davos, hours after Greta Thunberg spoke onstage, and despite this year’s summit being sharply focused on sustainability. Trump said Swedish climate activist Greta Thunberg should focus on the most-polluting countries and that the US is “clean and beautiful.”

Alongside the dominating topics, there are several significant reports released at Davos from the World Economic Forum and its partners. “The future of economy” was the most mentioned topic on Wednesday, covered by the media with 815 articles. This is a result of the release of the Global Risks Report 2020, which lists the top global risks and describes the major environmental, ocean and climate risks that pose a threat to the economy.

Growing downward pressure on the global economy, driven by fragile macroeconomic structures and financial inequality, is deemed the biggest short-term threat by the ‘multi-stakeholders’ questioned.

Trade tensions and geopolitical turbulence are also adding to the economic uncertainty – in particular, the potential fallout from the United States and China’s trade stand-off. The two countries account for more than 40% of global GDP. They are also the world’s top two emitters of greenhouse gases. So they play a significant role in the world’s economic performance and climate crisis.

Risks in a digital world– Geopolitical and economic uncertainty are also driving concerns about digital technology. Unequal access, a lack of governance, and more frequent and more damaging cyber attacks.

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