Davos 2020: What is the World Economic Forum and what’s up for discussion?
What is Davos?
The World Economic Forum (WEF) is widely known as Davos, after the posh Swiss ski resort where it is held. It is a meeting of world leaders and chief execs, who gather each year to chew over the big issues facing business and the global economy. Davos 2020 is expected to be a big one, as WEF is celebrating its 50th anniversary.
It was launched by current chairman Klaus Schwab as a much more low-key affair that focused on management practices. But since then, Davos has grown in size and prestige to become the place to be seen for the international elite.
As such, it serves as a useful venue for world leaders and business bigwigs to hold back-room meetings and celebrities to push issues dear to them. Last year, for example, Sir David Attenborough told the WEF that humans are “annihilating” the natural world.
What do Davos’s critics say?
The sight of the world’s billionaires private-jetting into a ski resort to give off about climate change and other global issues rankles many.
For example last year a video went viral of Dutch historian Rutger Breman telling off attendees for not paying enough tax, or even talking about the issue. “It feels like I’m at a firefighters conference and no one’s allowed to speak about water,” he said.
Greenpeace last week accused Davosees – especially those from fossil-fuel firms and their financiers – of being hypocritical about the climate.
The perception that Davos is elitist had led UK prime minister Boris Johnson to ban all of his ministers except chancellor Sajid Javid from attending.
Yet its defenders say that is important for world leaders and big business to coordinate their response to major issues and point to achievements like the launch of a global immunisation programme in 2000.
Who will be at Davos 2020?
Around 3,000 people usually attend Davos each year. They are mainly from the world of business, and last year 78 per cent were men. To attend you have to either be invited or have WEF membership – which can cost £480,000.
Davos 2020’s main attraction will be US President Donald Trump. Despite not attending in 2019, he is set to give a speech on Tuesday, just as he becomes the third president ever to go on trial in the US Senate.
Teenage climate activist Greta Thunberg is another big-name speaker. She has trekked to the Swiss ski resort and is unlikely to mince her words about the climate emergency.
Germany’s chancellor Angela Merkel, US Treasury secretary Steve Mnuchin, Goldman Sachs chief executive David Solomon, and former UK PM Tony Blair are just some of the guests scheduled to attend.
What will they talk about?
The theme of this year’s meeting is “stakeholders for a cohesive and sustainable world”, reflecting a recognition of the growing discontent with the shareholder-led model of the past two decades.
This was outlined by a survey released this morning by US communications firm Edelman that found a majority of people around the world think capitalism in its current form is doing more harm than good. Davos-goers will discuss how they can increase the benefits of capitalism seen by employees, customers and the environment.
Another theme is “how to save the planet”. Bank of England governor Mark Carney is among the speakers, and can be expected to talk about how finance should respond to the issue.
Geopolitics will also be high on the list of talking-points, with world leaders assembling for the first time since the Trump administration assassinated Iranian general Qasem Soleimani.