Global leaders talk trust, cooperation as geopolitics, technology reigned at WEF 2024

• Global economy needs new economic model 

• Balance growth, productivity with innovation, inclusion, sustainability, resilience

ONOME AMUGE

Global leaders in politics, business and civil society talked up seeing a world built on trust and cooperation at the recently concluded World Economic Forum 2024, a comprehensive summary of activities at the five-day annual event, traditionally billed for leaders in different fields to dialogue around business, economics and environment issues shaping the world, has shown.

The background to the focus on trust and cooperation in Davos, Switzerland, appeared drawn from a world faced with increasing division and discord, necessitating taking a turn towards the future, and thrust geopolitics and technology to the centre stage.

The WEF 2024, which experienced a post-pandemic attendance boom, saw global leaders from government, business, and civil society, representing more than 125 countries with nearly 3,000 participants, including 350 heads of state and government and ministers engaged in discussions, debates, and actions on some of the most pressing issues facing the world today.

As they focused on trust and cooperation the global leaders harped on the urgent need for international collaboration and security in a world that is increasingly fragmented, amidst the rise of protectionism, nationalism, and geopolitical tensions, it was clear that a renewed focus on trust and cooperation was essential to address the challenges of the 21st century.

António Guterres, United Nations secretary-general  and China’s premier, Li Qiang, among other prominent voices at the forum, stressed the importance of building trust and cooperation to address global challenges. Guterres emphasised the need to discard prejudice and bridge differences in order to come together as one, while Li Qiang called for “working as one” to tackle the trust deficit.

Ursula von der Leyen, president of the European Commission, warned that the world is facing multiple inflection points that require global collaboration. She urged countries to deepen their cooperation in order to address the pressing challenges of our time. 

Ajay S. Banga, president of the World Bank Group, emphasised the interconnected nature of global crises and the need to tackle them with a holistic approach. He highlighted the close relationship between poverty, climate change, healthcare, and food insecurity, and stressed the importance of addressing all of these issues simultaneously.

Kristalina Georgieva, managing director of the International Monetary Fund, reminded world leaders of their responsibility to be stewards of the planet’s future. She urged them to “act, even if it’s not popular,” pointing  out the need for bold and decisive action. 

French President Emmanuel Macron echoed this sentiment, calling for optimism and realism in tackling the complex challenges of peace, jobs, and climate change. Macron highlighted the need for world leaders to take action within their power to make a difference.

The fourth national security advisors meeting, hosted by Switzerland in collaboration with the WEF, brought together more than 80 national security advisers from around the world to discuss a blueprint for peace in Ukraine, a significant development, given the ongoing war in Ukraine and the ongoing negotiations between Russia and Ukraine, offered a platform for high-level dialogue on security issues, with the aim of finding a path to peace and stability.

Ukrainian president Volodymyr Zelenskyy made a powerful appeal for peace and renewed investment in his country. He announced plans for a global summit to push for peace, and urged participants to strengthen in order to bolster global security. 

“Strengthen our economy, and we’ll strengthen your security,” he told participants, adding that there will be growth in Ukraine once the war is over.

The conflict in the Middle East was a key topic of discussion at the forum, with several sessions addressing the situation. Mohammed Shyaa Al Sudani, prime minister of Iraq, issued a stark warning about the potential consequences of inaction, stating that unless the international community acts now to end the conflict, there is a risk of a stalemate and a possible expansion of hostilities in the region.

Qatari prime minister Mohammed bin Abdulrahman Al-Thani and Jordanian prime minister Bisher Hani Al Khasawneh both stressed the need for a comprehensive ceasefire in Gaza and international support for humanitarian efforts in the region. Al-Thani also called for protecting shipping security in the Red Sea, while Al Khasawneh emphasised the importance of meaningful dialogue to end the war.

President Isaac Herzog of Israel spoke about the need for new approaches to achieving peace and security for Israelis and Palestinians. He stressed the need for innovation and creative thinking to break the impasse.  

On his part, Mohammad Mustafa, chairman of the Palestine Investment Fund, highlighted the complexities surrounding Palestinian governance and the need for unity among Palestinian factions. He also stressed the financial and logistical needs for reconstructing Gaza, and the need for international support in this endeavour.

Børge Brende, president of the World Economic Forum, highlighted the vital role of the annual meeting in bringing together diverse perspectives and creating a space for diplomacy. He noted that the meeting provides a unique opportunity to identify shared priorities and find solutions to address global challenges.”

The WEF 2024, focusing on technology, singled out Artificial Intelligence (AI) for conversations ranging from its potential to improve human lives to its potential risks, with discussions on emerging technologies at the meeting reflecting a nuanced and complex understanding of the opportunities and challenges presented by new technologies. 

According to a debriefing note from the WEF, while the benefits of technologies such as AI and big data are widely recognised, the risks and unintended consequences are also being taken seriously. 

Satya Nadella, chairman and chief executive officer of Microsoft, spoke on the need to consider both the positive and negative impacts of new technologies.

The “Alliance4AI,” a coalition of AI researchers and experts from different sectors, brought together diverse voices to discuss how to ensure that AI development is fair, responsible, and beneficial for all with a key issue raised being the potential for AI to exacerbate inequality, as the technology is currently dominated by a small number of companies and countries. 

Big tech companies, notwithstanding that AI appeared to be controversial at WEF 2024, were eager to highlight its potential benefits and mitigate concerns about its risks. Yann LeCun, Meta’s AI chief scientist, and others from the tech industry, spoke about the importance of open-source research and accessible computing power to prevent a monopoly in the field.

They argued that democratising AI would help ensure that its benefits are shared by all, and that it doesn’t exacerbate inequality.

Speaking on AI, Sam Altman, chief executive officer of OpenAI, said: “Even with its very limited current capability and its very deep flaws, people are finding a way to use it for great productivity gains or other gains and understand the limitations.”

In calling for the democratisation of access to AI, Paula Ingabire, minister of information communication technology and innovation of Rwanda, and other speakers argued that it is not enough to simply develop new technologies, but they must be made available and accessible to people from all walks of life. “At the end of the day, if it’s not affordable, if it’s not accessible, then the digital divide will only be exacerbated,” Ingabire said.

That concern appeared to be addressed when the AI Governance Alliance (AGA) announced a new initiative to expand access to AI technology worldwide. The effort, it stated, aims to improve data quality and availability, increase access to computational resources, and adapt foundation models to meet the specific needs and challenges of different regions. 

The AGA released three frameworks to guide the development and deployment of AI, with a particular focus on developing nations. 

Focusing on sustainability, WEF 2024 offered discussions that were seen as a breath of fresh air, with a focus on practical, actionable solutions rather than lofty ideals. 

Jack Azagury from Accenture noted that alongside artificial intelligence, sustainability was a key concern among clients, with many looking for ways to integrate sustainable practices into their business models. This wasn’t just about “greenwashing” – it was about meaningful change and building a more sustainable future for business and society. The discussions signalled a shift in the corporate mindset, as companies look to make sustainability a core part of their operations.

Bill Gates’ AI-enabled ultrasound device, showcased at the forum, was a tangible example of how technology can be used to improve maternal health in underserved areas. Similarly, Will Marshall’s satellite data venture and Johnson Controls’ AI-driven push for net-zero buildings provided a glimpse into a future where technology is harnessed to tackle the pressing issues of climate change and environmental sustainability. 

In discussions about the global economy, participants at the meeting acknowledged the need for a new economic model that balances growth and productivity with more complex factors such as innovation, inclusion, sustainability, and resilience. 

“We must be bold and define a new paradigm of prosperity, a new economic and social orthodoxy that takes advantage of the knowledge and the new tools we have to couple economic growth with environmental sustainability and prosperity for all,” said Pedro Sánchez, prime minister of Spain.

Ngozi Okonjo-Iweala, director-general of the World Trade Organisation, pointed out that the current model of globalisation has not been effective in achieving a more equitable distribution of benefits. She suggested that the world needs to rethink globalisation, to ensure that those who were left behind in the past are able to reap the benefits this time around.

Chrystia Freeland, deputy prime minister and minister of finance of Canada, emphasised the need for economic policies that improve people’s lives. She suggested that policymakers should consider the impact of their decisions on individuals and communities, rather than focusing solely on abstract economic goals. 

Tharman Shanmugaratnam, president of Singapore, dwelled on the need for multi-pronged approaches to economic policy, which must take into account a wide range of factors. He argued that policies should not only address the challenges of climate change, the AI era, and ageing populations, but also ensure that people are able to cope with and benefit from these changes. 

The conversations at the meeting also built upon the discussions at the UNFCCC COP28 meeting, centred on the need to address energy efficiency and energy demand with participants also exploring ways to safeguard and restore nature. 

Jane Goodall, founder of the Jane Goodall Institute and United Nations messenger of peace, shared her perspective on the state of climate change and biodiversity loss, pointing out that there is a clear path forward to address these issues, but that the biggest challenge is getting countries to follow through on their commitments. 

John Kerry, US special presidential envoy for climate, issued a stark warning about the rising costs of inaction on climate change. Kerry noted the increasingly severe effects of the climate crisis, including storms, floods, and other extreme weather events, and emphasised that the economic costs of these events are already in the billions of dollars. He stressed that the costs will only continue to grow if immediate action is not taken to address the climate crisis. 

Fatih Birol, executive director of the International Energy Agency (IEA), noted the importance of energy efficiency for businesses. He argued that companies that do not prioritise energy efficiency will be less competitive, as they will be paying more for energy than their competitors.

Veronica Nilsson, general secretary of the trade union advisory committee to the Organisation for Economic Co-operation and Development (OECD), argued that a just transition must be at the centre of the energy transition. She stressed that people must be at the heart of any change, and that imposing changes without their input would be neither effective nor just.