For the past 50 years, the World Economic Forum (hereafter WEF) Annual Meeting has had one guiding vision: To be the trusted space for leaders from across all sectors of society in order to build a more cohesive and sustainable world. Accordingly, the meeting functions as a platform facilitating private- and public-sector collaboration (1).
The #WEF20 encompasses 7 key themes that were addressed during the Annual Meeting:
Hot Topic – The Paradigm Shift
During an interview, environmentalist Prince Charles from England emphasized that it is more urgent than ever to promote a paradigm shift. A shift which needs to motivate action at revolutionary levels and pace. To this end, he announced his own “Sustainable Markets Initiative” in collaboration with the WEF. The aim of the initiative is to put people and the planet at the top of global value creation (2).
Prince Charles furthermore emphasized how “nature […] is the lifeblood of our financial markets”. He argues that only when working in harmony with nature’s economy can ours thrive as well. Therefore, companies need to position themselves as stakeholders in the broader social system to act as stewards for the planet’s prosperity. This is in line with the Davos Manifesto 2020 which proposes that corporate global citizenship will eventually improve the state of the world.
Championing Change Management – The Fashion Industry
As a key market player, the Fashion Industry is also proactively contributing to long-lasting changes. The Global Fashion Agenda and its strategic partners including the Sustainable Apparel Coalition co-published the CEO Fashion Agenda 2020 on the first day of the Annual Meeting. The Agenda attempts to decouple growth from resource constraints and, hence, seeks to redefine the measures of success.
Practice What You Preach
However, as Greta Thunberg would say, actions speak louder than words. It is of utmost importance that any well-intended initiatives translate into action.
We will therefore closely follow how today’s market leaders will continue to pursue the points discussed during the 50th Annual Meeting in Davos.