What is Davos?

Since 1971, the WEF has been held in Davos. The event was founded by Klaus Schwab, a German economist, to discuss management methods and economic strategy among European business leaders. It has grown into a high-profile worldwide summit that addresses a wide range of issues, such as geopolitical tensions, climate change, technological breakthroughs, and social inequality.

The 2023 World Economic Forum took place on January 16–20 with the theme “Cooperation in a fragmented world”, with five sub-themes, including the energy and food crises, inflation, innovation technologies, social vulnerabilities, and geopolitical threats.

2019

In 2019, Greta Thunberg told world leaders that “our house is on fire” and asked them to act on climate change. She was back on stage a year later, berating leaders for doing “basically nothing” to decrease carbon emissions, sparring with Donald Trump.

1992

Nelson Mandela and South African President Frederik Willem de Klerk met in Davos in 1992, their first meeting outside South Africa and a watershed moment in the country’s political transition.

1988 and 1989

Greece and Turkey signed the Davos Declaration in 1988, pulling back from the brink of conflict, and North and South Korea held their first ministerial-level negotiations in Davos in 1989.

Davos and the WEF are significant because of their ability to stimulate dialogue and collaboration among diverse interests. The event draws notable figures from various sectors, including government, business, academia, and civil society, offering a rare chance for cross-sector engagement. This convergence of ideas and viewpoints enables a more thorough knowledge of complicated global concerns and the possibility of novel solutions.

The emphasis on multi-stakeholder involvement is a core characteristic of Davos. Unlike many other forums, which focus largely on government or industry leaders, the World Economic Forum brings representatives from various sectors together to create inclusive debates. This approach emphasises that addressing global issues necessitates collaborative action and the participation of various stakeholders with complementary expertise.

Furthermore, Davos functions as a networking and relationship-building platform. The event provides participants several formal and informal opportunities to network with like-minded individuals and build new collaborations. These ties frequently extend beyond the conference, resulting in collaborations that generate good impact across multiple disciplines.

While the World Economic Forum has had significant success in creating global dialogue and collaboration, there are some areas where it may be enhanced to maximise its influence. One complaint is that the event is linked with elitism, which limits the range of viewpoints represented. Efforts should be taken to achieve greater diversity in talks by actively incorporating marginalised and underprivileged populations.

Another area for development is the conversion of Davos’s conversations and ideas into actual actions. The World Economic Forum has been chastised for being a “talk shop” where lofty goals are proclaimed but fail to materialise. To address this, the conference should stress the creation of meaningful plans and commitments and clear accountability structures to guarantee that the talks result in tangible change.

Lastly, there is a need to improve transparency and public engagement concerning the event. Critics contend that choices taken at Davos, which can have far-reaching consequences, are frequently made behind closed doors, with insufficient consultation from the public. More efforts should be made to include people from marginalised communities and civil society organisations in determining the forum’s agenda and outcomes.

While Davos plays a vital role in holding the WEF and bringing world leaders together, GHD continues to give its clients multiple approaches to addressing the world’s biggest challenges in energy, water, and communities.

We are dedicated to creating a brighter and more sustainable future for every community and generation. And we are focused on achieving long-term commercial outcomes for those who create, operate, and manage the world’s resources. We can help you in the following areas:

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Articles referenced

^{Banco Bilbao Vizcaya Argentaria n.d., ‘Davos Forum 2023: Cooperation in a fragmented world’, retrieved June 14, 2023, from https://www.bbva.com/en/whats-happening-davos-forum/}

^{Franks, Josephine 2023, ‘What is Davos and what happens at the World Economic Forum meeting?’ retrieved June 14, 2023, from https://news.sky.com/story/what-is-davos-and-what-happens-at-the-world-economic-forum-meeting-12784281}

^{McKinsey & Company n.d., ‘What is Davos?’ retrieved June 14, 2023, from https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-davos}

^{Walsh, David 2023, ‘What is Davos and why is it important? Your guide to the World Economic Forum’s annual meeting’, retrieved June 14, 2023, from https://www.euronews.com/next/2023/01/15/what-is-davos-and-why-is-it-important-your-guide-to-the-world-economic-forums-annual-meeti}