Davos world forum ‘matters more than ever’

There’s a meeting of minds in a Swiss ski resort that some dismiss as a gathering of elites.

After pandemic interruptions, the 2023 World Economic Forum meeting in Davos this week brings together leaders from politics, business, central banks, the arts, universities and global charities.

Former foreign minister Julie Bishop will head up an Australian National University contingent as chancellor, alongside Nobel Prize winner Professor Brian Schmidt and technology anthropologist Professor Genevieve Bell.

Ms Bishop is speaking at a number of Davos events, including on a panel about Japan.

A record 2700 delegates will confront issues that reach across borders and require the movement of people, goods and data – and a fairer distribution of wealth.

The Australian government will be represented at the forum by Assistant Minister for Trade Tim Ayres.

The ANU is again co-hosting an “Australia in Davos” reception for industry and academia.

For the first time, the forum will build a virtual Global Collaboration Village to open up the swanky event to the less well-heeled.

Forum founder Klaus Schwab said the metaverse will influence the way people, governments, companies and society at large think, work, interact and communicate about world issues.

The village will provide a more open, comprehensive way of coming together, he said.

The energy shock, global inflation and shaky geopolitics are on the forum agenda, along with workforce inclusion, sustainability and preventing the next pandemic.

Australian firms are positioning to take advantage of demand for critical minerals to power industrial change, and jostling for a place in the future financial system of green finance and carbon accounting.

Ex-Liberal senator Cory Bernardi said Davos organisers “want to add more crony to capitalism while allowing you to eat bugs and own nothing”.

However, more than 50 years after the forum’s first annual meeting, some believe this year’s talks could be pivotal as the world faces a possible recession, ongoing war in Ukraine and a climate crisis.

A “living wage”, which covers basic needs and allows some extra to be put aside for big purchases or emergencies, is also up for discussion.

Inclusion for workers with disability and from diverse cultural backgrounds is also an important goal with companies already competing for scarce talent.

Global consultants McKinsey argue Davos “matters more than ever” as pursuing business as usual is proving inadequate in every sector.

The energy transition alone will require the biggest capital reallocation of anybody’s lifetime.

To reach net-zero emissions, the world must invest $US3.5 trillion more each year, according to McKinsey.

Climate activists are also in Davos, Switzerland, to protest against the role of fossil fuel firms in the forum.