WEF’s January Davos twin summit to focus on the ‘Great Reset’

Founder and Executive Chairman of the World Economic Forum (WEF) Klaus Schwab attends a news conference ahead of the Davos annual meeting in Cologny near Geneva, Switzerland January 15, 2019. — Reuters pic
Founder and Executive Chairman of the World Economic Forum (WEF) Klaus Schwab attends a news conference ahead of the Davos annual meeting in Cologny near Geneva, Switzerland January 15, 2019. — Reuters pic

KUALA LUMPUR, June 3 — A Great Reset is necessary to build a new social contract that honours the dignity of every human being, asserts the World Economic Forum (WEF).

Founder and executive chairman Klaus Schwab said such reset is to ensure that the non-governmental organisation which is committed to improving the state of the world, lives up to the expectations of the younger generation.

He noted that the global health crisis has laid bare the unsustainability of the old system in terms of social cohesion, lack of equal opportunities and inclusiveness.

“Nor can we turn our backs on the evils of racism and discrimination,” he stressed.

The WEF acknowledges that Covid-19 has accelerated its transition into the age of the Fourth Industrial Revolution and its obligation to ensure that the new technologies in the digital, biological and physical world remain human-centred and serve society as a whole, providing everyone with fair access.

“This global pandemic has also demonstrated again how interconnected we are. We have to restore a functioning system of smart global cooperation structured to address the challenges of the next 50 years,” Schwab said in statement today.

‘The Great Reset’ will be the theme of a unique twin summit that the WEF will convene in January 2021, to bring together global leaders from government, business and civil society, and stakeholders from around the world in a unique configuration that includes both in-person and virtual dialogues.

It will connect key global governmental and business leaders in Davos with a global multi-stakeholder network in 400 cities around the world for a forward-oriented dialogue driven by the younger generation.

“The Great Reset will require us to integrate all stakeholders of global society into a community of common interest, purpose and action.

“We need a change of mindset, moving from short-term to long-term thinking, moving from shareholder capitalism to stakeholder responsibility. Environmental, social and good governance have to be a measured part of corporate and governmental accountability,” Schwab said. — Bernama

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