The World Economic Forum’s (WEF) Special Meeting on Global Collaboration, Growth and Energy for Development kicked off with a resounding call from global leaders to prioritize inclusive growth and investing in developing human capital. H.E. Faisal Alibrahim, Saudi Arabia’s Minister of Economy and Planning, underscored the importance of co-creating a global economy that works for everyone. “This means investing in people, in their skills, in their education, and in their well-being,” he stated.
Balancing energy needs with responsibility
During the WEF Special Meeting, Alibrahim further stressed the significance of responsible energy practices. He labeled energy as “the lifeblood of our economies”. Moreover, he advocated for investments in clean and renewable solutions, urging a collaborative effort to address the energy trilemma of security, equity, and sustainability. His message was clear: “No one should be left in the dark.”
Technology’s transformational role
During her participation at the WEF Special Meeting, Kristalina Georgieva, managing director of the International Monetary Fund (IMF), highlighted the transformative potential of technology. She urged leaders to aim for the “Transformational Twenties”, envisioning a future where technological advancements drive widespread wealth distribution. Georgieva emphasized the need for a balance between technological progress and equitable distribution of its benefits, aiming for a future “with much better distribution of the benefits of growth”, she stated.
Meanwhile, Bola Ahmed Tinubu, President of Nigeria, acknowledged the profound technological changes unfolding globally. He envisioned an “age of intelligent economies”, with advancements such as artificial intelligence (AI) and rapid vaccine development. Tinubu emphasized the potential of these technologies to elevate productivity to new heights, fostering a society of abundance.
Opening Plenary: A New Vision for Global Development @borgebrende, @PaulKagame (@UrugwiroVillage), @KGeorgieva (@IMFnews), @officialABAT, @falibrahim(@MEPSaudi), @anwaribrahim (@MalaysiaPMO), @MarounKeyrouz1, Peter Orszag #SpecialMeeting24 https://t.co/9HhksKfYNY
— World Economic Forum (@wef) April 28, 2024
Read: World Bank partners with Saudi Arabia to establish knowledge center for economic reforms
Addressing social challenges
During the WEF Special Meeting, Peter Orszag, CEO of Lazard, highlighted the evolving role of companies in addressing social challenges amidst geopolitical and socio-technological transformations. He called for better policy-making to navigate the complexities of the energy transition. “It is going to be expensive and it is going to be hard,” he added. Hence, companies are now filling the void on social and other issues that policy has not dealt with.
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