10:27 am, Friday, 7 February 2025

WEF special meeting charts path to renewed dialogue, sustainable future

The two-day special meeting of the World Economic Forum (WEF) is held in Riyadh, Saudi Arabia.

Against a backdrop of escalating geopolitical tensions and a widening North-South gap, the World Economic Forum on April 29 convened 1,000 global leaders and experts from government, business, international organizations, and civil society to chart a collective path towards a more stable, sustainable, and inclusive future.

The Special Meeting on Global Collaboration, Growth, and Energy for Development 2024, held under the patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, brought together influential figures to exchange perspectives, evaluate new data, and foster impactful partnerships.

Kristalina Georgieva, Managing Director of the International Monetary Fund, remarked, “We may remember this decade as the Turbulent Twenties or the Tepid Twenties, but what we truly aspire for is the Transformational Twenties. Leaders of the next century must aim to generate wealth comparable to that of the past century, while ensuring a far more equitable distribution of its benefits.”

Børge Brende, President of the World Economic Forum, emphasized, “In a world fraught with uncertainty, the imperative for dialogue, comprehension, and cooperation has never been more vital.

The Special Meeting in Saudi Arabia has emerged as a pivotal platform for leaders to convene, address our common challenges, and chart a course towards a future characterized by stability and prosperity.”

The meeting centered on three overarching themes: inclusive growth, global collaboration, and energy for development.

Participants discussed at the meeting, emphasized the need for new approaches to measure and stimulate economic growth amidst global fragmentation.

Initiatives like the Future of Growth Initiative and the Saudi Arabia Markets of Tomorrow Accelerator aimed to drive higher-quality growth by integrating innovation, inclusion, sustainability, and resilience.

Participants highlighted the potential of intelligent economies, leveraging technologies like AI, 5G, and IoT to foster innovation and prosperity.

Key agreements were made, including the establishment of a Centre for Space Futures in Riyadh and the launch of a Strategic Cybersecurity Talent Framework to enhance cyber resilience.

Discussions also centered on investing in jobs, people, and equity, with a focus on leveraging AI in education through the Education 4.0 Initiative.

Efforts to accelerate economic gender parity and youth integration were underscored, recognizing the importance of women and youth in driving societal change.

In the realm of health, discussions aimed to advance the eradication of polio, with commitments from Saudi Arabia and the Bill & Melinda Gates Foundation to protect millions of children annually.

The World Health Organization expressed optimism about achieving full polio eradication, emphasizing the need for concerted efforts to reach the goal.

The Special Meeting addressed the complex geopolitical landscape, with leaders emphasizing the need for enhanced cooperation amidst global challenges.

Antony Blinken, US Secretary of State, highlighted the necessity of revitalizing alliances to navigate this period of polycrisis.

Josep Borrell, High Representative of the European Union for Foreign Affairs and Security Policy, echoed the sentiment, emphasizing the importance of collaboration in addressing pressing global issues.

Special remarks from Mahmoud Abbas, President of the Palestinian National Authority, underscored the urgent need for a ceasefire and humanitarian aid in Gaza, while leaders like Bisher Hani Al Khasawneh, Prime Minister of Jordan, and Mostafa Madbouli, Egyptian Prime Minister, called for international support for the Palestinian cause.

Hala H El Said Younes, Minister of Planning and Economic Development of Egypt, emphasized the role of international trade and globalization in fostering inclusive economic growth, stressing the need for technology transfer, foreign investment, and capacity building in developing countries.

In response to increasing fragmentation, leaders highlighted the importance of international investment collaboration and public-private partnerships. Lubna Olayan, Chair of the Executive Committee, Olayan Financial Company, emphasized the significance of transparency and the rule of law for investors, while Lawrence Fink, Chairman and CEO of BlackRock, expressed optimism amidst global challenges.

Peter Orszag, CEO of Lazard, emphasized the role of companies in addressing social challenges, calling for better policy-making to navigate the energy transition.

The Forum welcomed Oman and Cyprus to the Digital FDI Initiative, aiming to create digital-friendly investment climates.

Additionally, Saudi Arabia pledged to collaborate with the Forum’s AI Governance Alliance on Inclusive AI for Growth and Development, aiming to ensure inclusive access to AI technologies worldwide.

The Special Meeting convened leaders and energy experts to bolster the business case for the energy transition, focusing on financial viability, clean energy investment, and robust supply chains.

Participants stressed the urgency of the climate crisis and advocated for an equitable transition to support sustainable development.

Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud, Minister of Energy of Saudi Arabia, emphasized the global nature of climate change and the need for a unified response.

The Forum aims to facilitate progress towards Paris Agreement targets while promoting investments that create economic value, jobs, emission reductions, and cleaner air.

Insights from the Forum’s Global Future Council on the Future of Energy Transition highlighted shifts towards critical minerals and launched good practice examples for integrating economic equity into the transition.

Saad Sherida Al-Kaabi, Minister of State for Energy Affairs of the State of Qatar, emphasized responsible growth and equal rights for all nations in the transition.

Li Zhenguo, President of LONGi Green Energy Technology Co., Ltd., called for increased international cooperation, a high-level platform for policy coordination, and fulfillment of commitments from the Paris Agreement.

Several initiatives were launched during the meeting, including the Circular Carbon Economy Initiative and Sustainable Mining and Ocean Economy Challenges through the Forum’s UpLink platform, aiming to source innovative solutions for carbon capture, sustainable mining, and ocean conservation.

WEF special meeting charts path to renewed dialogue, sustainable future

Update Time : 01:25:03 am, Tuesday, 30 April 2024

Against a backdrop of escalating geopolitical tensions and a widening North-South gap, the World Economic Forum on April 29 convened 1,000 global leaders and experts from government, business, international organizations, and civil society to chart a collective path towards a more stable, sustainable, and inclusive future.

The Special Meeting on Global Collaboration, Growth, and Energy for Development 2024, held under the patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, brought together influential figures to exchange perspectives, evaluate new data, and foster impactful partnerships.

Kristalina Georgieva, Managing Director of the International Monetary Fund, remarked, “We may remember this decade as the Turbulent Twenties or the Tepid Twenties, but what we truly aspire for is the Transformational Twenties. Leaders of the next century must aim to generate wealth comparable to that of the past century, while ensuring a far more equitable distribution of its benefits.”

Børge Brende, President of the World Economic Forum, emphasized, “In a world fraught with uncertainty, the imperative for dialogue, comprehension, and cooperation has never been more vital.

The Special Meeting in Saudi Arabia has emerged as a pivotal platform for leaders to convene, address our common challenges, and chart a course towards a future characterized by stability and prosperity.”

The meeting centered on three overarching themes: inclusive growth, global collaboration, and energy for development.

Participants discussed at the meeting, emphasized the need for new approaches to measure and stimulate economic growth amidst global fragmentation.

Initiatives like the Future of Growth Initiative and the Saudi Arabia Markets of Tomorrow Accelerator aimed to drive higher-quality growth by integrating innovation, inclusion, sustainability, and resilience.

Participants highlighted the potential of intelligent economies, leveraging technologies like AI, 5G, and IoT to foster innovation and prosperity.

Key agreements were made, including the establishment of a Centre for Space Futures in Riyadh and the launch of a Strategic Cybersecurity Talent Framework to enhance cyber resilience.

Discussions also centered on investing in jobs, people, and equity, with a focus on leveraging AI in education through the Education 4.0 Initiative.

Efforts to accelerate economic gender parity and youth integration were underscored, recognizing the importance of women and youth in driving societal change.

In the realm of health, discussions aimed to advance the eradication of polio, with commitments from Saudi Arabia and the Bill & Melinda Gates Foundation to protect millions of children annually.

The World Health Organization expressed optimism about achieving full polio eradication, emphasizing the need for concerted efforts to reach the goal.

The Special Meeting addressed the complex geopolitical landscape, with leaders emphasizing the need for enhanced cooperation amidst global challenges.

Antony Blinken, US Secretary of State, highlighted the necessity of revitalizing alliances to navigate this period of polycrisis.

Josep Borrell, High Representative of the European Union for Foreign Affairs and Security Policy, echoed the sentiment, emphasizing the importance of collaboration in addressing pressing global issues.

Special remarks from Mahmoud Abbas, President of the Palestinian National Authority, underscored the urgent need for a ceasefire and humanitarian aid in Gaza, while leaders like Bisher Hani Al Khasawneh, Prime Minister of Jordan, and Mostafa Madbouli, Egyptian Prime Minister, called for international support for the Palestinian cause.

Hala H El Said Younes, Minister of Planning and Economic Development of Egypt, emphasized the role of international trade and globalization in fostering inclusive economic growth, stressing the need for technology transfer, foreign investment, and capacity building in developing countries.

In response to increasing fragmentation, leaders highlighted the importance of international investment collaboration and public-private partnerships. Lubna Olayan, Chair of the Executive Committee, Olayan Financial Company, emphasized the significance of transparency and the rule of law for investors, while Lawrence Fink, Chairman and CEO of BlackRock, expressed optimism amidst global challenges.

Peter Orszag, CEO of Lazard, emphasized the role of companies in addressing social challenges, calling for better policy-making to navigate the energy transition.

The Forum welcomed Oman and Cyprus to the Digital FDI Initiative, aiming to create digital-friendly investment climates.

Additionally, Saudi Arabia pledged to collaborate with the Forum’s AI Governance Alliance on Inclusive AI for Growth and Development, aiming to ensure inclusive access to AI technologies worldwide.

The Special Meeting convened leaders and energy experts to bolster the business case for the energy transition, focusing on financial viability, clean energy investment, and robust supply chains.

Participants stressed the urgency of the climate crisis and advocated for an equitable transition to support sustainable development.

Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud, Minister of Energy of Saudi Arabia, emphasized the global nature of climate change and the need for a unified response.

The Forum aims to facilitate progress towards Paris Agreement targets while promoting investments that create economic value, jobs, emission reductions, and cleaner air.

Insights from the Forum’s Global Future Council on the Future of Energy Transition highlighted shifts towards critical minerals and launched good practice examples for integrating economic equity into the transition.

Saad Sherida Al-Kaabi, Minister of State for Energy Affairs of the State of Qatar, emphasized responsible growth and equal rights for all nations in the transition.

Li Zhenguo, President of LONGi Green Energy Technology Co., Ltd., called for increased international cooperation, a high-level platform for policy coordination, and fulfillment of commitments from the Paris Agreement.

Several initiatives were launched during the meeting, including the Circular Carbon Economy Initiative and Sustainable Mining and Ocean Economy Challenges through the Forum’s UpLink platform, aiming to source innovative solutions for carbon capture, sustainable mining, and ocean conservation.