Dr. Arvind Kumar*
Our planet is heading for a scorching three-degree increase in global temperatures. Droughts, storms, fires and floods are pummeling countries and communities. Before travelling to the United Nations climate talks at COP28 in Dubai, I saw for myself the dramatic receding of Himalayan glaciers, the accelerated melting of the ice sheet in Antarctica and glaciers disappearing in Switzerland” these are the warning and scary words of Antonio Guettress Secretary General of the United Nations speaking at Davos during the annual meeting of the World Economic Forum. One thing is crystal clear the climate change debate and the momentum of COP28 are still going strong and should go strong if we want to restrict our emissions and rising temperatures. Experts and policymakers took up issues like ensuring a sustainable West Asia and North Africa, cracking down on plastic waste and searching for ways to maintain life on Earth, amid growing threats to biodiversity. The theme f the forum ‘Rebuilding Trust,’ emphasized the need for global cooperation and shared solutions in a world undergoing critical challenges like climate change, geopolitical issues, and more.
As this annual tradition has continued over decades, India has been a prominent participant, sending CEOs and politicians. But does the WEF still have relevance? Has it done what it set out to do? Has it evolved with the changing economic and geopolitical landscape? Or is it a necessary forum to discuss important issues and help showcase emerging economies and countries?
The forum provided a crucial space to step back and focus on the fundamental principles driving trust, including transparency, consistency, and accountability at three fundamental levels: into the future, within societies, and among nations. Representatives from over 100 governments, foremost international organisations, 1000 partner corporations, and luminaries from diverse avenues, encompassing media and more, came together at WEF 2024 to seek pathways towards a more resilient and equitable future. The WEF’s approach to addressing issues is guided by ‘multi-stakeholder governance’, which means that the world’s problems are best tackled by the diverse stakeholders that are impacted by them.
The basis of the WEF’s activity is therefore providing an arena for liaison and discussion between some of the world’s most important decision-makers. The WEF has certainly been a major force promoting ideas of public-private partnerships and multi-stakeholder collaboration in response to global challenges. The real value of the event lies in this focus on networking and the accumulation of knowledge, which it has helped facilitate, albeit perhaps not to the standards it often claims. Like all political forums, the World Economic Forum states its goals in overoptimistic, general terms. However sitting in a fancy Swiss ski resort the global elite” is making decisions for the common man, does not go down very well with observers.
India at WEF 2024
To translate discussions into action, India at WEF hosted a multitude of events and panels. The sessions fostered public engagement with panel discussions, roundtables, fireside chats, and interactive sessions. These sessions took place at the India Engagement Centre, one of the three centres set up by India. The centres showcased India’s growth story and emerging technologies and served as hubs for G2B and B2B networking and engagements. The topics were as diverse as women entrepreneurs, technology. finance AI, digital boom etc. India’s presence at WEF was vibrant and impactful, reflecting its commitment to global cooperation and progress. A strong contingent of government officials, business leaders, and thought leaders engaged in insightful discussions, showcasing India’s growing global importance.
It was inspired by the mantra ‘Engage, Experience, Invest’. Building on its successful G20 leadership, India championed the theme of ‘Vasudhaiva Kutumbakam’ – One Earth, One Family, One Future – acting as a unifying voice for the Global South. The engagements and statements of ministers reinforce India’s commitment to collaborative efforts and partnerships for a better and more equitable future.
Smt. Smriti Zubin Irani, Hon’ble Minister for Women & Child Development and Minority Affairs; Shri Ashwini Vaishnaw, Hon’ble Minister for Railways, Communications, Electronics & Information Technology, and Shri Hardeep Singh Puri, Hon’ble Minister for Housing and Urban Affairs and Petroleum & Natural Gas, registered their presence at the WEF 2024, conveying India’s message of global cooperation and world good. They participated in sessions and shared India’s evolving role in the global landscape. Business leaders from media, tech, aerospace, and other sectors participated in discussions, showcasing India’s growing entrepreneurial spirit. India at WEF showcased enormous investment opportunities in their respective states – adding to India’s presence as a global trusted partner. From ministers to young entrepreneurs, a diverse chorus championed India’s evolving role in building trust and collaboration for a brighter future.
Way Ahead
More often than not, Davos is seen as a place for western nations to exert their power and influence with the help of the top 1%. Businessmen use the WEF to discuss and finalise business deals behind closed doors. Whether these deals benefit the wider economy or only a select few is another relevant point. In wanting to address increasing inequality, a group of millionaires signed an open letter stating that they were taxed too little by their governments. Critics argue this is merely lip service. For India, it’s a global platform unlike any other. India’s economic ambitions are clear as day. The Forum represents an opportunity to showcase what it’s doing and what it will do. They’re important as the country looks to become one of the world’s biggest and most influential economies. This year, states like Karnataka and Tamil Nadu are on a mission – to woo global companies. Both states have already signed agreements with companies worth thousands of crores.
The score card on climate at this year’s World Economic Forum was far from perfect. The emissions of participants attending the meetings were staggering. But, progress was made. Climate was the issue that garnered the most debate and discussion during the meetings. At Davos, a group of the world’s largest pension funds pledged to decarbonize its asset holdings through the Net Zero Asset Owner Alliance, 140 of the world’s largest companies pledged to work together to develop environmental, social, and governance metrics. Governments could have taken these steps on their own through significant regulation, but lack the political will to do so. Corporations are starting to do so on their own. As they tout their accomplishments at Davos, they can and do bring others along with them.
What we have to see is does the WEF’s real impact will fall short of its lofty pronouncements or prevail.
*Editor, Focus Global Reporter
