Davos 2023: What insights to read from the World Economic Forum

The World Economic Forum’s Annual Meeting 2023 will take place in Davos, Klosters from 16-20 January. Under the theme ‘Cooperation in a Fragmented World’, the meeting will bring together more than 2,500 leaders from government, business and civil society to address the most pressing global challenges.

Davos 2023 comes at a time when the world is facing a multitude of crises, making the need for dialogue all the more important. You can find out more about Davos’ purpose and history here as well as information on how to follow the Annual Meeting.

Ahead of the meeting, here are some key reports from the World Economic Forum that will give you a greater understanding of the topics and issues that will be discussed in Davos this January.

The pandemic, the steep economic rebound and the war in Ukraine have disrupted energy markets around the world, showing that the energy transition is far from immune to the impacts of major global events.

An effective energy transition requires careful balancing of all three parts of the energy triangle: economic development and growth, energy security and access, and environmental sustainability.

With global demand for industrial products projected to grow significantly by 2050, the decarbonization of industries is fundamental to the global energy transition. Just five industries (cement and concrete, iron and steel, oil and gas, chemicals, and coal mining) together are responsible for 80% of industrial emissions.

Learn more about the report and its findings.

The report uses Data from the Global Risks Perception Survey 2022-2023 to understand the risks the world is likely to face over the coming 10 years.

In the next two years, the cost-of-living crisis is seen as the biggest risk, while over the next 10 years environmental risks dominate.

Explore the biggest risks the world is facing over the next 10 years.

There is growing evidence that dynamic governments and purpose-driven businesses are willing to shape a new era of public-private cooperation into investment in new technologies. In order to create the “markets of tomorrow” which can meet key societal needs, a proactive approach and greater strategic planning are needed.

Governments must act as “investors of first resort” to invite wider private-sector interest and investment in technologies and sectors with the highest potential to build the markets of tomorrow.

The report draws on more than 12,000 responses to the Forum’s Executive Opinion Survey. It seeks to identify:

Find out more about the markets of tomorrow and how we can turn technologies into new sources of global growth.

The COVID-19 pandemic has accelerated the arrival of the future of work. From the increased pace of technology adoption to the expansion of remote work, the labour market is facing rapid changes that workers must try to keep pace with.

On average, companies estimate that around 40% of workers will require reskilling of six months or less in order to meet the fast-changing requirements of the world of work.

Find out more about the future of jobs.

Jobs that support social inclusion and environmental sustainability are critical to driving inclusive and sustainable economic growth. This whitepaper seeks to quantify the need for social and green jobs in 10 countries by 2030 in order to meet inclusion and climate targets.

In these countries, social jobs represent 11% of the total workforce while green jobs constitute just 1%. To meet inclusion and social mobility goals, these nations need 64 million more social jobs. Meanwhile, 12 million more green jobs are needed in these countries to meet environmental goals.

Learn more about the jobs of tomorrow and how we can create them.

The pandemic has caused a generational loss in gender equality, increasing the projected time to reach global parity from 100 to 132 years. LGBTQIA+ individuals continue to face stigma and discrimination and only 4% of businesses are focused on making offerings inclusive of people with disabilities.

However, efforts to improve diversity, equity and inclusion are becoming more widespread. In 2020, it was estimated that companies worldwide spent $7.5 billion on DEI-related efforts, a figure that is projected to more than double to $15.4 billion by 2026.

Read more on how businesses drive effective diversity, equity and inclusion initiatives.

The accelerated shift to remote working during the COVID-19 pandemic, coupled with high-profile cyberattacks, have resulted in bringing cybersecurity top of mind among key decision-makers in organizations and nations.

One challenge identified by the report is recruiting and retaining cybersecurity talent. The Forum’s survey found that 59% of all respondents would find it challenging to respond to a cybersecurity incident due to the shortage of skills within their team.

Learn more about the challenges facing cybersecurity and how governments and organizations can plug the gaps.

As the sector recovers from the COVID-19 pandemic, it is crucial that steps are taken to embed long-term inclusivity, sustainability and resilience into the industry as it faces evolving challenges and risks.

On average, the above results have only increased just 0.1% between 2019 and 2021, reinforcing the difficult situation that the sector faces. Supporting the recovery of this sector will in turn help the global recovery, build resilience and support all of those who depend on the sector for work.

Discover what needs to be done to help the travel and tourism sector recover.

Progress on gender equality is stalling. It will take another 132 years to close the global gender gap, with only 68% of the gender gap currently closed, according to the Forum’s Global Gender Gap Report 2022.

The Global Gender Gap Index measures the world’s progress towards gender parity across four key dimensions: Economic Participation and Opportunity, Educational Attainment, Health and Survival, and Political Empowerment.

This progress has been stifled by global crises including the COVID-19 pandemic. According to trends leading up to 2020, the gender gap was set to close within 100 years.

Read more about the global gender gap and how the world can close it faster.

The Forum’s Net-Zero Industry Tracker is a tracking platform that supports the emergence of low-carbon industries by the decade’s end.

Given that industrial sectors account for nearly 40% of global energy consumption and more than 30% of global greenhouse gas emissions, the transformation and tracking of these sectors is pivotal to reaching net-zero emissions by 2050.

Learn more about the state of decarbonization with the Net Zero Industry Tracker.

Cities contribute 80% of the world’s GDP, yet their exponential growth in recent decades has come at the expense of nature. Aside from damaging local ecosystems and fuelling the loss of habitats, urban areas are responsible for over 75% of global carbon emissions.

Find out what systemic shifts are needed to develop BiodiverCities that place nature at the heart of decision-making.