WEF to hold ‘twin summit’ in January

NEW DELHI: The World Economic Forum announced on Wednesday that its next summit in Davos will be “a unique twin summit” in January 2021, with the theme “the Great Reset”, with a wider participation through virtual link-ups in 400 cities to the main event.

The WEF said the political, economic and social disruptions caused by the crisis had exposed the inadequacies of health, financial and energy systems, leaving leaders at a crossroads.

“The Covid-19 crisis has shown us that our old systems are not fit any more for the 21st century,” said WEF executive chairman Klaus Schwab. “It has laid bare the fundamental lack of social cohesion,” he said at a virtual event hosted from the WEF headquarters in Geneva.

The WEF’S 50th summit last year was among the few big-ticket events before the Covid-19 pandemic forced people around the world to cancel mass gatherings and ground flights. WEF summits typically draw some of the biggest names in industry and politics.

According to a person closely associated with the WEF, the announcement suggests the forum is unlikely to cancel the physical meeting. “That could, however, be scaled down. In addition they may also have virtual open meetings organised by over 400 Global Shapers. It is a great idea that gels with its theme, ‘the Great Reset’, and a superb idea to keep the stakeholders engaged,” this person said, asking not to be named.

The Global Shapers Community is meant to encourage people under the age of 30 to work together to address local, regional and global challenges. With more than 9,698 members, the community spans 421 city-based hubs in 148 countries.