The World Economic Forum, founded by German economist Klaus Schwab in 1971, initially began as a gathering called the ‘European Management Forum’ and he invited business leaders from Europe when he was a professor at Harvard University. Over time, this gathering expanded into an annual event discussing global economic issues, and changed its name to the ‘World Economic Forum’ in 1987. It is mostly known as the ‘Davos Forum’, as it was held early every year in a small town called Davos, in the Alps region of Switzerland. Marking its 54th this year, it has grown into a UN non-governmental advisory organization, often called the ‘World Economic Olympics’ due to its authority and impact.

The Davos Forum 2024, held from January 15th to 19th, brought together more than 2,800 participants including the world’s 60 great leaders, entrepreneurs, political leaders, and academic leaders, along with Bill Gates, the co-founder of Microsoft. Prime Minister of Korea Duck-soo Han and numerous business leaders from Korea actively interacted with global key figures, deliberating on major global concerns, and exploring directions for sustainable economic development.

The theme for this year’s annual meeting was ‘Rebuilding Trust’, to get the world back on track and seek ways to coexist. ‘Climate Change’ and ‘Security Crises’ were at the forefront of discussions. ‘Rebuilding Trust’ was prioritized to resolve the complex crisis including escalating geopolitical tensions such as the prolonged Russia-Ukraine conflict and the Israel-Hamas war, climate chaos, and a faltering global economy.

According to the ‘The Global Risks Report 2024’, released in time for the annual meeting of the World Economic Forum, 66% of 1,490 global experts across various fields selected ‘Extreme Weather’ among 34 global risks as the most significant threat that put human life in crisis. Their prioritization of concern over extreme weather was influenced by last year’s hottest Northern Hemisphere summer in recorded history and the El Niño is expected to strengthen and persist this year, leading to more frequent extreme climate events such as heatwaves and cold waves.

The voices advocating for decarbonization became stronger at the forum, recalling that the global average temperature in 2023 was the warmest due to the acceleration of global warming. UN Secretary-General António Guterres, in a special address, remarked, “The whole world seems powerless to act against the climate crisis. As climate breakdown begins, countries remain hellbent on raising emissions.” His words once again raised awareness of each country’s lukewarm response to the climate crisis. Additionally, he emphasized the need for more proactive climate crisis solutions such as converting fossil-fuel subsidies into climate funds and expanding private sector investments in low-carbon technologies.