AFP/Joel Saget
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AFP/Graphic
Posted on 01/24/2007 9:29:34 PM PST by NormsRevenge
DAVOS, Switzerland (AFP) - World business and political leaders have tempered optimism over global economic growth with concern over climate change as they kicked off their elite annual retreat in Davos.
The four-day gathering of movers and shakers in the Swiss ski resort boasted the usual impressive guest list, with delegates able to flit from a breakfast with Microsoft founder Bill Gates to an evening audience with German Chancellor Angela Merkel.
The theme of this year's World Economic Forum (WEF) meeting -- "The Shifting Power Equation" -- sought to take in everything from the growing geopolitical clout of Asia to the increasing influence of the Internet in business and information gathering.
"We have a shift of power in many ways ... with the rise of China and India, and the next layer of countries like Vietnam, Brazil and Korea," said WEF founder Klaus Schwab.
"At the same time we see the shift of power from business leaders to customers and shareholders," Schwab said Wednesday.
The 2,400 registered participants at Davos included 800 corporate chief executives or chairmen, 24 heads of state or government and 85 cabinet ministers.
Business leaders were in upbeat mood about prospects for 2007 and beyond, amid strong corporate profits and forecasts for another year of global expansion, despite a predicted slowdown in the United States.
A poll of Davos participants by the organisers showed that 65 percent of corporate chiefs and politicians thought their children would live in a more prosperous world.
Economist Laura Tyson of the University of California, Berkeley, sounded a cautious note when she said 2007 could be another fairytale year but warned that unresolved global imbalances meant "the big bad wolf is hiding in the forest".
An unusual lack of snow at Davos in the run-up to this year's Forum helped to highlight the issue of climate change, which Schwab expected to top the gathering's agenda.
There was a cautious welcome for US President George Bush's proposals for a long-term cut in US gasoline consumption, as business leaders urged greater government action on global warming.
"I think it is a movement in the right direction, there is a recognition of the link between climate change and human activity," said Nicholas Stern, the British government's chief economic advisor.
Stern recently penned a major report that warned of the dire economic consequences of climate change unless swift action was taken.
Bush's State of the Union address on Tuesday promised to cut US gasoline consumption by 20 percent by 2017 and favour alternative fuels like corn-based ethanol.
But it failed to meet growing expectations of federal limits on carbon emissions to match international ones.
"You have to recognise what everyone is doing. The United States is doing a lot on technology, a lot on standards. But then of course we have to scale up our action," Stern said.
The theme of shifting spheres of influence was party reflected in the absence of big name US officials, while India sent a high-profile 100-member delegation and the prime minister of Vietnam -- the newest member of the World Trade Organisation -- also showed up.
Another notable "shift" was the lack of celebrities.
With the exception of Davos regular Bono, famous names from the world of entertainment were scarce on the ground compared to previous years when the likes of Angelina Jolie, Brad Pitt and Sharon Stone stole the media spotlight from the corporate bigwigs and political leaders.
"It is not our policy to invite stars," Schwab explained. "It is our policy to invite people who can make contributions to specific sessions."
Chancellor Merkel was to formally open the Davos meeting later on Wednesday with a speech highlighting climate change, financial security and the need to revive world trade talks.
"To release the positive forces of globalisation, we must reduce global imbalances in public finances and world trade," Merkel told the WEF website.
British Prime Minister Tony Blair, making probably his last appearance at the Forum, was to line up on Friday alongside pop icon Bono, South African President Thabo Mbeki, Bill Gates and Liberian President Ellen Johnson Sirleaf to press home a message about delivering on the promises of aid to Africa.
Security was tight around the ski resort, although protests by anti-globalisation groups were expected to be minimal given the ease of controlling access to the isolated venue.
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AFP/Graphic
The theme of this year's World Economic Forum (WEF) meeting -- "The Shifting Power Equation" -- sought to take in everything from the growing geopolitical clout of Asia to the increasing influence of the Internet in business and information gathering.
Angela Merkel, Federal Chancellor of Germany, speaking in her capacity as G-8 president and head of the EU presidency, said that globalization is a force for good but that all countries must be treated fairly and integrated into the global economy. "Globalization offers far more opportunities than risks for people - more peace, more prosperity and more growth," she said.
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Session panellist Scott Friedheim, Co-Chief Administrative Officer Lehman Brothers, caught the mood of this discussion on the Shifting Power Equation by identifying business shifts that climate change would cause. “There will be a move away from corporate social responsibility towards long term sustainability,” he said. Annual Meeting participants broke into small groups to discuss which shift would have the greatest global impact in the coming years. Climate change was chosen as the shift most likely to affect the world in the future, narrowly beating the emergence of new markets into second place.
Davos isn't all about talking to the important issues of the world but rather talking about how important the people are who are doing the talking. (And how sweet the new Gulfstream 5's are)
So are troops armed with machineguns guarding the dumpsters so peasants don't steal a tossed plate of caviar?
How many trees were cut down to make parking space?
How many thousands of tons of CO2 were belched out getting these elitists to this pow-wow?
How many taxpayer dollars were spent on european sausage and bottled water?
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