The heads of major global businesses are urging G20 governments to formally accept that companies should disclose climate-related financial risks.
Business leaders at the World Economic Forum Annual Meeting agreed that there is an urgent need to restore the compact between business and society, ensuring that companies are responsive and responsible to all their stakeholders. There is a crisis of confidence in leadership, said Jim Hagemann Snabe, Member of the Board of Trustees, World Economic Forum. “We have an opportunity to reinvent how we do business, to refocus our efforts towards ensuring long-term sustainability,” he added.
Chinese President Xi Jinping delivered a robust defence of globalization to business, government and civil society leaders in the opening plenary session of the 47th World Economic Forum Annual Meeting. China, Xi said, is committed to fulfilling its international responsibilities and contributing to addressing pressing global challenges, including climate change, the need for new drivers of economic growth and creating jobs in the face of the emerging technologies of the Fourth Industrial Revolution.