Today is Monday, January 22, 2024.
As you probably heard, the World Economic Forum (WEF) had its 54th Annual Meeting last week in Davos, Switzerland. Theme was "Rebuilding Trust".
Carbon Credit Markets had two posts related to these meetings:
Although there are very different views about the relevance of Davos' meetings overtime, it represents a kind of barometer on global issues and cooperation. Business and political. By the way, some noted that this year politicians were "not here in the numbers they've been in the past".
Anyway, not a coincidence that it is also in January that the same WEF releases its "Global Cooperation Barometer 2024", a report structured along five dimensions of global connection: trade and capital, innovation and technology, climate and natural capital, health and wellness, and peace and security.
Main conclusion is a concerning complex geopolitical context, full of geo-economic and market uncertainties. According to the report, "leaders in the public and private sectors will need to gain fluency in the dynamics driving the changes to not just stabilize their position, but to be equipped to shape a beneficial future."
How? Here some ideas:
Practice “coopetition”, focus on advancing shared interest that can exist despite competition;
Use cooperation to beget cooperation, increase overall trust and diminish unnecessary rivalry or conflict;
Raise the capabilities of management, not just understanding the headlines, but having a subtle grasp of the nuances, context and potential implications for the business;
Evaluate board expertise and engagement, building their capabilities on topics of global cooperation, invite global experts, more proactive in pressure- testing management;
Build dynamic strategic options, versus the old paradigm of globalization;
Think diversifying, not decoupling, for example initiate dual sourcing and enable more countries to participate more fully. Click at the image below for the report "Global Cooperation Barometer 2024"
To conclude, click here for the "McKinsey Chart of the Day" series of daily charts, exploring themes related WEF's 54th Annual Meeting in Davos, including CO2 removal, geopolitical instability, business resilience, productivity gains from generative AI, and economic empowerment. Its a fantastic set of charts.
You may also like to refer to McKinsey & Company's 10 key takeaways from Davos.
