There are always two versions of Davos. Outside, on the promenade, it is like being in a chaotic marketplace, with shop fronts turned into advertising windows and meeting places for new tech ventures, people rushing between meetings waving or shouting at each other and no time to stop. The road is jam-packed with black cars, going nowhere. It is noisy, exciting, and exhausting. And then, as soon as one steps inside the conference centre, all the noises vanish and a measured, considered quiet reigns.
But, Davos was different this year. Standing in the highest city in Europe, amidst the largest gathering in the World Economic Forum’s history, one could physically feel the tension between the old world and the new. With two new co-chairs – Larry Fink and, our own chairman, André Hoffmann – there was a renewed energy to the meeting, under the annual theme “A Spirit of Dialogue”, that pushed the focus on growth through cooperation, investment in people, and innovation, all within planetary boundaries.
Leading up to this week, the narrative suggested that sustainability was in retreat, and the headlines initially seemed to back that fear. The sentiment dipped as Wall Street headlines pointed to a “Climate Resignation,” and protests erupted outside, questioning the very validity of the Forum.
And then, the Indian state of Jharkhand sent its first-ever delegation, not to talk about industrial exploitation, but to champion “growth in harmony with nature.” They were joined by Telangana, outlining a roadmap for a $3 trillion economy built on sustainable livelihoods. Technology, often viewed with suspicion, stepped up as a powerful ally, exploring how AI can enable climate adaptation. A transformative moment arrived when Envision announced an AI-powered breakthrough in green ammonia and hydrogen—a stable “green petroleum equivalent” that might set a new global benchmark. The corporate world was also moving the needle. PepsiCo’s CEO called for a total reframe of sustainability, looking at it from a long-term perspective rather than a nice thing to do, while Mark Carney’s speech on developing a resilient economy in Canada echoed through the halls, reminding us that trade and prosperity can—and must—coexist with planetary boundaries. And finally, the International Monetary Fund set out the present situation of the private sector as more agile than anticipated.
Even with the headlines and the controversy around some of the keynote speeches, Davos is at its heart, about people. It is very easy to paint the attendees of Davos as “them” disconnected from reality, as something different from “us”. In fact, we are all struggling with the complexity of life, no matter who we are. Yes, there was wealth and privilege. At the same time, I had very honest and vulnerable conversations with senior political figures and bankers about how we can deliver prosperity for everyone within boundaries.
The global dynamics are simply reinforcing the need for more holistic decision-making, and the profound need to be looking beyond financial capital to the natural and social systems that underpin economic stability. Relying solely on GDP as a measure of economic success is increasingly outdated, as it overlooks the foundations of value creation and the systemic risks that ultimately affect economies, businesses and societies alike. If in previous years, impact and value were on the edge of the discussions, now they were both central.
Will the Capitals Coalition be in Davos next year? Absolutely. It’s not the time to separate silos of “them” and “us”. We all need to break down barriers. Even when the geopolitical winds blow cold, the seeds of a resilient economy are taking root. And as André Hoffman wrote in his recent interview, “Humanity is what is going to make a difference”.
Research sources for this article have been curated and provided by our partner Polecat.
