World business leaders meeting at the World Economic Forum in Davos, Switzerland, singled out climate change as the biggest challenge the world is facing.
The annual meeting of the World Economic Forum, held from 24-28 January 2007 in Davos, concluded with a clear call from Business leaders to do more efforts to minimise emissions of greenhouse gases (GHG).
Up to 17 sessions were dedicated to climate change during the Forum, ranging from "Economics of Climate Change" to "Make green pay". In a more general session, representatives of global business were asked about the biggest challenges the world is facing. In a final vote, participants chose climate change (38%) as the issue that will have the greatest impact in the coming years, before emerging markets (32.9%). Participants also agreed that climate change (55%) and inequality (12.2%) are the two issues that the world is least ready for.
Despite the overwhelming agreement on the urgency of the matter, no new concrete actions emerged from the meeting. The World Economic Forum, however, will pursue a number of established initiatives, such as the Global Greenhouse Gas Register, which works towards standardization and transparency of corporate carbon footprint, and the Voluntary Carbon Standard, which addresses emission reductions in unregulated markets.