What you need know about the WEF Tuesday

Kathryn Lurie

DAVOS, Switzerland (Reuters – The World Economic Forum’s annual meeting began Tuesday with bold declarations from China and Europe in an effort to boost their positions in the global marketplace.

The European Union will oppose the U.S.’s revolutionary Inflation Reduction Act, (IRA), which was described in Davos by Davos as the most important climate legislation since 2015 Paris Agreement. It will also have its own green deal.

Ursula von der Leyen, head of the European Commission, stated that the EU would mobilize both state aid and a sovereign fund to prevent firms from moving to the United States.

China, however, opened its doors to the rest of the world with a pitch from Vice President Liu He. He stated that China is looking for international investors to help it revive its slowing economy.

Olena Zelenska was Ukraine’s first Lady and told the WEF she would write a letter for Liu that would be passed on to Chinese President Xi Jinping. The letter outlined President Volodymyr Zelenskiys suggestions to end Russia’s war against Ukraine.

Liu’s trip to Davos contrasts starkly with Russia’s conspicuous absence, a key ally whose invasion in Ukraine China has refused condemnation.

Finnish Prime Minister Sanna Marian pledged her country’s support for Ukraine while business and political leaders met to address the crisis of energy and the rising cost of living.

John Kerry, U.S. climate ambassador, stated that the time was running out to address climate change in the world and that he wasn’t convinced that it would reach a low-carbon economy in the time needed to protect the most vulnerable.

Kerry stated that the most urgent need was for “money, money and money,money,money,money,money,money,money,money,money,money,money,money,money,money,money,money,more money”.

Discussions about Davos’ hot topic of 2023, Chat GPT and Generative AI, continued to dominate the slopes.

The tech has many applications, from being used as a programming tool to helping in the race for military supremacy.

Microsoft made an announcement at the event that ChatGPT would be promoted to its cloud-computing customers.

Recession fears permeated the cold air once more. However, the outlook wasn’t all doom and gloom.

Brian Moynihan, CEO of Bank of America, stated that U.S. consumers are in “good shape” because wages continue to rise.

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(Editing by Leela De Kretser & Alexander Smith