What Leaders Are Taking Away From WEF 2024

In this special edition of Now You KnOW, we share key insights from our delegation on the ground at the World Economic Forum Annual Meeting 2024, where we hosted, attended, and moderated panels, discussions, and events.??

Quick takeaways?

“Putting a price on nature – maybe a cheeky title to make a vital point. What business needs but doesn't pay for, it perhaps tends to consume voraciously. We need to better to connect the ecology and economics to make sure that the business systems respect this up-until-now often free resource that is in fact extremely expensive.” Nick Studer , CEO?

“The way you’re going to get the commercial value out of AI is through adoption, that’s what’s going to drive the value for society and individual organizations. The only way you can do that is by focusing on the people.” John Romeo , CEO, Oliver Wyman Forum??

“I tend to think of it less so as misconceptions of AI, but more so about the duality – there’s two sides to everything we’re looking at.” Ana Kreacic , COO, Oliver Wyman Forum??

"Climate change could cause 14.5 million deaths by 2050, and the associated cost could reach into the trillions. This immediately raises the question of affordability going forward.” Rolf Fricker , partner, Health and Life Sciences?

“One of the things I’ve seen with public officials and private sector executives is really the increased recognition and need to collaborate, especially in the area of climate and sustainability.” Lisa Quest , head of UK and Ireland, co-head of Public Sector and Policy Practice Europe?

“A key theme that I’ve heard quite a bit of is the risk of further global fragmentation in financial services. There’s a sense of urgency in dealing with it that we haven’t seen before.” Anders Nemeth , managing partner and global head of Financial Services??

“There are a lot of practical solutions that policymakers can put forward in the market and into city planning that will really help cities to become much more sustainable and bigger drivers of economic value on the backend of nature.” Matthieu De Clercq , partner and lead of IMEA Public Sector and Policy??

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Deeper dives into the topics discussed?

The influence of AI on global economics

While 96% of employees believe artificial intelligence (AI) can help them in their current roles, 60% are afraid it will eventually render them jobless. Generative AI is used at least once a week by 55% of employees, but 61% do not find it entirely trustworthy. Out of skeptical users, 40% would still use it for significant financial decisions, and 30% would share more personal data for an improved experience. Amidst diverse opinions and predictions, there is a growing global consensus that generative AI’s influence on both the workplace and the consumer economy will be huge. ?

The impact of climate change on public health

While the impact of climate change on nature and the global economy has been widely discussed, its most pressing consequences will be on human health and the global healthcare system. Our recently launched report, in collaboration with the World Economic Forum, aims to quantify the health consequences of climate change . This includes both the health outcomes (mortality and healthy lives lost) and the economic costs to the healthcare system.?

Representation matters

Women’s political representation is closely tied to the promotion of legal equality of economic opportunities. Interestingly, political representation of women typically comes before legal equality. By delving deeper, the Oliver Wyman Forum and Women Political Leaders shed a light on the significant correlation between women’s political representation and legal equality of economic opportunity. ?

Mitigating AI risk in the workplace

The rapid adoption of generative AI in the workplace presents new efficiencies and opportunities, but it also raises concerns. Nearly a third of chief executive and chief financial officers are redesigning work to reduce their dependency on people, according to a recent Mercer survey. Employers can ease the disruption of AI in the workplace by upskilling employees, dispensing clear guidelines on generative AI usage, and ensuring job security.?

Nature-positive transitions

With more than half of the world’s GDP moderately or highly dependent on nature and its services, nature is the foundation of the global economy. Despite this dependency, businesses across all sectors and geographies have negative impacts on nature, causing it to degrade faster than it can regenerate. Today, the resources humanity is using are equivalent to 1.75 Earths. To implement nature-positive action at the scale and speed required, it is crucial for businesses to understand their specific interactions with nature within their sectors. ?

In the news?

CNBC: Private credit providers are experiencing a ‘good moment,’ says Huw Van Steenis ?

MSN Germany: Health: Report predicts millions of deaths due to climate change ?

Canadian HR Reporter: AI adoption: No guarantees for productivity gains ?