multilateralism is concerned. thank you very much, madam chancellor. we very much hope to see you perhaps later this year in singapore, the physical meeting, or next year in devos. thank you for your time. french president emmanuel macron spoke about the response to climate change and the leadership needed to restore the economy in 2021. his remarks were part of an event hosted by the world economic forum. this is 25 minutes. >> the participants, it's my great honor to welcome mr. president macron. generally we meet in davos.

nevertheless i'm pleased that we are able to have this digital dialogue instead. i know, mr. president, that in my opinion, and in the opinion of many, you are one of those who has a long-term vision. and so i would like to talk about questions relating to how we should be building the post-covid world. and let me start with the first question. in your opinion, what would be your vision to rebuild a greener economy, a more resilient

economy, more sustainable, so what is your vision for the long term? do we need a new vision? >> hello, professor, i'm very pleased to see you also through this video conference. thank you very ms: foríl/'3 organizing these virtual discussions that are so important in this period. i wanted to talk about today's world and its link to tomorrow's world because in all of our countries, societies are transforming through the experience that we are going through and i think we have to remember a few things from what we have been experiencing over the last year and that is going to last many months yet and probably many years yet, according to what some are saying. the first thing to say is that you cannot think economy without thinking about human beings. it might seem rather -- in all of our countries, we've done

something that was unthinkable before. we stopped all activities to save lives. that was the first lesson and we remembered that the economy that you were talking about was a moral science and therefore the lives of people was more important than figures. this period reminds us about our vulnerability. i experienced this. i caught the virus. but also as organization companies, countries and vulnerability means that you cannot think your organization and countries without taking this into account. some were more aware of this than others, but it seemed a distant idea when we thought about economy and climate. what is happening around us has an impact on our daily lives and it can change things deeply. it means we cannot build anything, i believe, in the

post-covid world, without reaping the benefits and learning the lessons from what we have experienced. our societies are vulnerable because nature is reminding of us. we are vulnerable to pandemic, climatic events, and so on. and so the economy of tomorrow strengthened by these lessons, we talk about new strains and variants, but there are some things that are not varying, the economy of tomorrow is going to have to be an economy that thinks about innovation and humanity. it's going to have to build a competitiveness together with the climate challenge, reducing co2 emissions, adapting our societies, the biodiversity agenda. it's an economy that will have to be more resilient, that will

be better organized, and we'll have to be including these elements to -- of resistance in the supply chains and we can come back to this later. and also, it will have to be an economy that takes into account this principle of humanity, whether it's on a social or health point of view. we talked about this last year and i believe that we will not get out of this pandemic if -- or rather, we will get out of this pandemic only with an economy that is -- that thinks more about fighting inequalities. this is basically what i could say briefly. >> i believe, mr. president, that you said last year at the ilo meeting that capitalism had become mad.

and in the context, you describe of a moral economy, what is the role of company philosophy -- i published a book today called stakeholder capitalism. what is your philosophy on this? what is your stake on this? >> i understand that your expression stakeholder capitalism. if you look at the last decades, we had -- capitalism and market economies have proven that successes we cannot be -- we cannot be too quick to throw the first stone here. we know that it's saved many millions of people and it took many millions of people into

poverty. citizens and consumers, it enabled them to have access to goods and services as it happened very few times in the past. nevertheless, this all took place with the creation of inequalities in the different societies. so it meant that some people were taken out of poverty and took people into the production cycle, but it took out some others from the production cycle. and many fellow citizens had to face different crises of relocation, especially, and so there were social and economic shocks for hundreds and thousands of people throughout the world who had this feeling of losing their usefulness, who

lost their jobs, and it was a deep moral and economic crisis. and this was externalized by capitalism of the last decades. the second topic is the disconnection between value connection and profits. there was a financialization of capitalism. it means that it went faster. it can be a good thing. but if you have the relevant allegation of savings to where funds are needed, but it's a bad thing when it over allocates funds. this is what happened, there was this kind of of a spiral, that created more inequalities and we saw bigger inequalities in this particular sector. and with the exploration of social networks, it also

globalized the imagination with people and comparing each other on scales that were not known before. and so we created -- we said, basically, there are two kings in the system, the shareholders and consumers, and the system provided for both. but it adjusted on laborers and the rest of the planet. and we basically created negative externalities with the climate. and so these four phenomena fed the crisis of social inequalities, the crisis of democracies, and the sustainabilities of the democratic system and the climate crisis. and so the capitalist model together with this open economy can no longer work in this environment. why? well, because historically it was the fruit of a compromise which was democratic societies,

individual freedom, progress for the middle class which led to this progress of societies. and this consensus, this balance was broken by these four accelerations. and so i believe what you said, stakeholder capitalism. we need to put back the heart of the model, the response to these four questions. over the last few years, we've tried to do so -- states have tried to do so. but states alone cannot do that. if we try to do that, we'll have a problem. because the state will be the only one who tries to correct the negativity. remedy to climate change, remedy to inequities, and so you have a model where you have an overwhelming public debt and taxpayers have to pay for that. and as we know, taxpayers are the sedentary actors.

they cannot enjoy all of the benefits of globalization. this is why i'm convinced that we will believe the future of humanity but keeping fundamental things, private property, cooperation and individual freedoms. all of this must lead us to rethink our organizations, the fight against social inequalities, the inequality of the regional disparities, the climate consequences of our actions. so what we've called over the last few years the economic, social and environmental responsibility, these are innovations that we need to take one step further. we need to reform our companies

from within so that all of the stakeholders, as in stakeholder capitalism and employees, employers, shareholders, they all need to -- we all need to take into account the impact of the actions in terms of, you know, democratic impact, environmental impact, and social impact. you've mentioned, mr. president, that several things. today i'm pleased to announce that we have announced the commitment on the part of private companies to report on regular basis against specific and accurate criteria regarding their corporate social responsibility and environmental responsibility. along the so-called esg

criteria. regarding the environment, i'm going to understand that the new american administration, u.s. administration has joined again the paris agreement. and a lot of progress has certainly been made. but i would like to ask you, are you satisfied with the progress made so far or do you call for a new consensus that would go beyond what's been discussed and approved in the past? >> well, i have several comments on this. first of all, we agreed on a climate agenda, the paris agenda. and at this point, we have not

lived up to our commitments, all of us. so our top priority is to do our utmost to stay true to our commitments and i'm saying all together because there cannot be any free loaders. we need to move together so as not to create productivity biases. this isc@x why in the last years when the u.s.few z]ñm÷ leave the paris agreement in the summer of 2017, there was a major risk. but i see that over the last few years since the house of card did not tumble. we created the one-planet summit and we held steady. europeans, a lot of emerging countries, china also, let us not forget. they cooperated very much so. and also with many fed rated

states from the u.s. and the biden administration's first move was to join the paris agreement again. so i call upon everyone, as we did in europe, to revise our objectives in terms of emissions, minus 55%, second of all we committed to carbon neutrality by 2050. these are the two divisive milestones in the near future to shape our behavior. we need today apply this at the local, regional level. we need to have carbon pricing that is high enough, mechanisms that encourages and inviting companies to go down that road. we need to have sanctioned mechanisms so that companies, households can go faster, stronger. we need to renovate our buildings, our cars, et cetera, et cetera. so this is the first pillar and it is essential. the second pillar is about

bringing with us the finance industry and private companies, the private sector. this circles back to what we're saying. i really believe in the initiative that we've set up with the one-planet summit with wealth funds, asset managers and private equity players. so on december 12th of last year, we had a virtual meeting with all of these partners and we've managed to bring under one same heading, if you will, one same project the climate financial disclosure task force. this is a really -- investors have committed themselves to methodology which what you were talking about and which we are now applies at company level. on december 12th last we managed

to have the companies of the 40 in france adopt this new methodology. so they will have to prove to the markets, the capitol markets -- capital markets that they use this. i'm convinced that we'll only be able to state our climate commitments if we can bring on board our companies, our people, our countries, on a biodiversity agenda. this is what we meant to do with one health, the one health initiative. because this brings together the fight against certification, against climate change, for biodiversity and what we are currently -- this is the beginning. what we are doing for climate we need to do for biodiversity. this will entail changes in agriculture production in the way that we consume and live. this year we have to come up

with common rules. so when you ask what more do we need to negotiate? i believe that in the -- during the summit, we need to negotiate the equivalent of the paris agreement. a few days ago in paris, we had a virtual one-planet summit for biodiversity. we took several major initiates. the great green wall was one of them. it straddles 11 countries of the horn of africa in order to fight decertification. many initiatives also form our diversity and we launched a new initiative for financial disclosure. >> these are the three pillars that i would like to put forward. mr. president, if we take all of these changes, does it mean that we will need to bring about a new era or a new mode of

globalization, a new normal for globalization? >> yes, it does. everything that we're talking about is pointing into the same direction. and to three elements in particular. first of all, we need to build a new consensus. on november the 11th, during the paris peace summit, we tried to bring together heads of states, ngos, intellectuals, to try and think about what we called the paris consensus. it's the consensus of everywhere. it's not the matter. but the idea was to observe, basically, that we needed to move beyond the washington consensus. we needed to move beyond deregulation and the end of a state intervention. so -- this is the discussion that we've been having since the beginning. we need to build a new consensus that integrates all of this.

second of all, we need to find a new mode of cooperation between the states, to go back to an efficient brand of multilateralism. that is what i believed in for years. it was stymied by the previous u.s. administration. i have a lot of hopes for this new year with our american partner which i hope is about to with us. we need build a new brand of multilateralism for this consensus. >> and thirdly, we need to build these new coalitions, those that we tried to build in one-planet summit which was to meet these challenges, the new normal that you mentioned is -- and hear the interpreter has no -- we seemed to have lost the president. between states, ngos and investors -- we have recovered,

it seems. >> mr. president, what you mentioned, there is also the fourth industrial revolution. how much will the digital system bring a new future? how will it make this vision of the future -- more possible. >> translator: it seems we have lost president macron. i'm sorry. i seem to have lost you for a minute. >> president, then i can ask

you. i know how interested you are in new technologies and i was just asking you a question on the fourth industrial revolution. but in all, it's different concepts, you know. the digital is playing a major role. how do you see the impact of the digital ecosystem on everything that you mentioned before that. >> i think there are several, actually. the first one is that we are seeing many revolutions at the moment when it comes to the -- we have the ai, artificial intelligence revolution as well that is going to change productivity and is going to

change the paradigm from industry to health care to space and next to ai revolution you'll have quantum revolution as well. and through the computation powers, it's going to deeply change our industry by changing the industry of sensors, what you can do in the aeronautic industry, in the civilian industries and so on. and that means also our capacity to solve problems. the current pandemic, for instance, quantum intelligence will completely change the way we tack on pandemics in the future. so problems that would take weeks to solve will be solved in one day. diagnosis will be able to be made in just a few moments, thanks to ai and quantum

intelligence. so we have a convergence between those different innovations, the digital on the one hand which is what we call a social networks and hyper connectivity and quantum technologies and ai. and the combination of all this means that we are going to have an acceleration of innovation, of deep breakthroughs in terms of innovation. and we'll see a capacity to create value very quickly. what impact will it have? firstly, we're going to continue to innovate and to accelerate. that's for sure. secondly, they will be impacted -- in terms of social adjustments and we have to think about them from now. social inequalities will be even truer in tomorrow's world because we will see these impacts, we will have these adjustments that will be real

and we have to consider them from today. thirdly, it will have democratic impacts. i believe that these will accelerate our problems on a social and democratic point of view. what we've seen in the u.s. showed this on the democratic side in the last few weeks. and fourthly, on the resilience of our systems and the response to the climate crisis, i believe that we underestimated the advances in terms of innovation and i think it will mean that we will respond to the climate crisis a lot faster. if we step back, i believe our economies are going to have to invest in these innovations faster and we have to go for it and if we work well and we cooperate, then these innovations will mean that you can create value and meet the economy challenges. and i really believe that it will mean that we can answer faster the climate challenge.

and this is why i believe in the economy of the better and it's better to improve, rather than to stop activities. but it will lead to some questions in terms of the democracies, the inequalities, social inequalities in our countries. >> mr. president, this was a very comprehensive vision of your future. but the future is going to happen no matter what. and we have to buildí? óp■ pleased your explanations, we see that some people and some leaders have a very clear vision of how to act and how to think about this future. and that this future should look like and how it should be built

for the good of humanity. so thank you very much, president. i'm very sorry that technology failed us somewhat. it was between paris and geneva. nevertheless, i believe that this was a great event and we were able to look into the future somewhat. thank you very much, president. >> thank you, professor. thank you very much, everyone. it's true that sometimes we are back to the grinding stone, but i think it was very nice to be able to look forward a little bit and i fully share your last words. let's not forget that the target is always to build the good life with all its advantages and with the will of respecting the other. and we have to serve this target. so thank you very much. i wish you a very good year,

2021, and i hope to see you in person very soon. thank you. chinese president xi jingping spoke on global leadership on cooperation at an event hosted by the world economic forum. it focused on the coronavirus pandemic and climate change. this runs 30 minutes. >> distinguished heads of state and governments, departments of members of economic reform, the participates and friends, a very warm welcome to all of you to the opening of davos agenda week. i'm delighted that such a great global audience is joining us today, bringing together key leaders from politics, business, and all aspects of society. 2021 is a pivotal year in so many ways