Cardinal Turkson at Davos:

Business should foster economic solidarity

On the sidelines of the World Economic Forum in Davos, Cardinal Peter Turkson reflects on the importance of entrepreneurs working to change business practices and goals in order to promote the economic integration of people enduring poverty.

By Francesca Merlo and Mario Galgano

Global leaders need to adopt a transformative approach to economics so that people facing economic hardship may be lifted out of poverty.

As he attended the World Economic Forum in Davos, Cardinal Peter Turkson, Chancellor of the Pontifical Academy of Science, emphasised this aspect of Pope Francis' message to global leaders.

Speaking to Vatican News' Mario Galgano, Cardinal Turkson highlighted the importance of changing the goals of leadership within companies, as well as the imperative for businesses to contribute to society beyond their own profit maximization.

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Development needs a moral compass

The Cardinal stressed that although companies traditionally exist to make profits, they should also align their business objectives with values that benefit society and the common good.

For this reason, the Cardinal proposed a shift from maximizing profit and returns to optimising them, urging businesses to consider the broader impact they have on society and human life.

"We want to leverage the objectives of business—not only profit and monetary gain—but also the transformational value that it brings to society—making life better, worth living, equitable, and inclusive," said Cardinal Turkson.

The Cardinal acknowledged the challenge of changing business practices, but invited everyone to accept the gradual nature with which changes can be made.

Although changes come slowly, the Cardinal continued, "I remain optimistic about the potential for positive transformation."

Finally, Cardinal Turkson urged Davos attendees to listen to new paths of growth that could lead to a more sustainable and just future.