Davos Elites Warn Nations Not To Resist 'Painful Global Transition'

Davos elites warn nations not to resist 'painful global transition'

Art Moore

Echoing President Biden's comments, two European leaders at the World Economic Forum meeting in Davos, Switzerland, described the record gas prices as part of a "painful" period of "transition" to alternative energy that should not be resisted.

German vice-chancellor Robert Habeck, as Summit News reported, said Monday that governments should not seek to protect their citizens from the consequences.

And Norwegian finance CEO Kjerstin Braathen described the energy crisis as a "transition" full of hardship but insisted the "pain" is "worth it."

Biden, meanwhile, said Monday that the pain at the pump was part of "an incredible transition" of the American economy away from oil and natural gas.

"[When] it comes to the gas prices, we're going through an incredible transition that is taking place that, God willing, when it's over, we’ll be stronger and the world will be stronger and less reliant on fossil fuels when this is over," Biden told reporters after his meeting with Japanese Prime Minister Fumio Kishida.

Biden insisted that, nevertheless, his administration's actions have been able to keep the energy crisis "from getting worse — and it's bad."

Germany's Habeck emphasized that the long-term issue of "climate change," which was the focus of the Davos conference two years ago, must be a prime consideration. And he said the world must no longer be beholden to the "rule of the markets."

"We have to state that we collaborate in one world and have some solidarity in the world, but, therefore, we have to change the rule of the markets as well," he said.

Braathen acknowledged the pain high gas prices inflict on small and medium businesses.

"We need to accept that there will be some pain in the process," she said. "The pace that we need (to transition to alternative energy) will open up for missteps. It will open up for shortages in energy. It will open up for inflationary pressures. And maybe we need to start talking about it now. Because that pain is worth it."