B20 USA Summit Concludes With Call to Action for Global Growth and Business Leadership

Three days of conversations among global business and policy leaders in Washington, DC concluded with a shared focus: creating the conditions for businesses to invest, innovate, compete, and accelerate economic growth around the world.

The first B20 Summit hosted in the United States brought together influential executives, policymakers, and international leaders to examine the most important issues facing the global economy and identify opportunities for progress.

From energy security and industrial competitiveness to digital transformation, investment, and international partnerships, Wednesday’s discussions continued the Summit’s focus on turning business perspectives into action.

Below are highlights of the activities on Day 3 of the B20 Summit.

The Greatest Prosperity Story in History

In his keynote address opening the final day of the B20 Summit, Ross Perot Jr., Chairman of The Perot Companies and Hillwood, as well as chair of the U.S. Chamber Board, celebrated what he called “one of the greatest achievements in human history.” Namely, the tremendous increase in standards of living and quality of life that trade and global engagement have fostered.

Ross founded Hillwood, a leading global real estate development company, and developed Fort Worth Alliance Airport, the country’s first industrial airport, through a unique public-private partnership. The airport now anchors AllianceTexas, a 27,000-acre master-planned, mixed-use community in North Texas.

He talked about how countries that embraced free enterprise and joined the global economy—particularly those in the G20—have led the way in lifting most of the world’s population out of extreme poverty:

“More children survive. More people are educated. More families have access to electricity, medical care, and opportunity . . . And it happened because countries expanded economic opportunity, businesses invested, entrepreneurs took risks, and trade connected markets.”

Ross touted the B20’s overall goal of promoting shared economic growth, recognizing the U.S. Chamber’s role in establishing this forum. B20 encourages governments to enact predictable policies and uphold the rule of law, while making room for the private sector to lead advances in human flourishing. In many ways, B20 is one half of a massive-scale public-private partnership. “Governments establish the framework, but businesses, entrepreneurs, and workers create prosperity.”

Business and global engagement aren’t simply about trading goods, Ross argued, but rather about moving opportunity across borders. Speaking to the business leaders in the audience, he concluded with the following charge: “Our responsibility is clear. Protect freedom. Expand opportunity. Encourage entrepreneurship. Build trust.”

Watch Ross Perot Jr.'s Keynote Speech

Harnessing Energy and Resource Abundance

Following his keynote address, Perot Jr. led a discussion with Alaska Governor Mike Dunleavy (R-AK), who discussed his state’s extensive energy and natural resource development projects, and how it is expanding its role in global supply chains.

Gov. Dunleavy is concluding his final year in office. He was first elected to this role in 2018, and won reelection to a second term in 2022. Before this, he served in Alaska’s State Senate, along with nearly two decades in northwest Arctic communities working as a teacher, principal, and superintendent.

“Alaska is positioned uniquely among the states to capitalize on the energy revolution and to help our Asian allies,” said Gov. Dunleavy.

By the next decade, he anticipates Alaska will produce about 900,000 barrels of oil per day. Alaska also produces about one-seventh of the country’s timber, 57 out of 60 critical minerals, has the busiest cargo airport in America (Ted Stevens Anchorage International Airport), and even its own spaceport.

Gov. Dunleavy discussed Alaska LNG, which will deliver natural gas from Alaska’s North Slope to meet the state’s domestic energy needs and liquify it for exports to global markets—enabling it to supply Asian markets for decades. It’s the largest such project in the Pacific and the Arctic, and the Gov. Dunleavy is optimistic that there will be few delays before it breaks ground.

“It’s got all its permits, it’s got all its right-of-ways . . . We are still figuring out cost issues, but I don’t think anything is going to stop us,” he said.

The governor also lauded his state’s bipartisan approach to energy development, with local Democratic and Republican policymakers alike recognizing that Alaska’s natural resources are the biggest source of its economic growth. Although born in Pennsylvania, he moved to the state in search of opportunity during the 1980s. Drawing on this experience, he reminded the audience that Alaska doubled its population back in 1977 with the discovery of oil at Prudhoe Bay and the subsequent construction of the Trans-Alaska Pipeline System.

Alaska is unique in that the federal governments owns 60% of its land, which requires extensive partnership with Washington, D.C. Although Gov. Dunleavy cited a great working relationship between his state and the Trump administration when it comes to permitting, he hopes that Congress can come together to pass bipartisan permitting reforms that give Alaskans even greater certainty about what they can build.

“We have the resources—what we’re lacking is infrastructure. When we figure out the infrastructure, Alaska will be even more helpful to the country and the rest of the world,” Gov. Dunleavy said.

When asked about his legacy in the state, Gov. Dunleavy cited the growth in major economic indicators and the many projects built to high standards that local Alaskans supported. “We’re going to hand off the state that had a $1.6 billion deficit when I came into office but now has a $1.6 billion surplus.” Alaska is also exploring an all-of-the-above energy strategy, tapping into hydro, solar, wind, and geothermal power—these resources give Alaska a massive 3,600 gigawatts of renewable energy potential.

“When you go into New York or New Jersey, you see a sign welcoming you to the state. You don’t need a sign to know you’re in Alaska,” he said.

Read Day 2 Highlights

Global Business Leaders Tackle the Priorities That Will Accelerate Economic Growth at B20 Summit

Read more

Prediction Market Trends

Fortune’s Executive Editorial Director Diane Brady joined Kalshi Co-Founder and CEO Tarek Mansour to look at the rise of prediction markets.

Brady pointed out, “The midterms reinforced your model. You [Kalshi] were 98% accurate.”

“It was a display of the crowd wisdom,” Mansour explained. “If you aggregate information and flow it up from people, you get insight.”

Mansour sees the role of the prediction markets in the economy as democratizing risk management.

“A lot of people are exposed to event risk,” he said. “Prediction markets help more people manage that risk. Markets distill information for topics like weather, politics, and sports “into one number, which is the market price, that anyone can benefit from,” Mansour said.

To be effective, prediction markets need rules and regulations and “a regulatory structure that will adapt to the times,” Mansour said.

Looking ahead, Brady asked about young people utilizing the prediction markets and the opportunities available to them. Mansour was bullish.

“They’re incredibly smart. They’re incredibly tech-savy. They’re tinkering with things all the time,” he said. His advice to them: “Find your passion, find the things that makes you tick, and you should build your career around that. And there’s no better time to do that.”

The Energy Imperative

During the B20 Main Plenary, nuclear energy leaders discussed the intersection of nuclear energy, data center demand, and the financial and workforce challenges facing the sector.

"There is bipartisan support for nuclear energy, and that's driven by great demand," said Vivek Lall, Chief Executive at General Atomics Global Corporation. "If you look at the energy requirements for 2050, we probably need to triple the capacity of nuclear power, and so therefore there is great drive in terms of R&D and innovation and technology to get there."

John Hopkins, President and Chief Executive Officer at NuScale, doubled down on the growing demand.

"We've got coal coming offline by the end of the decade. We've got process plants now that need district heat or steam, or energy for ammonia production. And we talked about hyperscalers... these are huge demands for energy," he said.

Rising power needs for data centers are driving interest, but political shifts and local community backlash have created uncertainty for the sector.

"There was already uncertainty about the scale, the location and the structure of how that demand is going to be met before the election," said Roger Diwan, Vice President of S&P Global Energy. "The election really added a layer of uncertainty to that, and I think that has an impact on where and how companies and investors are going to be looking at different technologies and locations—it particularly has an impact, I think, on the most speculative part of the portfolio around data centers."

Policy durability, addressing rising costs for small modular reactors (SMRs), and developing bankable financial structures are also top-of-mind for the sector leaders. All agreed on one critical need for the sector's future: workforce development.

"I can't emphasize that enough, especially in the nuclear context," said Lall. "Whether they are in R&D, whether in manufacturing, welders, and so forth, it is a critical impediment for progress if we do not address that in years to come and have a very deliberate workforce enhancement program for nuclear."

Building the Next Growth Cycle

The Building the Next Growth Cycle panel of executives asked where the next wave of global growth will come from and what leaders must do to capture it. With so many possible paths to growth and so much uncertainty, the panelists argued that the hardest job for CEOs is choosing where to focus, and the hardest job for policymakers is giving businesses stable, predictable conditions in which to invest.

“The worst for us is having political [instability], government who are making decisions which are… affecting us. Because when you invest in innovation, when you invest in a country, you need visibility,” Frédéric Sanchez, Chairman and Chief Executive Officer, Fives, said.

Boston Consulting Group Global Chair Rich Lesser shared how standing still is one of the biggest risks for business.

“There’s an old saying that standing still is falling behind in the business world…I think we’re at a time where CEOs need to be bold in being ready to invest differently, to think differently, to make changes in how they operate, where policymakers need to get a very careful balance right between creating safety frameworks, particularly in newer technologies, but also not discouraging experimentation [and] learning new sources of value,” he said.

Standard Bank Group Chief Executive Sim Tshabalalamade a strong case for Africa as the next growth frontier, pointing to its minerals, energy, and young population, along with deep business ties to the U.S.

“Accelerating global growth [will] come from the African continent,” he said. “The organization I work for says our purpose is: Africa is our home, we drive her growth. The magnitude of the opportunity is incalculable, both at a human level and from the perspective of resources that are available from the African continent…The challenge is people do not fully understand the magnitude of the opportunity.”

Powering Tomorrow

With affordability and growing demand from innovation top of mind, business leaders in the energy industry explored how to power future economic growth.

Much of why American families face higher energy costs stems from not being able to move energy to where it is needed. “There’s a significant amount of the affordability issue that is driven by the lack of infrastructure,” explained Chad Zamarin, President and CEO of Williams.

“It takes 10-times more cost to build a project than it did 25 years ago. Inflation-adjusted it should be 2.5 times,” Zamarin said. “That is entirely regulations and bureaucracy that has created the cost increases.”

A step in the right direction is legislation working its way through Congress. “Permitting reform can let us get back to delivering the cheapest, most reliable energy,” said Toby Rice, president and CEO of EQT Corporation.

Looking at the big picture, more energy will be needed to power AI, advanced manufacturing, and other innovations.

“This country has got to be pro-growth,” said Jonathan Webb, CEO of The Nuclear Company. “If we don’t have the raw power none of these things we want to do will happen.” Beyond the U.S., energy abundance will “empower humanity and eliminate poverty,” Rice said.

What’s Next for American Industry

During a panel on the future of American industry, David Burritt, President and Chief Executive Officer, U.S. Steel, shared his thoughts on manufacturing, steel, national security, and tariffs.

“Steel is vital for national security. It’s foundational,” Burritt said. “We have to have robust steel-making in the United States.”

Burritt also praised the recent Golden Share agreement between U.S. Steel, Nippon Steel, and the U.S. government.

“I’ve never been through a better transformation,” Burritt said. “We fought very hard for this deal to get through and eventually got it done. Now, that’s the deal is done, everybody is working so well together. The government especially with President Trump approving our deal and moving us forward, it’s a fantastic thing.”

Burritt also specifically thanked President Trump and the administration for their work on getting the deal done.

“Trump listened and he did the work,” Burritt said. “He had his people find out how much the workers wanted this, and he understood that this would strengthen national security.”

Business Leadership in a Changing World

The B20 is led by a coalition of business associations and confederations from across the G20 nations. Wall Street Journal Washington Deputy Coverage Chief Janet Adamy interviewed three of those association leaders on-stage, eliciting their ideas on global economic trends and the importance of B20 and their vision for its future. U.S. Chamber President and CEO Suzanne Clark was joined by her peers Rain Newton-Smith, director general of the Confederation of British Industry (which will lead the B20 in 2027), and Kim Chang-beom, vice chairman and CEO of the Federation of Korean Industries (which will take over the B20 chair role in 2028).

Asked about affordability challenges across the U.S. and how policymakers should tackle them, Clark offered a recommendation: “The next step is permitting reform—which Congress has a chance to get done in the lame duck. If Democrats came together and got this done, it would be the first sign that they are taking the voters’ mandates seriously.”

Clark also highlighted the partnership between the coalition of business groups across the B20, which helps the private sector stay connected across borders—even during geopolitical disputes.

“Even when Canada and the U.S. are undergoing a trade war, I can call up Candace [Laing, president and CEO of the Canadian Chamber of Commerce] and we can talk things through,” she said.

Asked about how her organization helps guide businesses during geopolitical disruption, as CBI did during Brexit, Rain emphasized that the private sector’s international relationships keep the business community connected. “We’re a member of BusinessEurope—and although the politics may have changed, the UK will always be a part of Europe, and making sure businesses stay involved in the conversations in Europe really matters,” she noted.

Rain spoke about her organization’s agenda for its B20 leadership role next year: “It’s such a big opportunity to take over the amazing leadership that Suzanne and her team have shown. We represent 80% of the world’s GDP...The growth and the higher living standards and the prosperity that people in all our nations want to see will come from business leaders taking a risk and making an investment. We want to provide that neutral space where countries and business leaders can come together to solve the global challenges we’re facing . . .It’s an open invitation.”

Kim touted the B20’s focus and the important role the private sector plays in solving societal problems. “The governments have to set the rules, but the future is now being shaped by entrepreneurs. The recommendations that will be adopted by the end of the day today—economic growth, trade, energy, and innovation—are intertwined. These are the key elements, the core principles we have to dwell on.”

Kim also spoke about what will be unique about Korea’s role as B20 president and host in 2028: “We have been transforming our whole economy from an emerging market to an advanced manufacturing economy. We can serve as a bridge to link emerging economies with advanced economies.” Additionally, 2028 will be the 20th anniversary of the G20 and B20— “a perfect time for leaders in the public sector and private sector to reflect on the progress of the last 20 years.”

Rewiring the Digital Economy

During the B20 Summit, a conversation on Rewiring the Digital Economy looked at the infrastructure behind the AI economy and the political headwinds it faces. Framed around last week’s midterm elections, Lumen Technologies Chief Executive Officer Kate Johnson called the current pushback on data centers a pause in a long investment cycle rather than a lasting slowdown.

“AI is a race. It’s a matter of national security. It’s a matter of national competitiveness and economic growth,” she said. “And we all know that AI needs to run on these GPUs, which live in data centers.”

Johnson expressed faith that new lawmakers will put national security and competitiveness first and argued that framing the issue around security will win support. 

Johnson described Lumen’s shift from a legacy telecom company to a “programmable network” that moves data on demand between data centers, clouds and AI workloads. She also said Lumen’s network can help communities manage data centers’ energy use by shifting workloads elsewhere

Addressing the backlash against AI, she shared that every major technology shift brings friction and job disruption, but making the technology accessible and investing in education will spread its benefits. She said innovators have an obligation to deliver those benefits quickly.

Johnson highlighted a key infrastructure bottleneck: permitting.

“The notion of allowing us to build out as quickly as possible is essential, and, you know, I love the federal approach to our free market. But the reality is, when you’re building networks to help hyperscalers interconnect their data centers from San Francisco all the way to New York, that’s a lot of communities that you’re going through. And it takes us about four weeks to implement one of our inline amplifiers, which we have to do every 50 kilometers, and we’ve got to negotiate every single one of those locally, and it could take 18 months to negotiate one,” Johnson said.

G7 Ambassadors: A Roadmap for Growth

The International Monetary Fund projects 3.4% global growth next year, but some countries may see 1% or less. Ambassadors from four members of the Transatlantic economy discussed the path to accelerate economic growth with Bloomberg Washington Bureau Chief Peggy Collins.

AI was a common thread. German Ambassador to the U.S. Jens Hanefeld emphasized deploying AI to industrial applications. Italian Ambassador Marco Peronaci agreed, saying his country was working on “the application of physical AI in our industries and manufacturing.” At the same time, French Ambassador Aurélien Lechevallier said leaders must work to “make sure everyone will accept it as the source of positive transformation.”

Another thread was improving their county’s business climates. Canadian Ambassador Mark Wiseman noted that Canada will build over $1 trillion in infrastructure “in order to deliver what we have to the world.” In addition, it is working to make “Canada the most attractive country in the world in which to invest.” Ambassador Lechevallier echoed Amb. Wiseman’s sentiment saying France is working to deepen its capital markets to support entrepreneurs and companies.

Reducing uncertainty for business also was discussed. “What companies really look for is predictability,” said Ambassador Hanefeld. “A stable environment where you know what to do.”

Ambassador Wiseman agreed, noting that uncertainty increases risk and cost. To reduce North American trade uncertainty, he urged the U.S. and Canada to lift their tariffs on each other’s goods.

Passing the B20 Torch and Looking Ahead

To close the first U.S.-hosted B20 Summit, B20 Co-Chair and U.S. Chamber President and CEO Suzanne Clark renewed her call for business leaders to set their sights higher on growth and carry forward the relationships, policies, and insights gained this week.

"That is the real measure of this summit's success. Not what was said on this stage, but what each of you takes home," said Clark.

Clark underscored the U.S. Chamber's commitment to B20 continuity in her handover remarks to the Confederation of British Industry (CBI), who takes over as the 2027 host of the B20. CBI's Chief Executive, Rain Newton-Smith, cast an optimistic vision for the UK's presidency of the B20 and committed to building on the progress of B20 USA. 

"We are determined to carry the momentum of this presidency into our own and sustain these partnerships for years to come," said Newton-Smith. 

Clark and Newton-Smith welcomed the B20 USA team on stage to toast to the end of a successful summit, the team who made it possible, and the continued partnership between host countries.

The B20 USA Summit brought the global business community to Washington with a clear focus on accelerating global growth. The conversations and connections made over the past three days underscore the importance of strong business leadership, open markets, investment, innovation and international collaboration in creating new opportunities.

Read Day 1 Highlights

B20 Summit Opens in Washington, Bringing Global Business Leaders to Accelerate Growth

Read more