The PwC Global CEO Survey said executives believed there needs to be a major overhaul if their companies want to stay afloat with setbacks like artificial intelligence (AI) and climate change.

The survey of more than 4,700 CEOs worldwide was released on Monday as business elites, political leaders and activists descended on the World Economic Forum's annual meeting in Davos, Switzerland, and it showed a mixed picture of the coming years.

"Whether it is accelerating the rollout of generative AI or building their business to address the challenges and opportunities of the climate transition, this is a year of transformation,” Bob Moritz, global chairman of PwC said in a statement.

More than half of the chief executives said AI will make their products or services better, but 69 per cent noted that their workers needed training to gain skills to use the developing technology.

More than three-quarters of the executives said they have begun or completed changes to increase energy efficiency, but only 45 per cent noted that they have made progress on taking the climate risks into account in financial planning.

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