Davos delegates gather to 'shape new world'

By CNN's Simon Hooper DAVOS, Switzerland (CNN)

DAVOS, Switzerland (CNN) -- The head of the World Economic Forum has urged delegates to respond to the global economic crisis by shaping a "new world" as they braved snowstorms, icy roads and subzero temperatures Tuesday to gather for the five-day annual brainstorm in the Swiss Alps.

Speaking to CNN, WEF founder Klaus Schwab said the world was in the midst of a "transformational crisis" and admitted that Davos 2009 would be "more concerned, more austere and more modest" than previous events.

"The whole atmosphere is going to be different," said Schwab. "Above all else this is a crisis of confidence. To re-store confidence you have to establish signposts that the world after the crisis will be different. We have to create a new world and that is what Davos 2009 will be all about -- serving society."

See more on The Rise of The Fourth Kingdom .