The World Economic Forum (WEF) will hold its 2021 annual meeting in Lucerne-Buergenstock, Switzerland, on May 18-21, it said Wednesday after announcing in August it would not host the event in the Swiss ski resort of Davos in January as usual due to the coronavirus pandemic.

"The meeting will take place as long as all conditions are in place to guarantee the health and safety of participants and the host community," the WEF said in a statement.

This year’s summit will be held under the theme of the Great Reset.

"We only have one planet and we know that climate change could be the next global disaster with even more dramatic consequences for humankind," Klaus Schwab, the founder of WEF, said earlier in June.

He added decarbonizing of the economy in the short window is remaining.

"The Great Reset is a welcome recognition that this human tragedy must be a wake-up call," Antonio Guterres, secretary-general of United Nations, said at the time.

"We must build more equal, inclusive and sustainable economies and societies that are more resilient in the face of pandemics, climate change and the many other global changes we face," he added.

The WEF defined the Great Reset as a "commitment to jointly and urgently build the foundations of an economic and social system for a more fair, sustainable and resilient future."