Bono has told the world's business elite gathered at Davos that it is in their commercial interest to engage in the fight against disease and poverty in Africa.
Speaking at the annual meeting of the World Economic Forum, the U2 singer said that effective action against poverty could reverse some of the damage to the image of US companies caused by the Bush administration's foreign policy.
"If we're honest, brands are in trouble. Companies with America in the name are testing badly outside the US. There's a commercial agenda here too," he said.
Bono joined British prime minister Mr Tony Blair, former US president Mr Bill Clinton, South African president Mr Thabo Mbeki, Nigerian president Mr Olusegun Obesanjo and Microsoft chief Mr Bill Gates in a call to end extreme poverty in Africa.
"It is not a cause, it is an emergency," he said.
The annual elite meeting has long been criticised by global justice campaigners, many of whom are attending the alternative World Social Forum in Brazil. Bono said that he chose to come here because he believed he could make a difference to the debate.
"I have some use here trying to encourage people to take unpopular decisions. These are expensive choices. It's not the usual bleeding hearts debate that's going on here," he said.
The musician said leaders should work with the public's desire to be part of a global adventure.
"Our generation wants to be remembered for something other than the war against terror and the internet. We actually want to perhaps be the generation that's remembered for ending extreme poverty. Extreme poverty is what I call stupid poverty," he said.
Bono said that poor countries' debt to international institutions should be cancelled, a call that was backed by Mr Mbeki.
"Debt cancellation must be effected. It's really obscene that poor countries become net exporters of capital to rich countries due to debt," he said.
Mr Blair said he would use his chairmanship of the G8 group of leading industrialised nations to promote a plan for Africa.
"If what is happening in Africa today was happening in any other part of the world, there would be such a scandal and clamour that governments would be falling over themselves to do something about this," he said.
Mr Clinton said the outpouring of aid to the Asian tsunami victims should become the blueprint for an annual event, with the funds targeted towards Africa.
Mr Obesanjo said the generosity shown in the aftermath of the tsunami crisis had restored his faith in human nature.
"The way the world and individual and private ordinary people came around and felt concerned and committed to the victims gives me courage and hope, and made me feel that, really, we can still make it," he said.
