What's the meaning of this sentence, and is "embrace" a verb or noun?

This is a future that open societies would be wise to embrace.

Question

What's the meaning of this sentence, and is  "embrace" a verb or noun?

This is a future that open societies would be wise to embrace.

Answer

It means that open societies need to embrace (accept) this future.
It's used as a verb here.

Answer

To embrace a person means to hug a person, and to embrace the future means to accept it and welcome it.  In your sentence, "embrace" is a verb, but, like "hug," it can also be a noun.

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