The AI competency framework for students presented here is based on an ambitious vision that extends well beyond popular notions of AI literacy. It aims to support students to grow towards being not only effective and ethical users of AI tools, but also co-creators in the design of more inclusive and environmentally sustainable AI. The framework defines the values, as well as the foundational knowledge and transferable skills, required to critically understand and use AI systems in a safe, effective and meaningful manner at different levels of mastery. The framework also proposes detailed specifications on what AI topics can be covered and what pedagogical methods may be deployed to facilitate students' understanding, application, and creation of AI. It further provides guidance for the curricular integration of AI-related learning, the organization of learning sequences, and the design of competence-based assessments. Seen as an integral set of capabilities required for responsible citizenship in the era of AI, the competencies outlined in this framework are based on principles of inclusivity, the centrality of human agency, non-discrimination, and respect for linguistic and cultural diversity.