WEF global threats - Environment

February 2019: The World Economic Forum’s Global Risks Report lists five environmental threats in their list of top 10 global risks (according to their likelihood and impact). The report calls for international collaboration to combat climate change and mitigate economic and human health threats.

Information

The World Economic Forum’s Global Risks Report evaluates responses from approximately 1,000 people from business, governments, civil society, and thought leaders to estimate global risks according to their likelihood and level of impact. This year’s report tracks the following high-impact, high-likelihood risks: 1. Extreme weather events (floods, storms) 2. Failure of climate-change mitigation and adaptation 3. Major natural disaster (tsunami, earthquake) 4. Massive incident of data fraud/theft 5. Large-scale cyberattacks 6. Man-made environmental damage and disasters (oil-spills) 7. Large-scale involuntarily migration 8. Major biodiversity loss and ecosystem collapse 9. Water crises 10. Asset bubbles in a major economy

Implications & Opportunities

The dominance of risks linked to climate change is a strong signal to decision-makers to take action. The report underlines the consequences of climate inaction and points towards major impacts on global human health and economic activity. It urges decision-makers to consider global threats and initiate preparations to contain potential fallouts.

Limitations

While many see the report a call to action, mitigating major risks requires close international cooperation. None of the major risks operate in isolation but are interconnected and have knock-on effects. However, disputes between major powers and the erosion of multilateral agreements undermines collective action against climate change.

References

World Economic Forum. (2019). These are the biggest risks facing our world in 2019. Retrieved from https://www.weforum.org/agenda/2019/01/these-are-the-biggest-risks-facing-our-world-in-2019/

Business Green. (2019). Climate Threat Dominates 2019 Global Risk Rankings. Retrieved from https://www.businessgreen.com/bg/news-analysis/3069391/climate-threat-dominates-2019-global-risk-ranking