Climate risk dominates global economic threats

Global warming-related threats made up the top five most likely threats to world economies in the latest Global Risks Report from the World Economic Forum (WEF) – up from three of the top five last year. Extreme weather rated the most likely risk for the fourth consecutive year.

Climate action failure topped the ranking of risks in terms of impact – above weapons of mass destruction – while other climate-related risks occupied third and fourth places. The report warned: “The world cannot wait for the fog of geopolitical and geo-economic uncertainty to lift. Opting to ride out the current period in the hope that the global system will ‘snap back’ runs the risk of missing crucial windows to address pressing challenges.”

President of the WEF, Børge Brende, highlighted a point emphasised in the report – that multilateral action was required yet there was a swell in “more nationalist postures” worldwide.