Failure to address climate change and environmental degradation top the list of top risks facing the world in the next decade, according to a World Economic Forum (WEF) survey of global risk specialists.
Furthermore, they concluded that current challenges such as rising living costs, persistent energy and food supply shortages, and massive national debts threaten to undermine the collective will and cooperation required to address such issues.
‘The interaction of climate change impacts, biodiversity loss, food security, and natural resource consumption is a dangerous cocktail,’ said John Scott, Head of Sustainability Risk at Zurich Insurance Group, which collaborated on the report with risk management firm Marsh McLennan.
The report, which is based on responses from 1,200 private-sector risk managers, public policymakers, academics, and industry leaders from around the world, shows how current cost-of-living concerns are being replaced by environmental risk as the decade progresses.
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