According to the Global Risk Report by the World Economic Forum, Climate Change, Natural Resources and Biodiversity are among the the top global risk areas for this year.
– Rising geopolitical and geo-economic tensions are the most urgent risk areas in 2019, with 90% of experts saying they expect further economic confrontation between major powers in 2019, the World Economic Forum Report states.
– Environmental degradation is the long-term risk. Rapidly evolving cyber and technological threats are the most significant potential blind spots; we still do not fully appreciate the vulnerability of networked societies, the report says.
– 2018 was sadly a year of historic wildfires, continued heavy flooding and increasing greenhouse gas emissions. It is no surprise that in 2019, environmental risks once again dominate the list of major concerns. So, too, does the growing likelihood of environmental policy failure or a lack of timely policy implementation. To effectively respond to climate change requires a significant increase in infrastructure to adapt to this new environment and transition to a low-carbon economy. By 2040, the investment gap in global infrastructure is forecast to reach $18 trillion against a projected requirement of $97 trillion. Against this backdrop, we strongly recommend that businesses develop a climate resilience adaptation strategy and act on it now, says Alison Martin, Group Chief Risk Officer in the Zurich Insurance Group.
The Wef Davos meeting will be held next week in Davos, in Switzerland. Around 3000 quests are expected to come to Davos, including Japan PM Shinzo Abe, German Angela Merkel and Prince William, the Duke of Cambridge.