Global Risk Report: Natural disasters, extreme weather second-most severe global risk in short term, says WEF report

Source: The post is based on the article “Natural disasters, extreme weather, second-most severe global risk in short term, says WEF report” published in Down To Earth on 16th January 2023.

What is the News?

The World Economic Forum(WEF) has released the 18th Edition of Global Risks Report 2023.

What is ‘Global risk’?

‘Global risk’ is defined as the possibility of the occurrence of an event or condition which, if it occurs, would negatively impact a significant proportion of global gross domestic product, population or natural resources.

What is the Global Risk Report?

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What are the key findings of the report?

Major global risks: 

In the next 2 years: Cost of living crisis, natural disasters and extreme weather events, geoeconomic confrontation, failure to mitigate climate change and large-scale environmental damage incidents, among others.

In the next 10 years: Failure to mitigate climate change and climate change adaptation, biodiversity loss, large-scale involuntary migration and natural resources crises amongst others.

Climate Action and Biodiversity Loss: The world has struggled to make the required progress on climate change despite 30 years of global climate advocacy and diplomacy.

– Failure of climate action to address climate change has continued to figure among the top risks in the report since 2011.

– Biodiversity within and between ecosystems is already declining faster than at any other point during human history.

– But unlike other climate-related risks, ‘Biodiversity loss and ecosystem collapse’ has not been perceived to be of concern over the short term. It has been ranked as the 4th most severe risk in the long term or over the next ten years (by 2033).

Dangerous interconnections: Over the next 10 years or by 2033, the interconnections between biodiversity loss, pollution, natural resource consumption, climate change and socioeconomic drivers will make for a dangerous mix.

Major Risks to India

A cost of living crisis, digital inequality, geopolitical contest for resources, natural disasters and extreme weather events are the biggest risks for India over the short and medium term.

Extreme weather events in India: India recorded extreme weather events on 291 of the 334 days between January 1 and November 30, 2022.

– This means that the country witnessed an extreme weather event of some sort in one or more of its regions for more than 87 percent of the time over these 11 months.

– These extreme events have a link with human-caused greenhouse gas emissions and the climate crisis.