Failure to mitigate and adapt to climate change tops a list of global risks, according to this year's World Economic Forum risk report. The rankings were compiled by almost 750 experts, with 29 types of risk assessed for both impact and likelihood over a 10 year horizon.
Risks associated with climate change and adaptation were considered to have the potential for greater damage than weapons of mass destruction and water crises. In terms of likelihood, climate change risks came third after large scale involuntary migration and extreme weather events.
Interconnections between risks, such as climate change and involuntary migration or international security are becoming stronger, the analysis also found. Not only is climate change exacerbating other risks, but political conflicts are reducing the potential and resources for political cooperation on the issue, said Cecilia Reyes, chief risk officer at Zurich Insurance.