Cost-of-living crisis risks undermining climate action, according to WEF

The cost-of-living crisis is the greatest short-term risk facing the world, and threatens to undermine eff orts to tackle climate change, which is the biggest long-term risk, according to the World Economic Forum’s Global Risks Report 2023.

Failure to mitigate and adapt to climate change, natural disasters and biodiversity loss are among the top five risks for the next decade identified in the report, while the cost of living, extreme weather and geoeconomic confrontation are the top three risks for the next two years.

The report argues that the window for action on climate change is closing rapidly. John Scott, head of sustainability risk at Zurich Insurance Group, said: “If we speed up action, there is still an opportunity by the end of the decade to achieve a 1.50C degree trajectory and address the nature emergency.”

Read the full report at bit.ly/Global_Risks_Report