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Climate Change Tops WEF 2016 Global Risk Report

January 29, 2016 Leave a comment dridrive

World map and business wordsFor the first time since 2006, an environmental risk has topped the World Economic Forum’s rankings: failure of climate change mitigation and adaptation is number one for impact on its Global Risks Report 2016.

750 experts around the world in all sectors were surveyed to consider 29 global risks over a 10-year time horizon and rate them for two factors: impact and likelihood. And while climate change ranked first for impact, involuntary migration and extreme weather events beat it out for immediate likelihood.

The Top 10 for Impact:

  1. Failure of climate-change mitigation/adaptation
  2. Weapons of mass destruction
  3. Water crises
  4. Large-scale involuntary migration
  5. Energy price shock
  6. Biodiversity loss and ecosystem collapse
  7. Fiscal crises
  8. Spread of infectious diseases
  9. Asset bubble
  10. Profound social instability

The Top 10 Most Likely:

  1. Large-scale involuntary migration
  2. Extreme weather events
  3. Failure of climate change mitigation/adaptation
  4. Interstate conflict
  5. Natural catastrophes
  6. Failure of national governance
  7. Unemployment/underemployment
  8. Data fraud/theft
  9. Water crises
  10. Illicit trade

To combat these oncoming threats, the Global Risks Report 2016 calls for a “Resilience Imperative” – an urgent necessity “to find new avenues and additional opportunities to withstand, mitigate, adapt to and build resilience against global risks and threats through collaboration among stakeholders.” Full details are in its Risk Resilience Insights.

Click here to read the complete report.

Learn more about the WEF conference and the report at “Supply Chain and the Most Serious Risks,” a special session at DRI2016 on Tuesday, Mar. 8 at 8:00 a.m.

Each year, a few weeks before the World Economic Forum conference in Davos, Switzerland, Zurich Insurance Group co-produces a report on global risk. Currently, in its tenth year, the report, which began by merely identifying risks, now analyzes the connections between them, along with the “cascade effect” of such events as natural disasters, economic crises and geopolitical strife. The result is one of the most comprehensive references available for businesses and supply chains engaged in global commerce. During this session, DRI’s Executive Director Chloe Demrovsky will facilitate a conversation with Linda Conrad, director of strategic business risk for Zurich, who reviews the conclusions of the report as it relates to both developed and developing countries. She also discusses why this year’s report marks a change in the list of top global risks.

To register for DRI2016, click here.