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Global Risks Report 2023

Context:

Recently, the World Economic Forum (WEF) has released the 18th Edition of Global Risks Report 2023 which seeks that the world be prepared for ‘Natural disasters and extreme weather events’ in the next two years.

Relevance:

GS II: International Relations

Dimensions of the Article:

  1. Findings of the Report
  2. What is ‘Global risk’?
  3. About World Economic Forum (WEF)

Findings of the Report

Most Severe Risks
  • Failure to Mitigate Climate Change
  • Failure of Climate Change Adaptation
  • Natural Disasters and Extreme Weather Events
  • Biodiversity Loss and Ecosystem Collapse
  • 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.
Climate Action and Biodiversity Loss
  • Despite 30 years of global climate advocacy and diplomacy, the world has struggled to make the required progress on climate change
  • Failure on 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.
  • 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).
Reversal of Climate Mitigation Progress:
  • The ongoing global pandemic and geopolitical tensions are causing a reduction in resources for climate change mitigation efforts over the next two years.
  • This has led to some countries reversing progress on mitigation, such as the European Union spending billions on new fossil-fuel infrastructure and some countries restarting coal power stations.
  • In the long term, the combination of biodiversity loss, pollution, natural resource consumption, climate change and socio-economic factors will pose a significant threat.
  • Many respondents in a WEF report stated that current measures to address climate change have been ineffective.
India:
  • India experienced extreme weather events on 291 out of 334 days between January and November 2022, representing 87% of the time.
  • These events are linked to the climate crisis caused by human-induced greenhouse gas emissions.
  • These emissions have resulted in an increase in the frequency and severity of certain weather patterns since pre-industrial times.

What is ‘Global risk’?

  • The Global Risks Report series monitors the perceptions of global risks among experts and leaders in business, government, and civil society.
  • These risks are defined as events or conditions that have the potential to negatively impact a significant portion of global GDP, population, or natural resources.
  • It examines risks across five categories:
    • Economic
    • Environmental
    • Geopolitical
    • Societal
    • Technological. 

About World Economic Forum (WEF)

  • The World Economic Forum is the International Organization for Public-Private Cooperation.
  • It was established in 1971 as a not-for-profit foundation and is headquartered in Geneva, Switzerland. It is independent, impartial and not tied to any special interests.
  • The Forum strives in all its efforts to demonstrate entrepreneurship in the global public interest while upholding the highest standards of governance.
  • Major reports published by WEF:
    • Energy Transition Index.
    • Global Competitiveness Report.
    • Global IT Report (WEF along with INSEAD, and Cornell University)
    • Global Gender Gap Report.
    • Global Risk Report.
    • Global Travel and Tourism Report.

-Source: Down to Earth


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