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Back You are here: Home Politics Poor economic conditions hinder climate change actions – W.E.F.

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Poor economic conditions hinder climate change actions – W.E.F.

Poor economic conditions delay efforts to address climate change, putting the world at a greater risk, according to the latest report of the World Economic Forum.

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Wealth gaps and unsustainable government debt are the two most prevalent economic dangers that the world faces over the next decade, found the Global Risks 2013 report.

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The report covered 50 prevalent global risks in five categories, including economic, environmental, geopolitical and technological. Around 1,000 experts from industry, academe, government and civil society were surveyed and asked to rate these global risks in terms of their likelihood and impact.

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Unresolved weak economic conditions are aggravating environmental problems as governments struggle to get finance required for low carbon infrastructure and climate adaptation and mitigation projects , both at a national and international level, according to respondent Responding to Climate Change.

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This is particularly true for developing and emerging countries, which usually seek for support from the developed nations and multilateral banks.

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With 2012 marked by extreme weather events, such as Hurricane Sandy and severe flooding in China, it’s not so surprising that respondents identified increasing greenhouse gas emissions as the third most likely global risk, while the failure to adopt climate is regarded as the environmental risk with the largest impact in the next 10 years.

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“These global risks are essentially a health warning regarding our most critical systems,” warned Lee Howell, managing director at the W.E.F. and editor of the report. “National resilience to global risks needs to be a priority so that critical systems continue to function despite a major disturbance.”

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Resilience is highly crucial, especially for a “hyperconnected” world where one nation’s failure to address a global risk can have a ripple effect on others, stressed the W.E.F. Hence, each nation should incorporate the capacity to withstand, adapt and recover from systemic shocks and catastrophic events.

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The Global Risks 2013 report is the flagship initiative of the W.E.F. Risk Response Network, which provides private and public sector leadership with an independent platform to establish resilience by plotting, tracking and managing global risks. – C. Dominguez

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