It’s notable that since the financial crisis in 2008, there has been a clear shift in weighting in terms of likelihood and impact of global risks. Between 2008 and 2010, the focus was on mainly economic risks, in terms of likelihood and impact; economic slowdown and asset price collapse being the looming catastrophes.
However over the noughties, we have seen a shift from economic to societal and now environmental global risks. Between 2018 and 2020 two of the top three global risks, in terms of likelihood and impact, have been related to environmental risks – climate change, extreme weather and biodiversity loss.
For the first year ever, climate action failure is at the very top of the global risks impact list. The inter-relation between climate change, loss of biodiversity, extreme weather and globalisation cannot be underestimated. While the main risks, that are currently in the public mind, are green in nature, the impact from inaction will hit every sphere of our lives.
Read the full report here…