2020 global risks involve the environment- WEF

MANILA, Philippines — For the first time in history, the world is worried about the environment.

In the latest Global Risk Report of the World Economic Forum (WEF), environmental issues topped the list of global risks in terms of likelihood and impact.

In terms of likelihood, the top five risks are extreme weather, climate action failure, natural disasters, biodiversity loss and man-made environmental disasters.

As for the impact, these included climate action failure, weapons of mass destruction, biodiversity loss, extreme weather and water crises.

However, WEF also forecasted a year of increased domestic and international divisions as well as economic slowdown.

WEF president Borge Brende said WEF noted with grave concern the consequences of continued environmental degradation, including the record pace of species decline.

“Respondents to our Global Risks Perception Survey are also sounding the alarm, ranking climate change and related environmental issues as the top five risks in terms of likelihood – the first time in the survey’s history that one category has occupied all five of the top spots,” Brende said.

“But despite the need to be more ambitious when it comes to climate action, the UN has warned that countries have veered off course when it comes to meeting their commitments under the Paris Agreement on climate change,” he said.

The report noted that climate change is striking harder and more rapidly than many expected.

The last five years are on track to be the warmest on record, natural disasters are becoming more intense and more frequent, and last year witnessed unprecedented extreme weather throughout the world.
“Alarmingly, global temperatures are on track to increase by at least 3°C towards the end of the century—twice what climate experts have warned is the limit to avoid the most severe economic, social and environmental consequences,” it said.

“The near-term impacts of climate change add up to a planetary emergency that will include loss of life, social and geopolitical tensions and negative economic impacts,” the report said.

Further, WEF emphasized that more and more species are becoming extinct while oceans are getting warmer, stormier and more acidic, impacting the health of sensitive marine ecosystems such as coral reefs.

The Geneva-based organization also warned that crop yields will likely drop in many regions, undermining the ability to double food production by 2050 to meet rising demand. Water scarcity is likewise expected to increase.

“Because agriculture, livestock and deforestation produce nearly a quarter of global emissions, more efficient use of land is critical, it is also one of the best potential carbon sequestration options,” it said.

As a result, countries will face more potential points of contention as climate change reshapes the security of and access to historic common property resources, such as fishing waters.

Latest data showed that worldwide economic stress and damage from natural disasters last year amounted to $165 billion, and 50 percent of that total was uninsured.

“Countries will also experience losses unequally, with the highest economic costs being felt by large economies, while risk of exposure, death and non-economic costs is higher in smaller, poorer economies,” the report said.

“Central banks increasingly see climate change as a systemic risk to the global capital market and recognize that non-action is not an option,” it said.

For the future of climate change mitigation, WEF noted that 2020 is a critical year.

It said that the year presents the first opportunity for nations to revise their national plans to tackle climate change as set out under the 2015 Paris Climate Agreement, and to close the gap between what they have pledged and what is needed.

“Achieving significant change in the near term will depend on greater commitment from major emitters. Failure to seize 2020’s opportunity to mitigate climate change will have main consequences,” it said.

The Global Risks Report is part of an expanded Global Risks Initiative launched by WEF that includes sustained analysis at the global, regional and industry levels.