World Economic Forum Flags Three Nasty Climate Shocks — Green Crash, Anyone? (1)

The World Economic Forum published its annual risks report and the section on climate change is, as it should be, very gloomy indeed.

For instance, it flagged these three potential shocks:


Key Insight

‘Beyond the sheer scale, complexity and
interdependency of the needed changes,
the climate transition will be disorderly
because decades of inaction and hesitant
implementation of transition measures on
local and global levels have steered the
planet onto a path that will be difficult
to change
,” the report said.

“In a recovering yet diverging global
economy, countries will need to transition
at varying paces to prevent short-term
disruptions from offsetting long-term
gains, but the consequences of disparate
transitions will be felt worldwide. The least
disruptive climate transition measures
will be those that holistically integrate the
needs of individuals, societies, businesses
and planet. Domestic and international collaboration
should focus on educating the
public about the value and need of climate
action, including a change in consumer
behaviour and demand-destruction for
carbon intensive goods. Businesses
of all sizes need to be incentivised to
proactively factor in transition risks and
move to circular economy models, while
governments should be encouraged to
take bold and immediate steps towards
implementing robust legal frameworks that
ensure a just transition.
Any transition of this scale will be disruptive.
All stakeholders need to focus on actions
that will drive an innovative, determined and
inclusive transition in order to minimize the
impacts of disorder, facilitate adaptation
and maximize opportunities.



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