
What the new WEF report says about climate crisis
Live MintThe ongoing World Economic Forum returned to Davos, Switzerland, earlier this week to engage entrepreneurs, researchers, corporate bosses, and political leaders in discussions about global issues for the year ahead. Ahead of the annual meeting, the WEF released, ‘The Global Risks Report 2023’ on January 12, with key findings about the impact of the climate crisis and the lack of action. Among the respondents in the WEF report, 70% said existing measures to prevent or prepare for climate change have been “ineffective” or “highly ineffective”. Notably, adaptation has not been adequately funded, with “34% of climate finance currently allocated to adaptation worldwide.” The report also emphasised that social and political polarisation may also further reduce the opportunity for collective problem-solving to address these global risks. However, climate change has often been pushed down the priority list at Davos, and this trend might continue this year, as according to the report, the cost-of-living crisis is the most severe risk that the world will be facing in the next two years.
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