On 11 January 2017 the Word Economic Forum released its Global Risk Report 2017. In the corresponding Press Release it states:
“The environment dominates the global risks landscape. Climate change was the number two underlying trend this year. And for the first time, all five environmental risks in the survey were ranked both high-risk and high-likelihood, with extreme weather events emerging as the single most prominent global risk.”
Find the full Press Release here.
After the recent G7 meeting, much is said about the growing divergence of national interests and about whether the group is able to maintain its leadership on global issues. Amidst feelings of uncertainty and disenchantment left behind by Charlevoix, one thing cannot be ignored: clear commitments on climate change, environment and sustainability issues were made.
The UK has been accused of trying to “fudge” how much money it spends on subsidising coal mining and fossil fuel use despite its pledge to phase out environmentally harmful subsidies by 2020.
Climate shocks as drivers of migration might be long present in the environmental narrative, but they are hardly being addressed on a policy level.
Reducing the impacts of disasters in developing countries is absolutely vital - especially in fragile and conflict-affected contexts. The invention of climate risk insurance has been a major breakthrough in that regard. If they are well-designed and mitigate potential negative side effects, climate risk insurance could play a major role in supporting the poor. To support this, insurance initiatives should monitor both positive and negative impacts.