Davos 2023: Natural disasters, extreme weather second-most severe global risk in short term, says WEF report

Davos 2023: Natural disasters, extreme weather second-most severe global risk in short term, says WEF report

Subject :Governance

Section: Reports and Indices

About WEF report:

• Report title: Global risks report 2023
• Released by: World Economic Forum (WEF)
• WEF annual meeting held every year in Davos, Switzerland.
• The 2023 meet title: Cooperation in a Fragmented World

Report findings:

• ‘Failure to mitigate climate change’ as well as ‘failure of climate change adaptation’ are the two most severe risks facing the world in the next decade, followed by ‘natural disasters and extreme weather events’ and ‘Biodiversity loss and ecosystem collapse’.
• The ‘cost of living’ ranks as the top most serious global risk in the short term (over the next two years).
• In 10 countries, natural disasters and extreme weather events were perceived to be the top most severe risk in the short term or in the next two years.

What is ‘Global Risk’?

• ‘Global risk’ is defined as the possibility of the occurrence of an event or condition which, if it occurs, would negatively impact a significant proportion of global gross domestic product, population or natural resources.

Natural disasters in India:

• India recorded extreme weather events on 291 of the 334 days between January 1 and November 30, 2022 according to India’s Atlas On Weather Disasters prepared by the Centre for Science and Environment and Down To Earth.