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HomeBreaking NewsCost-of-living crisis overshadows ‘unavoidable’ climate action

Cost-of-living crisis overshadows ‘unavoidable’ climate action

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Climate change is the global economy’s biggest long-term challenge but one the world is least prepared to tackle because of short-term problems led by a cost-of-living crisis, the World Economic Forum (WEF) said in a report.

The group’s Global Risks Report – released on Wednesday in advance of its annual gathering of government leaders and business elites next week in the Swiss Alpine resort of Davos – offered a bleak outlook.

Challenges, including the rising cost of living, persistent energy and food supply crunches, and heavy national debt, threatened to thwart the collective will and cooperation needed to address the climate crisis, the report said.

Based on a survey of 1,200 risk experts, industry leaders, and policymakers, the WEF report said the biggest challenges during the next decade involve the environment. However, more immediate challenges have been distracting world leaders, some of whom will be in Davos for panel discussions and schmoozing at an event that has faced criticism for not producing concrete action.

“The coming years will present tough trade-offs for governments facing competing concerns for society, the environment and security,” according to the report co-authored with global insurance broker Marsh McLennan and Zurich Insurance Group.

“A failure to mitigate climate change is ranked as one of the most severe threats in the short term but is the global risk we are seen to be the least prepared for,” it said.

Out of 10 long-term challenges, respondents said the top four are climate related: failure to limit or adapt to climate change; natural disasters and extreme weather; biodiversity loss; and ecosystem collapse.

Short-term risks are testing pledges to reach net zero emissions of heat-trapping carbon dioxide and “have exposed a gap between what is scientifically necessary and

Climate change is the global economy’s biggest long-term challenge but one the world is least prepared to tackle because of short-term problems led by a cost-of-living crisis, the World Economic Forum (WEF) said in a report. Based on a survey of 1,200 risk experts, industry leaders, and policymakers, the WEF report said the biggest challenges during the next decade involve the environment. Out of 10 long-term challenges, respondents said the top four are climate related: failure to limit or adapt to climate change; natural disasters and extreme weather; biodiversity loss; and ecosystem collapse.

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