{"id":41086,"date":"2020-01-15T09:30:51","date_gmt":"2020-01-15T09:30:51","guid":{"rendered":"https:\/\/www.climatechangenews.com\/?p=41086"},"modified":"2020-01-17T10:29:02","modified_gmt":"2020-01-17T10:29:02","slug":"climate-change-tops-risks-for-world-in-2020-davos-report","status":"publish","type":"post","link":"https:\/\/www.climatechangenews.com\/2020\/01\/15\/climate-change-tops-risks-for-world-in-2020-davos-report\/","title":{"rendered":"Climate change tops risks for world in 2020 – Davos report"},"content":{"rendered":"

For the rich and powerful descending on the Swiss Alps next week for the World Economic Forum (WEF), the global economy’s capacity to respond to climate risks has risen to a top priority.\u00a0<\/b><\/p>\n

For the first time, environmental concerns dominated the top five long-term global risks for business leaders, investors and policy-makers surveyed in the WEF\u2019s annual report, published on Wednesday.<\/p>\n

In its 50th<\/sup> edition, the WEF in Davos will focus on preventing the erosion of international solidarity<\/a> – a principle that underpinned the WEF’s\u00a0 foundation – and seek ways to build political and societal cohesion that can drive a global response to issues such as climate change.<\/p>\n

US President Donald Trump, who is pulling out of the 2015 Paris climate agreement, German Chancellor Angela Merkel, EU Commission President Ursula von der Leyen and Swedish climate activist Greta Thunberg are among those due to attend the 21-24 January event.<\/p>\n

The 750 respondents to the WEF’s 2020 Global Risks Perception Survey ranked extreme weather events, climate action failure, natural disasters, biodiversity loss and human-made environmental disasters the top five most likely risks for the global economy this year \u2013 ahead of data fraud, cyberattacks, water crisis, global governance failure and assets bubbles.<\/p>\n

UN<\/strong> outlines 2030 goals to save planet\u2019s biodiversity<\/a><\/p><\/blockquote>\n

The world’s elite also identified climate action failure as the risk with the greatest impact on the global economy. In the short-term extreme heatwaves and the destruction of natural ecosystems were ranked third and fourth as the risks most likely to rise in 2020.<\/p>\n

\u201cThe horizon has shortened for preventing\u2014 or even mitigating\u2014some of the direst consequences of global risks,\u201d wrote B\u00f8rge Brende, WEF president. \u201cIt is sobering that in the face of this development, when the challenges before us demand immediate collective action, fractures within the global community appear to only be widening.\u201d<\/p>\n

The United States is the only nation quitting the Paris Agreement with Trump doubting that man-made emissions are the main cause of worsening climate change. He wants instead to bolster jobs in the US coal industry.<\/p>\n

Policy fractures also appeared strongly at the UN climate talks in Madrid, Spain, in December when large emitters blocked progress<\/a> despite a growing alliance of vanguards among small, vulnerable and progressive European countries calling for ambition.<\/p>\n

Teresa Ribera, Spain\u2019s minister of the ecological transition, warned countries that while \u201cthe rule-based multilateral order is being challenged,\u201d the world needed \u201cglobal cooperation to face the global challenge of climate change\u201d.<\/p>\n

Climate news in your inbox?\u00a0Sign up\u00a0here<\/a><\/strong><\/p><\/blockquote>\n

\u201cThe good news is that the window for action is still open, if not for much longer,\u201d Brende wrote in the report\u2019s preface, citing growing commitments from businesses to \u201clook beyond their balance sheets\u201d.<\/p>\n

And indeed, concerns of climate and environmental risks’ negative impact on the global economy are on the rise.<\/p>\n

In the last year, a growing number of businesses and investors<\/a> have committed to more ambitious climate action and the decarbonisation of their operations and investments.<\/p>\n

On Tuesday, BlackRock, the world\u2019s largest fund manager with $7tn in assets, revealed changes to the fund\u2019s investment in a letter to clients<\/a>, naming climate change a key factor in affecting economic growth, asset values, and financial markets.<\/p>\n

The fund said it will end direct investments in companies generating more than a quarter of their revenues from thermal coal production. However, it will remain one of the largest investors in fossil-fuel companies.<\/p>\n

\u201cClimate change has become a defining factor in companies\u2019 long-term prospects,\u201d wrote<\/a> Larry Fink, BlackRock chairman and CEO. \u201cThe evidence on climate risk is compelling investors to reassess core assumptions about modern finance.\u201d<\/p>\n

China-backed coal plants<\/strong> on EU\u2019s doorstep hide huge carbon costs<\/a><\/p><\/blockquote>\n

BlackRock has previously come under fire from climate campaigners<\/a> for backing fossil fuel investments and failing to shift its investment strategy in the face of mounting climate emergency. Now, the decision could push other fund managers and companies across the world to consider climate risks in decision-making.<\/p>\n

\u201cClimate change is almost invariably the top issue that clients around the world raise with BlackRock,\u201d Fink added.<\/p>\n

But for climate activists, commitments and promises alone won’t do. While the Davos elite is seeking solutions on ways to mitigate global warming’s negative impacts on the world’s economy, campaigners are demanding governments and the private sector stop profiting from the fossil-fuel economy.<\/p>\n

Writing in the Guardian<\/a>, Thunberg and 21 other young climate activists demanded all companies, banks, institutions and governments attended the Davos summit \u201cimmediately halt all investments in fossil fuel exploration and extraction, immediately end all fossil fuel subsidies and immediately and completely divest from fossil fuels\u201d.<\/p>\n

They wrote: \u201cYoung climate activists and school strikers from around the world will be present to put pressure on these leaders.”<\/p>\n","protected":false},"excerpt":{"rendered":"Extreme weather, climate action failure, natural disasters, biodiversity loss and human-made environmental disasters top most likely risks to the global economy ","protected":false},"author":39,"featured_media":41087,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4370,3863,598,3859],"tags":[2210,2209],"coauthors":[4267],"class_list":["post-41086","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-finance","category-fossil-fuels","category-world","tag-davos","tag-world-economic-forum","type-news"],"acf":[],"yoast_head":"\nClimate change tops risks for world in 2020 - Davos report<\/title>\n<meta name=\"description\" content=\"Extreme weather, climate action failure, natural disasters, biodiversity loss and human-made environmental disasters top most likely risks to the global economy\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.climatechangenews.com\/2020\/01\/15\/climate-change-tops-risks-for-world-in-2020-davos-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Climate change tops risks for world in 2020 - 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