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action on climate risk at a time when and half of plants – which underpin risks are real, and everyone must
they also face greater geopolitical our food and health systems. Peter play their part to mitigate them. It’s
and cyber risk challenges.” Giger, Group Chief Risk Officer, not just an economic imperative, it
Zurich Insurance Group warned is simply the right thing to do,” he
To younger generations, the state of the urgent need to adapt faster said.
of the planet is even more alarming.
to avoid the worst and irreversible
The report highlights how risks are impacts of climate change and About the Global Risk Report
seen by those born after 1980. They
to do more to protect the planet’s
ranked environmental risks higher Access the report at: https://wef.ch/
biodiversity:
than other respondents, in the short- risks20
and long- terms. Almost 90% of “Biologically diverse ecosystems
these respondents believe “extreme capture vast amounts of carbon and The World Economic Forum is
heatwaves”, “destruction of provide massive economic benefits the International Organisation for
ecosystems” and “health impacted that are estimated at $33 trillion per Public-Private Cooperation.
by pollution” will be aggravated year – the equivalent to the GDP The Forum engages the foremost
in 2020; compared to 77%, 76% of the US and China combined. It’s political, business and other
and 67% respectively for other critical that companies and policy- leaders of society to shape global,
generations. They also believe that makers move faster to transition to regional and industry agendas.
the impact from environmental risks a low carbon economy and more The Global Risks Report 2020 has
by 2030 will be more catastrophic sustainable business models. We been developed with the support
and more likely. are already seeing companies
of the World Economic Forum’s
destroyed by failing to align their
Human activity has already caused Global Risks Advisory Board. It also
strategies to shifts in policy and
the loss of 83% of all wild mammals benefits from ongoing collaboration
customer preferences. Transitionary
with its strategic partners Marsh &
McLennan and Zurich Insurance
Group, and its academic advisers at
the Oxford Martin School (University
of Oxford), the National University
of Singapore and the Wharton
Risk Management and Decision
Processes Centre (University of
Pennsylvania). www.weforum.org

1. Systems thinking is a
holistic approach to analysis
that focuses on the way that
a system’s constituent parts
interrelate and how systems work
over time and within the context of
larger systems

th
7 year, Issue 26, Mar - May 2020 www.MiddleEast-Business.com