Could cost of living crisis overshadow climate efforts?

The cost of living crisis is the biggest short-term challenge for world leaders, according to a report

Tackling the cost of living crisis will dominate the global policy agenda for the next two years.

That’s according to the Global Risks report by the World Economic Forum, suggesting the rise in energy and food costs is currently the most severe global risk the world is facing over the next two years.

The survey of 1,200 risk experts also found that “biodiversity loss and ecosystem collapse” is ranked as one of the fastest-deteriorating global risks over the next decade.

The WEF highlights that countries will most likely continue to face a “dangerous balancing act” between protecting citizens against the rising costs and meeting debt servicing costs as revenues will be suppressed by the economic downturn, the accelerated energy transition and other geopolitical tensions.

The report said: “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 added: “Without significant policy change or investment, the interplay between climate change impacts, biodiversity loss, food security and natural resource consumption will accelerate ecosystem collapse, threaten food supplies and livelihoods in climate-vulnerable economies, amplify the impacts of natural disasters and limit further progress on climate mitigation.”

World leaders will meet in the Swiss ski resort town of Davos next week for the World Economic Forum – the 53rd annual meeting will convene more than 2,700 leaders from 130 countries.

Make sure you check out the latest Net Hero Podcast episode:

Latest Podcast