The World Economic Forum (WEF) is ranking climate inaction as the world’s largest risk in the long-term, however, it has also been placed as the number one medium-term risk, replacing Covid-19. In addition to this, for short-term risks for the world, extreme weather linked to climate change tops the disease and in third place is climate inaction.
Extreme weather is also second in long-term risks for the world and has been causing heavy financial damages with flooding causing $43 billion worth of damage throughout Europe, typhoons costing Asia $24 billion and Hurricane Ida resulted in damages costing $65 billion.
Third place for long-term risks is biodiversity loss, with scientists believing we may be going towards a sixth mass extinction event unless we are able to stop damage to ecosystems and start reversing the changes that have occurred. Fourth and fifth on long-term risks are crises with natural resources and non-emission related human damage to the environment.
Whilst COP26 concluded that temperature rises could exceed 2.4oC by the end of the century should every commitment made be kept, we still need to keep the lower temperature rise of 1.5oC in mind to avoid losses to the environment, its ecosystems and humanity.