Hello, Quartz Index readers!
For the second year running, business and political leaders think the world’s biggest threat is extreme weather, according to the latest Global Risks Report by the World Economic Forum (WEF) published Wednesday.
Economic risks such as market collapses, fiscal crises, and systemic financial failures, have dropped down the list of concerns, replaced with fears about the environment. WEF found that three of the five most likely global risks for 2018 were environmental—extreme weather, natural disasters, and failure to mitigate climate change. Before 2010, environmental risks didn’t register in the top five concerns at all.
The world was struck—seemingly relentlessly—by hurricanes, floods, wildfires, and earthquakes in 2017. So, it’s easy to see why the environment tops the list of risks. Last year, the economic losses from natural and man-made disasters reached $306 billion, almost double the previous year’s cost, according to Swiss Re.
Aside from the environment, there are many other risks that business bosses and political leaders are worried about. More than 90% of survey respondents said they expect an increase in frictions between major global powers, and 80% said they also expect an increase in risks stemming from state-on-state military conflict, while large-scale cyber attacks were of increasing concern.
That’s plenty of material for the global elite to discuss over fondue in Davos next week.—Eshe Nelson
PS. We’re sending a special edition of the Quartz Daily Brief for the World Economic Forum’s annual gathering of global leaders in Davos, Switzerland. Sign up here to receive it from January 23 to 26, 2018.
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