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Fear of climate breakdown tops the list at World Economic Forum

PortandTerminal.com, January 20, 2020

For the first time, the environment is at top of the list of issues worrying the world’s elite

DAVOS, SWITZERLAND – The World Economic Forum’s annual risks report found that, for the first time in its 15-year history, the environment filled the top five places in the list of concerns likely to have a major impact over the next decade.

Climate change and environmental destruction top the risks highlighted by the World Economic Forum in a survey ahead of the 2020 gathering of the global elite in the Swiss ski resort of Davos on January 21-24.

Børge Brende, the president of the World Economic Forum, said: “The political landscape is polarised, sea levels are rising and climate fires are burning. This is the year when world leaders must work with all sectors of society to repair and reinvigorate our systems of cooperation, not just for short-term benefit but for tackling our deep-rooted risks.”

“The cost of inaction exceeds the cost of action”.

Børge Brende, President of the World Economic Forum

The report highlights a number of maritime/shipping related stresses on the world. One is what the report calls a resource “Cold War” between nations with the melting of the Arctic figuring heavily in the report.

Maersk container ship sailing in the Arctic
The melting of the Arctic and opening of new sea routes figured heavily in the report

A new cold war is developing as countries—including China, Norway, Russia and the United States— compete for fish, gas and other natural resources; for the use of new shipping lanes; and to establish a strategic footprint in the region. Russia and China have prioritized developing the Northern Sea Route, with the latter dubbing its initiative the “Polar Silk Road”

Climate change will affect trade by distorting prices and disrupting supply chains. For example, with the Arctic sea ice melting at a record pace, a northern route through once-impassable waters has “emerged as a potential global shipping artery.

Download – Global Risks Report 2020

Click the cover below of the survey for a redirect to download a PDF copy of the full report.

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