‘The global community is badly prepared for a rapid increase in climate change-related natural disasters that by 2050 will put 1.3 billion people at risk’ according to the World Bank. Urging better planning of cities before it was too late, a report published on Monday from a Bank-run body that focuses on disaster mitigation, said assets worth $158tn – double the total annual output of the global economy – would be in jeopardy by 2050 without preventative action.
Cecilia Reyes, chief risk officer of Zurich Insurance Group, said: “Climate change is exacerbating more risks than ever before in terms of water crises, food shortages, constrained economic growth, weaker societal cohesion and increased security risks.“Meanwhile, geopolitical instability is exposing businesses to cancelled projects, revoked licences, interrupted production, damaged assets and restricted movement of funds across borders. These political conflicts are in turn making the challenge of climate change all the more insurmountable – reducing the potential for political cooperation, as well as diverting resource, innovation and time away from climate change resilience and prevention.” – this comment was in context of the Global Risks Report 2016 produced by World Economic Forum in collaboration with Marsh and McLennan and Zurich Insurance Group.
Conclusion – Climate Change is affecting our planet like never before, and the impact could be wide-ranged. Timely, concerted action is required to reverse it or at-least slow it down.
In the next blog, we will discuss the ‘Waste Connection’ of Climate Change.
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