Context: Extreme weather events have scaled up the ladder from last year to emerge as the most severe risk the world needs to prepare for in 2024 through 2026, according to the Global Risks Report 2024.

Highlight of the Report

• Published by: The World Economic Forum,.
• Highlights of the report:

oIt highlighted that El Nino, or the warming phase of the El Nino Southern Oscillation cycle, is projected to strengthen and endure until May 2024.

oIt suggests that this could result in the establishment of new heat records, accompanied by severe heatwaves, droughts, wildfires, and flooding.

oAs per report, extreme weather events are ranked among the top five risks in the short term (next two years) in 24 countries, and in 13 countries, they are perceived as the foremost three risks during this period.

Global Risk

• About: It is defined as the possibility of the occurrence of an event or condition which, if it occurs, would negatively impact a significant proportion of global gross domestic product, population or natural resources.
• Classification: Economic, environmental, geopolitical, societal and technological over short-term (one to two years) and long term (10-year) horizons.
• Global Risks Report: It examines some of the most serious worldwide threats that may arise over the next 10 years, taking into account the planet’s warming, economic instability, rapid technological advancement and conflict.

World Economic Forum

• About: The WEF is a Swiss nonprofit foundation established in 1971, based in Geneva, Switzerland.
• Recognized by: Swiss authorities as the international institution for public-private cooperation.
• Some major reports published by WEF are:
• Energy Transition Index.
• Global Competitiveness Report.
• Global IT Report
• WEF along with INSEAD, and Cornell University publishes this report.
• Global Gender Gap Report.