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Climate chaos combined with financial breakdown have put the world at risk of a “perfect global storm”.
In its annual report on global risks the World Economic Forum warms that an international breakdown of the world’s financial system combined with runaway climate change could throw the livelihoods of millions into jeopardy.
The WEF pointed to the $70 billion of damage inflicted by Hurricane Sandy on New York and New Jersey, and said communities around the world are at growing risk from extreme weather and rising sea levels. It also noted the continuing risk of a global financial implosion.
“Two storms - environmental and economic - are on a collision course,” John Drzik, CEO of Oliver Wyman, said at the report’s launch in London yesterday. “Global prosperity for future generations could be threatened.”
Article by Ben Chu Economics Editor i newspaper