The Global Risks Report 2024

Responding to global risks3 The previous chapters outlined a global landscape where a myriad of vulnerabilities are stretching our capacity to respond to key global challenges. This chapter considers the ways in which we can address global risks, given increasingly complex and non-linear aspects of how they will evolve, against a backdrop of a fragmented geopolitical environment where cooperation may be in short supply. Managing a volatile risk landscape in a low cooperation world Some of the challenges we face are risks familiar to human history – pandemics and geopolitical conflicts – while others are new and fast-evolving, such as Earth system changes or the adverse effects of new technologies. Many global risks are inherently interconnected and may have far reaching consequences to human development - eroding resilience and reducing our collective capacity to respond. While collaborative effort remains the cornerstone of addressing global risks, not all require deep global cooperation as the only viable solution. In an increasingly fragmented world, examining alternative paths with varying degrees of cooperation can provide a broader mental model to support planning and preparation. Implementing global risk reduction measures is equivalent to providing a global public good. 1 These goods are defined as non-excludable and non-rivalrous, which means that, unlike common goods, use by one country neither prevents access nor reduces availability to others. For example, if a single national government implements a policy that slows the spread of an infectious disease, the entire global community will benefit from it. As with global public goods, risk reduction efforts tend to suffer from the “free rider problem.” In a world characterized by different and at times competing power centres pursuing their own interests, governments may be incentivized to transfer the burden of prevention or preparedness to others, while reaping the benefits of others’ investments without incurring the costs. Similarly, not all efforts of risk reduction require the same level of cooperation to be implemented, falling along a spectrum ranging from those that require the effort of only one country or stakeholder, to those that demand the collaboration of all. 2 Building upon established notions of public goods, 3 there are four broad categories of approaching global risk reduction, based on the level of cooperation required: localized strategies; breakthrough endeavors; collective actions; and cross-border coordination. Both the degree of complexity and the speed of the global risks discussed in this report will demand flexible and agile approaches that employ all available levers at our disposal. There are actions that can be taken individually or collectively to implement preparedness measures for the risks we cannot avoid – and to come together to prevent or lessen the likelihood of the risks that we can. Mika Baumeister, Unsplash Global Risks Report 2024 85