R&D can boost preparedness for inevitable environmental risks such as Extreme weather events and Non-weather related natural disasters, as well as allowing us to reduce the likelihood of Critical changes to Earth systems and Natural resources shortages. A significant leap forward in research leading to viable nuclear fusion power generation for example, could represent a turning point, providing clean energy and accelerating the transition to Net Zero, at the same time as reducing the risk of Pollution. 6 As discussed in Chapter 2.3: A 3°C world, however, the unilateral application of climate mitigation technologies also carry risks. There are other hurdles to overcome. Despite potentially being on the precipice of a “golden age” of scientific discovery, the strategic importance of emerging technologies, such as AI and quantum computing, is resulting in a fragmentation of R&D initiatives, with some opting for political isolationism to safeguard technological advancements. The formation of a new body equivalent to the IPCC to synthesize key perspectives relating to AI risk has been mooted; to be effective, it would need to overcome the challenges of ensuring balance of representation and of being nimble enough to address rapidly emerging scientific developments. And while R&D can result in game-changing solutions, the institutions involved often lack the funds or political might needed to translate into impact. With carbon capture and storage (CCS) for example, the sheer scale of the costs associated with deployment act as barriers, alongside limited confidence in the success of the outcomes. Technology is seen as both a source of risk and as part of the solution. Adverse outcomes of AI technologies is viewed as a top risk that can be addressed by R&D. However, AI may also prove to be the key to unlocking a multitude of the world’s problems. Recent research, for example, suggests that it could revolutionize materials science, allowing us to make leaps forward in terms of batteries, solar panels, computer chips and other vital technologies that will be required in efforts to address a multitude of risks. 7 Strengthening global research networks that connect researchers, institutions and industries worldwide can facilitate communication and the sharing of resources. Public-sector support remains crucial. Healthcare companies alone would not have been able to roll out an effective vaccine for COVID-19 in such a short time frame had they not been co-funded, and this model of governments de-risking liability to fast-track deployment could be extended to other challenges, potentially coupled with enhanced conditionalities 25 0 50 75 100Share of respondents (%)81% 58% 56% 55% 55% 55% 51% 51% 51% 49% Infectious diseases Adverse outcomes of frontier technologies Extreme weather events Chronic health conditions Non-weather related natural disasters Cyber insecurity Adverse outcomes of AI technologies Critical change to Earth systems Pollution Natural resource shortagesTop global risks addressed by Research and development FIGURE 3.2 Source World Economic Forum Global Risks Perception Survey 2023-2024."Which approach(es) do you expect to have the most potential for driving action on risk reduction and preparedness over thenext 10 years?" Risk categories Economic Environmental Geopolitical Societal Technological NoteRespondents could select up to three responses from the following nine options: Financial instruments, National and local regulations, Minilateral treaties and agreements, Global treaties and agreements, Development assistance, corporate strategies, Research & development, Public awareness and education, Multi-stakeholder engagement.Research & development (e.g. new technologies, early-warning systems, global risk research) Global Risks Report 2024 88

The Global Risks Report 2024