The gathering storm of human-caused threats to climate, nature and economy pose a danger of systemic collapse comparable to the 2008 financial crisis, according to a new report that calls for urgent and radical reform to protect political and social systems.
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| Hurricane Florence in North Carolina in 2018. The report fears relentless floods and fires in the US could threaten financial institutions. |
The study says the combination of global warming, soil infertility, pollinator loss, chemical leaching and ocean acidification is creating a “new domain of risk”, which is hugely underestimated by policymakers even though it may pose the greatest threat in human history.
“A new, highly complex and destabilised ‘domain of risk’ is emerging – which includes the risk of the collapse of key social and economic systems, at local and potentially even global levels,” warns the paper from the Institute for Public Policy Research. “This new risk domain affects virtually all areas of policy and politics, and it is doubtful that societies around the world are adequately prepared to manage this risk.”
Until recently, most studies of environmental risk tended to examine threats in isolation: climate scientists examined disruption to weather systems, biologists focused on ecosystem loss and economists calculated potential damages from intensifying storms and droughts. But a growing body of research is assessing how the interplay of these factors can create a cascade of tipping points in human society as well as the natural world.
Read the story from The Guardian by Jonathon Watts - “Climate and economic risks 'threaten 2008-style systemic collapse.”
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