The world is more at risk as persistent economic weakness saps our ability to tackle environmental challenges, according to the World Economic Forum’s Global Risks 2013 report.

The report highlights wealth gaps followed by unsustainable government debt as the top two most prevalent risks, in a survey of over 1,000 experts and industry leaders, which reflects a slightly more pessimistic outlook overall for the coming 10 years.

Following a year scarred by extreme weather, from Hurricane Sandy to flooding in China, respondents rated rising greenhouse gas emissions as the third most likely global risk overall, while the failure of climate change adaptation is seen as the environmental risk with the most knock-on effects for the next decade.

“These global risks are essentially a health warning regarding our most critical systems,” warned Lee Howell, editor of the report and managing director at the World Economic Forum. “National resilience to global risks needs to be a priority so that critical systems continue to function despite a major disturbance,” he added.

Axel Lehmann, chief risk officer at Zurich Insurance Group, said: “With the growing cost of events like Superstorm Sandy, huge threats to island nations and coastal communities, and no resolution to greenhouse gas emissions, the writing is on the wall. It is time to act.”

Global Risks 2013 focuses primarily on what it puts forward at the key risks ahead: human health issues, socio-economic and climate change challenges, and the cyber threat.

David Cole, group chief risk officer of Swiss Re, added: “Coping with the economic and climate change crises is unfortunately no longer seen as a continuum, but as opposing choices. The idea has gained ground that we can't have solutions to both. But we need to go beyond this thinking-in-boxes approach. So because smart risk management is about taking a holistic stance on situations, we should do the same when it comes to the economic and climate change challenges we're facing.”

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