The World Economic Forum launched its Global Risks Report 2020 in London for the first time in its history – and it made grim reading on the state of the climate crisis.

The survey listed environment-related issues as the "top long-term risks." It noted that the global climate crisis is the biggest challenge facing humanity and could lead to disastrous consequences, if swift and comprehensive initiatives are not undertaken immediately.

The WEF sounded the alarm on extreme weather events that could cause major damage to infrastructure, the failure to implement effective mitigation measures, man-made environmental damage and loss of biodiversity as the main threats in its 10-year outlook.

The survey highlighted the anxiety of younger generations, those born after 1980, who fear for their future and ranked environmental risks higher than other respondents.

The report urged policymakers to harmonize objectives for protecting the planet with those of boosting wealth creation. It also urged companies to protect themselves from potentially disastrous future losses by adjusting to science-related targets.

Low-carbon transition

Borge Brende, president of the WEF, said: "The political landscape is polarized, sea levels are rising and climate fires are burning.

"This is the year when world leaders must work with all sectors of society to repair and reinvigorate our systems of cooperation, not just for short-term benefit but for tackling our deep-rooted risks."

Experts pointed to the catastrophic loss of 83 percent of wildlife and 50 percent of green cover as evidence of the worsening situation and called for urgent steps to protect biodiversity.

Peter Giger, group chief risk officer, Zurich Insurance Group, said: "Biologically diverse ecosystems capture vast amounts of carbon and provide massive economic benefits that are estimated at $33 trillion per year.

"It's critical that companies and policymakers move faster to transition to a low-carbon economy and more sustainable business models."

The WEF's latest findings stressed how economic and political polarization was set to rise in 2020, making it difficult for stakeholders to adapt to "today's epochal power shift" and geopolitical turbulence, which again would have an extremely negative impact on the climate fight.

It envisions a year in which domestic and international fault lines would widen and the economic slowdown would take hold in both advanced economies and the developing world.

"Geopolitical turbulence is propelling us towards an unsettled unilateral world of great power rivalries at a time when business and government leaders must focus urgently on working together to tackle shared risks," it added.

The WEF Global Risks Report 2020 was produced in collaboration with the Zurich Insurance Group and Marsh & McLennan, a global professional services firm based in New York City, US.