{"id":113857,"date":"2021-04-09T10:15:00","date_gmt":"2021-04-09T10:15:00","guid":{"rendered":"https:\/\/grist.org\/?p=529775"},"modified":"2021-04-09T10:15:00","modified_gmt":"2021-04-09T10:15:00","slug":"the-world-is-getting-scarier-how-climate-change-multiplies-risk","status":"publish","type":"post","link":"https:\/\/radiofree.asia\/2021\/04\/09\/the-world-is-getting-scarier-how-climate-change-multiplies-risk\/","title":{"rendered":"\u2018The world is getting scarier\u2019: How climate change multiplies risk"},"content":{"rendered":"\n
There are three big, global threats that keep Michele Wucker, a risk expert, up at night: Inequality, financial fragility (that is, the chance of another economic meltdown), and the climate crisis. <\/p>\n\n\n\n
And all of these are connected, she says. The rich are getting richer, jetting across the world in carbon-spewing planes, while amped-up hurricanes and drought are hitting poor communities the hardest. Rising seas are swallowing up coastal real estate, with effects that could rattle the financial system. <\/p>\n\n\n\n
\u201cClimate change ripples through the entire economy,\u201d Wucker told Grist in an interview. \u201cAny of the other risks you look at in the world are very likely to have some sort of a climate connection.\u201d <\/p>\n\n\n\n
Wucker, a strategist and author, has spent decades working on finance, business, and global policy issues. Her 2016 book The Gray Rhino<\/em> identified big risks that get ignored even though they are probable and predicted \u2014 like, say, a global pandemic<\/a>. She coined the phrase \u201cgray rhino\u201d concept in opposition to the rare \u201cblack swan\u201d events that catch everybody by surprise. The way she sees it, the climate crisis is not a slow-moving danger, but a fast-moving one that changes, well, everything.<\/p>\n\n\n\n \u201cThe world is getting scarier,\u201d Wucker writes in her new book, You Are What You Risk: The New Art and Science of Navigating an Uncertain World<\/em>. \u201cOften it feels harder and harder to do much of anything to exert control over the risks we face in our daily lives, much less over many of the global risks facing the entire planet.\u201d<\/p>\n\n\n\n You Are What You Risk <\/em>introduces a new vocabulary for talking about these threats. Everyone has a personalized \u201crisk fingerprint\u201d that describes what kind of risk-taker they are, shaped by their personality, upbringing, and experiences. Strengthening your \u201crisk muscle\u201d can help you make good decisions. The book doesn\u2019t fit easily in any category: It could appear on the \u201cself-help\u201d shelf in the bookstore, or sit in a section devoted to economics, business, or psychology. Her focus zooms in to examine personal predicaments and zooms out to global crises, analyzing how people wrestle with choices and uncertainty.<\/p>\n\n\n\n The book\u2019s release comes at a time when people are starting to pay more attention to the economic ramifications of climate change. \u201cThere’s just been a huge surge in attention to climate risk,\u201d Wucker said. Last year, six U.S. senators sent a letter<\/a> to Fannie Mae and Freddie Mac warning that the housing market was unprepared for the devastating floods and wildfires headed its way. Some experts say that a failure to account for these climate risks could fuel a financial crisis<\/a> like the 2007 subprime mortgage crisis. Investors are beginning to grasp the consequences, Wucker says, pointing to \u201chuge inflows\u201d of money into sustainable investments <\/a>\u2014 such as Environmental, Social, and Governance funds \u2014 during the COVID-19 pandemic. Investors are also pressuring businesses to disclose the risks<\/a> that climate change poses to their operations and how they intend to address them.<\/p>\n\n\n\n Wucker wants to break down misconceptions about climate change, starting with the common idea that it\u2019s a slow-moving threat. \u201cIt\u2019s actually not,\u201d Wucker said. \u201cIt\u2019s fast-moving, and it\u2019s getting faster and faster.\u201d <\/p>\n\n\n\n In Chicago, where Wucker lives, she says the sunrise looked like the moonrise last fall when wildfire smoke from the West blew across the country. She has a friend in Australia whose brother got injured trying to protect his property from wildfires. Wucker says her asthma has gotten much worse in recent years, to the point that she had to start taking more medication to control it. (Yes, climate change is even making allergies worse<\/a>.)<\/p>\n\n\n\n