Professor Tim Benton, Research Director for the Energy, Environment and Resources programme at Chatham House talks about the fragility of our modern interconnected world and the need to rebuild our economies based on the notion of resilience in his Larmor Lecture.
We often think of the risks of climate change on societies in terms of the direct risks arising from increasing climate hazards, such as extreme weather. However, as we live in an increasingly inter-connected world, we are increasingly recognising the potential for a climate hazard to create risks that cascade across borders and sectors, amplifying as they go, to create systemic risks. These risks can be transmitted through, for example, the flow of goods (especially food), information, finance or people, and the total magnitude of such risks is typically significantly greater than the direct impact of the climate hazard itself. Given the fragility of our modern interconnected world – based on money saving efficiency removing functional redundancy – and given that systemic and cascading risks are likely becoming more common, there is an urgent need to recover from COVID-19 and rebuild our economies based on the notion of resilience.
Watch on YouTube: https://youtu.be/SW7XLjb1S08