The shadow of COVID

When our ‘Spotlight on; Environmental Risk’ report was compiled in 2021, the number one environmental risk, globally, was pandemics. With over half of the world’s population and 90 countries or territories imposing an unprecedented restriction on movement, executives’ focus raised few eyebrows.

Over the past two years, with the impact of COVID-19 diminishing as we have learned to live with the virus, there has been a divergence in the view of pandemic risk around the world. In the US and UK, pandemic risk is expected to remain a low priority. Whereas in Canada the view is that, while the risk is lower (18%), it will increase to 26% in the in 12 month’s time. In Singapore, a laser-sharp focus on pandemic-related concerns (34% in 2022) has given way to divided attention, between accelerating climate change (18%) and environmental damage risks (21%).

However, while the threat has dissipated for the time being, every market predicts that the risk will increase next year, suggesting that the fight against COVID-19 may not be won yet, or that the appearance of another pathogen could pose a significant threat.