![]() ![]() To address this, policymakers need to mainstream risk management in all policies, processes and decisions, and create incentives for risk reduction and investments in and aligned with the SDGs. Investments in prevention and resilience have a public good character, and like many public goods, they are underfunded. Short-term costs of investments often loom larger than uncertain long-term benefits. Yet, they do not happen at the required scale. For example, investments in social protection systems, which can be ramped up in time of need, can help vulnerable groups, households and societies manage risk and volatility, and protect them from poverty in the event of a crisis. At the same time, investment in the SDGs would help reduce vulnerabilities. Reducing and better managing these risks is indispensable to achieving the SDGs. Risk that has not been sufficiently addressed, such as high debt and excess leverage, poverty and inequality, infrastructure that is not resilient, and climate change, will continue to derail financing and progress of the SDGs. With more than 2 million lives lost at the time of writing, the spread of COVID-19 and its economic fallout are an urgent call for the global community to better prepare for and reduce the risk of catastrophic events.ĭisasters are often the result of decades of accumulation of risk. ![]() The COVID-19 pandemic has highlighted the widespread and cascading effects of systemic risks on economies and societies in an increasingly complex and interrelated risk landscape. ![]()
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