February 2019
www.nzmanufacturer.co.nz NEWS 5 BUSINESS Key business groups
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merge to boost manufacturing sector.
THE CIRCULAR ECONOMY Plastic is a global problem and opportunity.
25 Developments Engineer awarded Honorary Doctorate.
Davos 2019 – What does ‘Global Risks’ mean for New Zealand Manufacturers? -Dieter Adam, Chief Executive, The Manufacturers’ Network
Every January, the world’s leaders come together in Davos to discuss the burning issues we face – or so the media say. This year, some of the world’s leaders failed to attend, they had rather more ‘burning issues’ to deal with at home. For New Zealand, however, the reception received by our Prime Minister there more than made up for that.
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It’s tempting to dismiss the event as ‘just another talkfest’, but that wouldn’t do justice to the work undertaken all year by the World Economic Forum (WEF), which Davos is only a part of, and arguably not the most important one. The topics discussed at Davos, and the reports presented there, are many, but among one of the more important ones is the annual Global Risk Report, summarising the views on the topic of about 1,000 global business, academic and government leaders, with economics and technology experts from businesses in Europe and North America the biggest group of contributors.
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Respondents are asked to rank risks based on the likelihood of occurrence, and the expected severity of impact. Of the nine risks identified as having the highest likelihood, combined with the highest impact, six are describing environmental crises or events directly linked to Failure of Climate-Change Mitigation and Adaptation, and the seventh (Large-scale involuntary Migration) is directly linked.
The carbon footprint of New Zealand’s manufacturing sector is small.
The only ‘technical’ risk in this category, by the way, is Cyber Attacks. More traditional risks relating to the economy, financial institutions and systems, asset price collapse, etc., as well as social and political risks like Profound Social Instability or Terrorist Attacks, all fall (well) below that, both in likelihood of occurrence and severity of impact. Looking at the trends over the past ten years (the Global Risk Report is published annually), we can clearly see a migration from economic to social to environment risks being of biggest concern.
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