We have seen two local events completely bring down global supply chains. A ship in the Suez Canal blocked traffic for a week, delaying $9 billion of goods each day. And a pandemic originating in Wuhan led to the world economy contracting by 3.5% and 255 million jobs lost in 2020. Such events reveal the fragility of the seemingly invulnerable and adaptable business sector. Bill Gates, in his new book, How to Avoid a Climate Disaster, estimates that the economic damage caused by climate change will be like that of a covid-scale pandemic every 10 years.
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