Introduction

The world is currently experiencing a “polycrisis” – the simultaneous occurrence of multiple, interconnected challenges that compound each other, making them harder to address and resolve. The list of these challenges is daunting, including ongoing repercussions of the COVID-19 pandemic, a war in Ukraine leading to energy and food security shocks, inflation reaching levels not seen for decades in most countries, and recent banking crises that are exposing old and new vulnerabilities of the financial system. In the background, the looming specter of climate change and increasing prevalence of extreme weather adds to the complexity of the situation.

As we enter the third year of the pandemic and witness the outbreak of another war, a consensus is growing that humanity is at a crossroads. If we do no more than recover and carry on as before, we can expect to be met with even more severe crises in the years to come. But if we instead take stock of the lessons learned and embrace change, we could now lay down the foundations of a more prosperous future.