The US dollar emerged as the last remaining safe haven standing amid the war in Iran. However, this situation is increasingly conditional and regime-dependent.
Exposure to climate risk is rising sharply but unevenly across hazards and regions. Global warming continues to accelerate, with 2025 the third-warmest year on record, reinforcing warnings that the +1.5°C threshold could be reached as early as 2030.
The Middle East conflict has added a new layer of shocks to an already fragile environment shaped by tariffs, weakening demand and declining consumer confidence.
