Failure to mitigate adverse impact of climate change is the biggest risk facing the world this year with greater damage potential than even the weapons of mass destruction, says a WEF survey.

The Annual Meeting in Davos remains the foremost creative force for engaging the worlds top leaders in collaborative activities focused on shaping the global, regional and industry agendas.

The WEF added that a delegation would still be welcome in the future if North Korea "acts as a responsible and responsive member of the international community." It did not elaborate.