The falling cost of renewables and the growing public pressure for action on climate change is also transforming attitudes in business.
There are sound financial reasons for this. Why invest in new oil wells or coal power stations that will be obsolete before they can repay themselves over their 20-year life? Indeed, why carry carbon risk in their portfolios at all?
The logic is already playing out in the markets. This year alone, Tesla’s rocketing share price has made it the world’s most valuable car company.
Meanwhile, the share price of Exxon – once the world’s most valuable company – fell so far it got booted out of the Dow Jones Industrial Average.
There is also growing momentum behind the movement to get businesses to embed climate risk into their financial decision making.
The aim is to make it mandatory for businesses and investors to show that their activities and investments are making the necessary steps to transition to a net zero world.