In August 2021, the Intergovernmental Panel on Climate Change (IPCC) published the first instalment of its sixth assessment report. The report found that it is unequivocal that human influence has warmed the atmosphere, ocean and land, and human-induced climate change is already affecting many weather and climate extremes in every region across the globe.

Climate change is already impacting economies and markets today. Left unabated, conservative estimates suggest the global costs of climate inaction are equivalent to losing between 5 and 20% of global gross domestic product each year, now and forever.

Climate action has been internationally prioritised as Goal 13 of the United Nations Sustainable Development Goals (SDGs), a framework for overcoming global challenges such as poverty and public health, all inextricably linked to climate change. Achieving the SDGs requires a shift in investments of US$5 to US$7 trillion per year until 2030, with climate-related costs of inaction valued at US$1 trillion per year.