Central banks are taking steps to better assess climate-related risks, and asset managers responsible for more than a third of the world’s assets have committed to set a net-zero path. Similarly, through the UN-convened Net-Zero Asset Owner Alliance, Wespath and the Church Commissioners for England laid out plans to reduce the carbon intensity of their investment funds by 35% and 25% respectively by 2025, adding to the likes of insurance heavyweights Allianz and AXA.

However, the banking sector has risked falling behind in the race to net zero by 2050. One report in March showed that fewer than half (45%) of banks took action to align their lending portfolios last year.