Heat waves and wildfires rage throughout the western US, amid an unprecedented drought. Record-breaking flooding sweeps through Europe and central China. An increasing loss of lives, livelihoods and property marks these events and others like them. It is as if the planet is putting an exclamation point on a pivot away from business as usual.

That pivot is now under way. But we would be mistaken to think that it will be enough to meaningfully address the global climate crisis that will fundamentally alter the way societies and markets operate.