It is hard to rationalise the recent decisions United States banks and investors have made to quit climate initiatives at the same time as global warming-fuelled fires have been razing Los Angeles suburbs in the middle of winter. Just days ago, the world’s biggest asset management firm, BlackRock exited the Net Zero Asset Managers (NZAM) initiative, hot on the heels of banks such as JPMorgan, Citi and Bank of America pulling out of the Net Zero Banking Alliance (NZBA).

The withdrawals by some of the world’s largest coal, oil and gas investors send a terrible message about their commitment to limiting the growing risks to our economy from record temperatures that are turbocharging deadly and costly fires, floods and heatwaves.