The speed at which climate change has risen up the agenda of both business and government reflects a growing recognition of the threat it poses. The action needed to build a low-carbon economy, on which the world’s future prosperity and possibly the survival of the human race depend, will be cheaper and less painful if taken now rather than if delayed even for in five years.

Few countries understand this better than Britain but, despite this, we are unlikely to meet our existing targets for cutting greenhouse gas emissions, let alone the tougher ones that the latest scientific evidence suggests are necessary. Equally seriously, little or nothing is being done to develop the low-carbon infrastructure that would secure us a competitive advantage when the price of carbon rises – as it inevitably will.