Climate change is the great challenge of our time and the stakes could not be higher for business. There are huge rewards for companies that embrace innovation to lead the transition to a low-carbon economy, but the future looks bleak for those that pursue business as usual.

Long after we have forgotten about the present recession, we will be living with the consequences of global warming. We know that temperatures will rise, the frequency of storms will increase and rainfall patterns will shift, dousing some areas and leaving other areas parched. Ecosystems will collapse, ice caps and glaciers will melt and sea levels will rise.