Economic transitions are disruptive but standing still is far more dangerous. Every industrial transition creates winners and losers; clinging to the status quo delays change and increases risk.

Today’s markets are broken. They assume a stable climate, clean air, fresh water and functioning ecosystems - while rewarding businesses that damage them and penalising those investing in resilience.

This is a textbook market failure, and it is government’s job to fix it. New rules must consistently reward lower carbon, restored soils, standing forests, circular resource use and reduced waste.

Vested interests are slowing the transition. Profitable fossil fuel and extractive sectors lobby to protect the old system, just as the tobacco industry once did - even though they could diversify.

The economics are clear: action is cheaper than inaction. The cost of inaction massively outweighs the cost of action, even on cautious estimates.

Net zero is affordable, and it pays back. The UK investment needed is around 0.2% of GDP per year, and would be largely funded by the private sector, with clear long-term returns.

Faster transition is cheaper. Research shows a rapid energy transition saves $12 trillion globally compared to sticking with fossil fuels: more than twice the savings of a slow transition.

Climate action cuts the cost of living. Inflation would have been significantly lower if we had decarbonised power, heat and food systems earlier; delay has already made households poorer.

The best way to get other countries to act is for the UK to lead by example. Acting early accelerates innovation, lowers costs worldwide and increases the UK’s chance of being a high-value producer in future industries.

The test of success is simple. Policies can and must make households better off, reduce risk and build resilient businesses. The jobs then follow.