Less than a month into 2025 and much talk, and not enough action, is happening about climate change. We have a few talking points to get through.

While much of the damage and loss caused by the most recent wildfires in Los Angeles can be pinned on human hubris it is important to note that these events are becoming even more extreme and rampant due to human activity-induced climate change. 2024 was the first calendar year when the average global temperature exceeded its pre-industrial level by 1.5°C: the limit set in the Paris agreement. 2024 was peppered with extreme weather events, from deadly hurricanes and storms, heatwaves, droughts, and floods, to wildfires (BBC, 2025). With such a strong start to the new year one can't help but wonder what is yet to come.

In case you hadn't noticed, Trump is back and ready to rumble! Not a moment of his second presidency has been idle. From the instant he was sworn in as the 47th President of the United States, he wasted no time taking decisive action—signing an order to withdraw from the Paris Agreement and doubling down on his commitment to "drill, baby, drill" (Forbes, 2025). And the trend is spreading. BlackRock, along with other members of the Net Zero Asset Management group, suspended its public climate action efforts following litigation from U.S. entities. Overseas, European asset managers are increasingly cautious about publicly supporting climate resolutions, with backing dropping from 84% in 2022 to 69% in 2024. Upcoming 2025 regulations requiring detailed climate and biodiversity reporting are increasing pressure, as many now question the feasibility of previous net-zero targets due to slow progress in the broader economy. Despite political pressure, European firms continue to prioritise climate risks in their long-term strategies, as they remain critical to assessing future profitability and sustainability. Although public rhetoric has softened, climate change remains a key focus for Europe’s asset management industry (Financial Times, 2025). Top financial watchdog, Basel-based FSB has expressed concerns that climate-related disasters, such as floods, fires, and storms, could trigger financial market panics. The FSB warns that higher financial losses from such disasters could push up government borrowing costs, contributing to broader market stress. As these climate-related risks are interconnected, the report suggests that their impact could amplify across global financial markets, exacerbating existing vulnerabilities (Financial Times, 2025). Our energetic demands are not getting any smaller nor will they any time soon. Decarbonisation is a priority to reduce greenhouse gas emissions and combat climate change. Chris Wright, Trump’s Energy Secretary, has prioritised nuclear energy as key to U.S. energy security and competitiveness. He highlighted small modular reactors (SMRs) and LNG as vital for expanding energy production and reducing costs, while criticising wind and solar as insufficient. While differing from Biden’s renewable-focused agenda, Wright agreed with Democrats on modernising the grid and pledged to remove barriers to accelerate nuclear projects, positioning it as central to America’s energy strategy (Reuters, 2025).

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