Assets Managers have gone quiet on ESG and Sustainability, under pressure from sceptical money and investors bored by climate change. That doesn’t mean the problem has gone away. The risks and the consequences for markets and prices remain enormous.

Biden’s Tax and Climate Bill is the closest thing to a grown-up energy transition plan we’ve seen in the West. There is a significant risk ESG fundamentalism trips up efforts to reach carbon neutrality – but there are signs pragmatism will win out.