In this collaboration between the KPMG Board Leadership Center (BLC) and Eurasia Group, our aim is to help widen the boardroom aperture on the global climate challenge—where it stands, and what’s at stake—and to help boards position their companies for the risks, opportunities, and transformations ahead.

Not since World War Two and its aftermath has the convergence of geopolitics and business been more consequential: Global progress in tackling climate change is, of course, heavily dependent on countries fully delivering on stated commitments and announced policies—a big bet in an era of growing uncertainty, political instability, ongoing recession risk, and black swan crises. But the climate stakes are too high, and the long-term trajectory already set, not to remain hopeful. And where governments fall short, businesses—guided by their boards, and pressed by investors and regulators—have a major opportunity to pick up the slack. In many ways this is already happening—the private sector is gearing up.