Investors and governments focused entirely on reducing the carbon footprint of the US, Europe, and China overlook one critical factor – climate change knows no geographical boundaries. While these economies have generated the most carbon emissions and are pursuing ambitious targets for decarbonisation, rising consumption in developing countries threatens to undo all progress.

If a green transition only happens in the West and China, modelling suggests that South Asia, Southeast Asia and Africa will account for 64% of global emissions by 2050. This figure could grow to 73% if these economies experience higher-than-expected GDP growth. In short, unless these markets transition to greener economies and growth, it will be impossible to achieve the goals of the Paris Agreement.