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2025, Paper: "The world is experiencing increasingly severe physical consequences of climate change: flooding in 2022 that inundated one-third of Pakistan (Hong et al. 2023), temperatures exceeding 50°C in India (Mandal et al. 2025), and wildfires across Canada in the summer of 2023 that blanketed many United Sates cities in wildfire smoke for days (Jain et al. 2024). While no individual such event can be attributed solely to climate change, collectively these increasingly common and severe extremes are strongly consistent with climate models (National Academies of Science, Engineering and Medicine 2016). Driven in part by such events and facilitated by sharply declining prices of renewable power, batteries, and electric vehicles, public, corporate, and political support for climate action is broadening across developed countries, both for decarbonizing broad swaths of economic activity and for adapting to the ever-worsening physical damages of climate change to come. These trends are vast and inexorable: they will entail tens of trillions of dollars of redirected capital flows, they will change the daily lives and economic opportunities faced by billions of people."