“We’ve had 25 years of talks and the only thing that really matters is global emissions are still rising,” said Tim Crosland, a prominent member of Extinction Rebellion, a civil disobedience campaign, after meeting officials at the talks.

This summit has revealed a wide gulf between demands for action by an increasingly vociferous global climate activism movement and inertia in major economies, even as carbon dioxide emissions have hit record highs.

The report, by a 35-member panel formed last month by the Commodity Futures Trading Commission, “will address both the short-term financial risks that may be associated with the transition to a low carbon economy, as well as the current and future market and financial risks associated with the physical risks that will arise from a warming climate,” Bob Litterman, a partner at hedge fund Kepos Capital and the panel’s chair, said at a public meeting held at the CFTC’s Washington headquarters.

About 6 per cent is in materials and buildings, and 3 per cent in agricultural industries, both of which could lose value as a warming globe creates sea level rise and increases the frequency and intensity of drought, wildfire, hurricanes and other extreme weather.

“The new Climate Change Performance Index shows signs of a global turnaround in emissions, including declining coal consumption,” said Ursula Hagen, one of the authors of the index jointly presented by Germanwatch, NewClimate Institute and Climate Action Network (CAN).
“However, several large countries are still trying to resist this trend – above all the US. We see opportunities for a halt to rising global emissions – but much will depend on further developments in China and the elections in the USA. Both countries are at cross roads,” Hagen said.

Coal firms could lose as much as 44 per cent in value, while the world’s top oil and gas companies risk losing up to 31 per cent of their current market share, according the report which forecasts oil demand peaking around 2027.