languishes below _10 will come into their own when the price reaches _50 or _100. Even so, there will be trillions of dollars at stake in the new economy, and millions of jobs. Progressive investors, companies and countries know this. Any country committed to growth must surely have an industrial policy which encourages investment in the emerging sectors and technologies. China is an example, as are Korea and Denmark. In the developing world, Rwanda, Costa Rica and Ethiopia are among those following suit, with climate-friendly policies to deliver jobs, poverty reduction and human welfare. We describe such policies as leading to 'climate compatible development': a change trajectory which leads to lower carbon emissions and also to better protection against the inevitable consequences of climate change, while at the same time contributing to development goals. There is no time to waste. Many scientists have given up on the target of keeping global warming at less than two degrees above pre-industrial levels. Last year, according to the International Energy Agency,  the world dumped another 32 gigatons of carbon into the atmosphere, from burning fossil fuels alone. This was an increase of 3% on the previous year, when what was needed was a fall. Our hearts and our heads tell us this has to stop.