In the first quarterly report of 2020, Saxo Bank hailed a change in priorities for the sector.

Steen Jakobsen, chief economist and chief investment officer, said: "For the first time since World War II, we sense a shift in which climate and the environment - not growth - will become the priority of governments and their citizens, as shortages of food, clean water and air become existential questions."

Jacobsen also said that the changing climate means the cost of the present model of economic growth is becoming negative, leading to increased risks to the economy.

Peter Garnry, head of equity strategy at Saxo, ...