If government policy fails to meet this moment, it puts a greater onus on the private sector to take the lead in tackling climate action. In the absence of public sector incentives, market forces are likely to be pushing harder than governments. Crucially, new forms of collaborative business models, involving both the public and private sectors, will be required to meet the challenge. Building owners, investors and occupiers should not wait for regulations to kick in before taking action. Think beyond regulations to create a competitive advantage, while mitigating the risk of asset stranding. Expect mandatory regulations to be ramped up during the second half of the decade (2025-2030) as the climate emergency intensifies