Nikola Tesla’s invention of alternating current has provided the backbone for modern electric transmission, including in the cars that bear his name. He came to prominence in the 1920s, when he predicted the rise of wireless technology. That decade became known as the Roaring Twenties as it was marked by massive economic expansion following the First World War.

A century later, we are also facing a period of potential boom following an international crisis. However, any recovery could not be described as ‘roaring’, as we face a far greater crisis – that of escalating climate change.

That’s why we’ve dedicated a large part of our new Expected Returns 2022-2026 outlook to climate change, and called it ‘The Roasting Twenties: things are heating up’. The outlook has factored in the consequences of global warming into its forecasts for all the major asset classes for the first time in its 11-year history.