“Some defeats have the flavour of victory,” wrote Les Echos in an article commenting on the first climate resolution ever filed in France, at the Total Annual General Meeting at the end of May, and the still timid but growing pressure from investors on the largest oil and gas companies.

But to those who wonder whether financial players are driving change or merely accompanying it, we must unfortunately remind them that some are still blocking it. For example, behind-the-scenes manoeuvring by some shareholders to counter this resolution or the European Central Bank’s asset purchase programme, which supports companies such as Shell, Total and Fortum, whose subsidiary Uniper has just opened a new coal-fired power station in Germany.

Whether public or private, all are aware that we are at a turning point in the fight against climate change and biodiversity loss. But although the climate is now an unavoidable part of the discussions, it remains the poor relation of the decision-making process.