The world is facing a fundamental dilemma: energy—the only universal currency—is key to the function of everyday life. Yet fossil fuel-based energy sources still underpin global manufacturing, transportation, supply chains, food systems and of course all the consumer goods that enhance our quality of life. We need to develop vibrant, deep and liquid ESG markets—for fixed-income, equity, critical minerals, carbon credits, natural capital and more—to support the transition to a low-carbon, Net Zero future. This can only happen with the right mix of policy, regulation and market-based approaches to provide a solid market foundation that will allow investors to properly value both positive and negative externalities.