The World Economic Forum’s 50th annual meeting last week in Davos, Switzerland, offered a both concerning and hopeful report card on the state of the world and future prospects – especially in relation to climate change and the challenges of building more sustainable economies.

Indeed, the WEF’s annual risks report survey for the first time listed climate-related environmental threats as the top five global risks likely to have a major economic impact over the next decade. Even President Trump announced a commitment that surprised many: The U.S. will join the “One Trillion Trees Initiative,” which aims to protect and restore one trillion trees globally by 2050.

“The political landscape is polarized, sea levels are rising, and climate fires are burning,” said Børge Brende, president of the WEF. “This is a year when world leaders must work with all sectors of society to repair and reinvigorate our systems of cooperation.”

In a session PIMCO attended, “SDG Ambition: Scaling Business Impact,” UN Secretary-General António Guterres said that too many national governments are failing to lead with competency and accountability, stressing the importance of sub-national and city action in relation to the UN Sustainable Development Goals (SDGs) and challenges. He added that the private sector, including finance, is leading where many governments are lagging.