Preface  3

Executive summary  4

1 A defining moment for the "Catalysts" to step forward  6

1.1 The wrong trajectory for climate, nature and finance  6

1.2 Investment in climate and nature pays rich dividends  6

1.3 Step forward the "Catalysts"  8

2 Catalytic actors – a market-making force  9

2.1 How catalytic action triggers disproportionate change  9

3 Eleven case studies across three systems  15

System 1: Ocean  17

System 2: Forests  22

System 3: Energy  26

Conclusion  31

Contributors  32

Endnotes  33