Since 2007, central bank resources have been expanded and deployed in the private interests of vast, unregulated and systemically risky capital markets across the shadow banking system. Such an undemocratic outcome must be reversed if we are to avert the climate crisis.

The Texas law uses private lawsuits instead of government regulation and law enforcement to advance public policy. It’s a route Beijing should consider as it deliberates how to craft an anti-foreign sanctions regime for Hong Kong.