The argument here 5 is to get it all over with quickly and avoid a half-decade of anaemic growth caused by constrained lending as banks slowly meet Basel 3, hoarding capital and deleveraging along the way. This prudent, conservative approach has a lot going for it and is appealing to a micro-prudential regulator.
Despite the significant political achievements, like the Paris Agreement and the Kyoto Protocol, global policy action still falls short of what is required. The withdrawal of the USA from climate action is of course detrimental. The EU is leading the global effort also in this field.