Climate change is the most daunting challenge we have faced since World War II. While the events were devastating, the war also resulted in an unprecedented united front both within and between countries that holds a legacy in itself.

Achieving zero carbon footprint by 2050 requires similar levels of mobilization, cooperation and dedication from all stripes and nations. Currently, more than 80% of our global energy still comes from fossil fuels. To invoke radical change, we must rewire the entire global economy and collective mindset.

To achieve net zero by 2050, the planet must act as one, with all nations doing their part to radically reduce carbon emissions and adapt to the cultural and societal changes that inevitably arise. In particular, the creation of green jobs and the vocational training needed by displaced workers.

Achieving this range of change and solidarity is difficult, a marriage of mindset, strategy and follow-up. Much depends on the essential partnerships between the public and private sectors around the world, forging new strengths and filling gaps.

Together we can activate and amplify each other.

Here are four ways public and private efforts can fuel the charge toward net zero.

The International Energy Agency predicts that around half of our carbon efficiency by 2050 will be powered by technologies that currently exist only in prototype form. This is where public-private partnerships can drive progress.

The government can invest in early-stage R&D to help make speculative technologies practical and affordable. Companies can leverage their skills in product development, supply chain, manufacturing, distribution, marketing and sales, and product support to bring new technologies to market and drive their adoption.

After all, electric vehicles were, not so long ago, speculative technology. Today they are a rapidly growing presence.

While markets can effectively accelerate progress in public policy and investment, progress is thwarted when infrastructure is lacking, risk is too high, financing is not available, demand is too low, or supply chains are broken, among other challenges.

Government can step in and help by sharing risk, underwriting investment, building infrastructure and educating the public.

Businesses can also help create functioning markets by investigating market failures, creating new businesses based on a net zero strategy, and transforming existing businesses to align with the net zero transition.

Government is uniquely positioned to create regulations and policies that encourage and enable the net zero transition. After all, only government can put a price on carbon emissions through carbon pricing, a valuable tool to further incentivize companies to reduce their emissions.

Government regulations, such as emissions standards, fossil fuel phase-outs, or green building standards, shape our economies and our culture.

PwC called on governing bodies to institute global standards for non-financial climate reporting. Companies must vigorously align their strategy with political signals and the changing regulatory environment, and proactively report on climate performance.

Business and government can work together to rally, amplify and demonstrate unrestricted support for net zero. Both play an influential role in building and maintaining public support for the green transition.

By doing their part, such as providing affordable green products and sustainable green energy supplies, both can pave the way for a smooth transition to net zero.

The fusion of these four efforts constitutes the Flywheel of Progress.

Positive efforts in one area lead to progress in others, accelerating the flywheel forward:

Innovation in wind turbines is a striking example of the success of the flywheel model.

It all started with government policy that encouraged innovation in wind turbines, making turbines more profitable and expanding the market for wind farms. More wind farms have increased the supply of affordable green energy, garnering public support for the net zero transition.

Public support encourages further renewable energy policy, innovation and investment, accelerating our progress towards net zero emissions.

The flywheel reminds us that it will take all parts of society working together to meet the greatest challenge facing current and future generations. (Learn more about how the roles of public and private companies help fuel the flywheel.)

As a company, we strive to power our own flywheel. We unite and collaborate with other organizations, including the World Economic Forum, to contribute to policymaking by advocating global standards for non-financial reporting and developing original research on the impacts of international carbon pricing .

To build public will for a green future, we showcase global innovation on climate change with our annual Global Innovation Challenge and actively support our clients’ transformation towards net zero alignment.

We too are transforming our own business with science-based climate goals validated by the Science Based Targets initiative. Our ESG (Environmental, Social and Governance) Academies are actively upskilling our people around the world to achieve net zero compliance.

The Second World War left behind a remarkable legacy of unity, and now is the time for us to summon a new legacy.