A British billionaire has criticised the government for failing to act on climate change and has called on businesses to step up instead.

Karam Hinduja said a "wave of impact investment" is required to create the "global paradigm shift needed to save the planet."

He said despite a surge of support for the Greens in the European Elections and a steady rise up for the political agenda of the Green New Deal, there are still no "green governments" on the horizon.

But he added it is now up to the private sector to act on climate change and step up where governments have failed.

The spread of climate science denial and the rise of right wing populism also threatens to derail meaningful action taking place, he said.

Coral reefs: Trying to combat climate change damage Show all 25 1 /25 Coral reefs: Trying to combat climate change damage Coral reefs: Trying to combat climate change damage Masked Butterflyfish (Chaetodon semilarvatus) swimming over a bommie reef in the Egyptian Red Sea marine reserve of Ras Mohamed, off the southern tip of the Sinai peninsula AFP/Getty Coral reefs: Trying to combat climate change damage Rising sea temperatures cause corals to bleach (go white) and die Getty/iStock Coral reefs: Trying to combat climate change damage A giant clam is seen nestled among coral reefs at the Obhor coast, 30 kms north of the Red Sea city of Jeddah AFP/Gett Coral reefs: Trying to combat climate change damage Coral reef in seychelles that has degraded After the reef has died they break up and become rubble. On this reef there is some regrowth of young corals so there is hope for recovery Getty Coral reefs: Trying to combat climate change damage Coral gardening A rabbitfish in a net H Goehlich Coral reefs: Trying to combat climate change damage A school of fish and a sea can in a healthy coral reef off the coast of Isla Mujeres, Mexico Getty/Lumix Coral reefs: Trying to combat climate change damage Sky views of great barrier reef in Australia Getty/iStock Coral reefs: Trying to combat climate change damage A fish swims among coral reefs at the Obhor coast AFP/Getty Coral reefs: Trying to combat climate change damage Researchers from the Interuniversity Institute for Marine Sciences in the southern Israeli resort city Eilat monitor coral growth while scuba diving in the Red Sea AFP/Getty Coral reefs: Trying to combat climate change damage Coral gardening A rope nursery Nature Seychelles Coral reefs: Trying to combat climate change damage Fish swimming off the coast of Egypt's Red Sea resort of Hurghada. The rebounding tourism sector is worrisome for the fragile marine ecosystem AFP/Getty Coral reefs: Trying to combat climate change damage Coral gardening A parrotfish on the reef C Reveret Coral reefs: Trying to combat climate change damage Gorgonian sea fan on a a coral reef in the Egyptian Red Sea marine reserve of Ras Mohamed AFP/Getty Coral reefs: Trying to combat climate change damage A diver swims during a Great Barrier Reef experience on Lady Elliot Island, Australia Getty/Tourism Queensland Coral reefs: Trying to combat climate change damage Jessica Bellsworthy, a PhD student conducting research on the coral reefs of the Gulf of Eilat, holds a coral in an aquarium at the Interuniversity Institute for Marine Sciences in Eilat AFP/Getty Coral reefs: Trying to combat climate change damage Coral reefs in the water off the Obhor coast, 30 kms north of the Red Sea city of Jeddah in 2008 AFP/Getty Coral reefs: Trying to combat climate change damage A diver photographs golden anthias (Pseudanthias aurulentus) on a coral reef in the Egyptian Red Sea marine reserve of Ras Mohamed AFP/Getty Coral reefs: Trying to combat climate change damage FUNAFUTI, TUVALU - AUGUST 15: From the air the ocean (L) and the logoon (R) and separated by a thin stip of land on August 15, 2018 in Funafuti, Tuvalu. The small South Pacific island nation of Tuvalu is striving to mitigate the effects of climate change. Rising sea levels of 5mm per year since 1993, well above the global average, are damaging vital crops and causing flooding in the low lying nation at high tides. Sea water rises through the coral atoll on the mainland of Funafuti and inundates taro plantations, floods either side of the airport runway and affects peoples homes. The nation of 8 inhabited islands with an average elevation of only 2m above sea level is focusing on projects to help it and its people have a future. Four of the outer islands are 97% solar energy dependent and the Tuvalu Government is working to achieve 100% renewable energy from wind and solar by 2025. Tuvalu's 11,000 inhabitants see the effects of climate change in their daily life. (Photo by Fiona Goodall/Getty Images for Lumix) Fiona Goodall Getty/Lumix Coral reefs: Trying to combat climate change damage A photo taken on April 4, 2019 shows fish swimming off the coast of Egypt's Red Sea resort of Hurghada. - In dazzling turquoise waters off Egypt's Red Sea coast, scuba divers swim among delicate pink jellyfish and admire coral -- but the rebounding tourism sector is worrisome for the fragile marine ecosystem. (Photo by Mohamed el-Shahed / AFP) (Photo credit should read MOHAMED EL-SHAHED/AFP/Getty Images) MOHAMED EL-SHAHED AFP/Getty Coral reefs: Trying to combat climate change damage Coral gardening A damselfish Sarah Frias-Torres Coral reefs: Trying to combat climate change damage Divers swim past a coral reef in the Egyptian Red Sea marine reserve AFP/Getty Coral reefs: Trying to combat climate change damage A puffer fish hovering above coral in the Egyptian Red Sea marine reserve AFP/Getty Coral reefs: Trying to combat climate change damage Researchers from the Interuniversity Institute for Marine Sciences in the southern Israeli resort city Eilat monitor coral growth while scuba diving on June 12, 2017 in the Red Sea off Eilat. Global warming has in recent years caused colourful coral reefs to bleach and die around the world -- but not in the Gulf of Eilat, or Aqaba, part of the northern Red Sea. At the Interuniversity Institute for Marine Sciences in southern Israeli resort city Eilat, dozens of aquariums have been lined up in rows just off the Red Sea shore containing samples of local corals AFP/Getty Coral reefs: Trying to combat climate change damage This photo taken on April 21, 2017 shows an aerial shot of part of mischief reef in the disputed Spratly islands on April 21, 2017. Philippine Defence Secretary Delfin Lorenzana flew to a disputed South China Sea island on April 21, brushing off a challenge by the Chinese military while asserting Manila's territorial claim to the strategic region. / AFP PHOTO / TED ALJIBE (Photo credit should read TED ALJIBE/AFP/Getty Images) TED ALJIBE AFP/Getty Coral reefs: Trying to combat climate change damage fish swimming off the coast of Egypt's Red Sea resort of Hurghada AFP/Getty

“It is becoming clear there is a limit on what states can do on their own to turn back the tide on environmental disasters, so now the spotlight is on what the private sector can do instead by ramping up investments that make a positive contribution to the environment," said Mr Hinduja, chief executive of Karma Network, which provides opinion and analysis on ethical investment.

He added that this "could put people instead of government leaders in the driving seat in the battle to counter climate change.”

With a surge in long-term investment contributing to environmental sustainability, "young people are interested in more than just making money - they are interested in doing good while they make money," he said.

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He added: “Why invest in dying products like fossil fuels when advances in clean energy, green subsidies and better regulation could effectively leave coal, oil and gas assets effectively stranded, wiping as much as $4 trillion of value from the global economy?

“And when the world’s largest tobacco company announces it is moving out of making cigarettes, you know it is a time for change."

Philip Morris International, the company that owns Marlboro cigarettes, announced in January this year it will stop making cigarettes and begin rolling out smokeless alternatives such as e-cigarettes instead.

But Mr Hinduja said money does not provide the solution to manifesting real change.

“The world’s environmental problems will not go away simply by throwing money at them. New challenges need new solutions and next-generation investors want their investments to have an impact. They want to address the environmental challenges they face, whether they do it by investing in infrastructure, finance, or healthcare."

Mr Hinduja said this is why it was now critical for investors, analysts and entrepreneurs to share their perspectives on best business practice and "on smarter strategies for a more uncertain future."