Sustainability has entered an age of divergence.

Over the past decade, $17 trillion has been invested in sustainable technologies—$4 trillion more than expected. But progress has been radically uneven. Only a handful of key green technologies have met or exceeded expectations. Most have fallen short.

Look beneath prevailing narratives, and surprises emerge. Consumer concern about sustainability is climbing. AI’s environmental impact, consumer reaction, and corporate priorities are increasingly out of step. Following one of the hottest summers on record in many countries, climate risks are intensifying, and insurance and supplier diversification address only part of companies’ exposure.

CEOs must understand where change is happening, where it is stalling, and why. They can neither retreat nor assume technology will solve every problem.

In this year’s Visionary CEO’s Guide to Sustainability, Bain experts uncover what is changing and offer practical perspectives to help leaders build conviction and act.

Competitive advantage will come from concentrating capital where leaders believe opportunity will emerge faster than the market expects—not from investing broadly or pulling back.