Investors betting against green trades are going up against the world’s most powerful governments.

The leaders of the biggest economies have over the past week pledged massive cuts on greenhouse gas emissions, paving the way for a torrent of regulation that is set to benefit green stocks and bonds. And it’s likely to deal blows to companies not positioned for the transition to a lower-carbon economy.

During a climate summit on Thursday, U.S. President Joe Biden announced a goal to halve emissions by 2030 on 2005 levels, a vow that could mean penalizing fossil fuel use or mandating renewable power. Canada and Japan raised target cuts to 40% to 46% by 2030, while the U.K. topped that with a vow to slash 78% by 2035.