The first Conference of the Parties to the UN Framework Convention on Climate Change opened the path for a new policy instrument to mitigate anthropogenic climate change. It instituted a pilot phase for international emission offsets, "Joint Implementation", open for all signatories to the...

If global warming is to stay below 2°C, there are four risks of assets stranding. First, substantial fossil fuel reserves will be stranded at the end of the fossil era. Second, this will be true for exploration capital too. Third, unanticipated changes in present or expected future climate...