There is an increasing likelihood that governments of major economies will act within the next decade to reduce greenhouse gas emissions, probably by intervening in the fossil fuel markets through taxation or cap \& trade mechanisms (collectively ``carbon pricing''). We develop a model to...

In January 2020, BlackRock, the world’s largest asset manager, announced it was placing environmental sustainability at the center of its $7 trillion investment approach. Having concluded that climate risk was investment risk, BlackRock predicted a very rapid movement of capital toward...

In January of 2020, BlackRock, the world’s largest asset manage with over seven trillion dollars under management at that time, announced it was placing environmental sustainability at the center of its investment approach because it had concluded that climate risk was investment risk. It...