Investors and financial regulators are increasingly aware of climate-change risks. So far, most of the attention has fallen on whether controls on carbon emissions will strand the assets of fossil-fuel companies1, 2. However, it is no less important to ask, what might be the impact of climate change itself on asset values? Here we show how a leading integrated assessment model can be used to estimate the impact of twenty-first-century climate change on the present market value of global financial assets.

The green growth transition will be large, system-wide and structural. In other words, a new industrial revolution. This will require new green growth policies that foster economic growth and development while ensuring that natural assets continue to provide the resources and environmental services on which our well-being relies.

Human-induced climate change poses enormous risks to our environment, economies and societies. Nations have come together under the auspices of the United Nations to debate what needs to be done to manage these risks.

This paper considers how environmental policies should respond to macroeconomic downturns. It first explores the implications of the global economic downturn of 2008-09 for environmental policies, focusing in particular on the example of action against climate change.

This policy brief examines how much global emissions of
greenhouse gases will have to fall from present levels to create a reasonable chance (i.e. a 50 per cent probability) of avoiding a rise in global average temperature of more than 2

G20 member countries