This research provides the evidence base which confirms what we have long suspected – that there are more fossil fuels listed on the world’s capital markets than we can afford to burn if we are to prevent dangerous climate change. Having satisfied that curiosity, this report marks a new phase of dealing with the implications for the investment world. The missing element in creating a low carbon future is a financial system which will enable that to happen. Political will, technology and behaviour change all play their part, but finance will be critical to tackling climate change. This analysis demonstrates why a greater focus on changing the financial system is required to align it with emissions reduction objectives.