Investment will not shift decisively toward greener sources of energy unless and until portfolio managers begin to account for the risks of dangerous climate change. Investors also need to consider “carbon bubbles,” the overvaluation of fossil-fuel companies based on the assumption that they will be able to continue burning the world’s reserves until depletion.
投资的价值主要取决于人们认为它有多大的风险。除非投资组合经理开始算计危险的气候变化的风险，否则投资就无法决定性地向更加绿色的能源资源倾斜。投资者还需要考虑“碳泡沫”，即基于化石燃料公司能够一直将全球储量燃烧殆尽的假设给予这些公司过高的估值。