Editor's Recommended Path

New to climate finance?
Start here.

A curated path through the cases, concepts, and turning points that explain how climate became the defining financial story of our time. Eleven articles, no prior knowledge needed.

  1. 01
    Case Study
    PG&E Bankruptcy

    A utility worth $30 billion went bankrupt because of wildfires. Start here to understand why climate change is now a financial crisis, not just an environmental one.

  2. 02
    Concept
    Climate Finance

    What is this field, and why does money matter in the climate story? The foundation everything else builds on.

  3. 03
    Concept
    The 1.5°C Threshold

    The number that defines the stakes. Understanding why every decimal point matters changes how you read every story that follows.

  4. 04
    Concept
    Physical Risks

    The first way climate threatens financial assets: direct physical damage from extreme weather, flooding, and a changing climate.

  5. 05
    Concept
    Transition Risks

    The second way: policy changes, technology shifts, and market pressure make entire asset classes uneconomic almost overnight.

  6. 06
    Actor
    Mark Carney and the Tragedy of the Horizon

    The 2015 speech that moved climate risk from an environmental concern to a mainstream financial obligation.

  7. 07
    Case Study
    HSBC Greenwashing

    How a major bank responded to climate pressure with a poster campaign — and got banned by the advertising regulator for it.

  8. 08
    Concept
    Greenwashing

    What it is, why it proliferated, and why it is now regulated across advertising, investment products, and corporate disclosure.

  9. 09
    Framework
    TCFD

    The framework that made climate disclosure mainstream, and the template for almost every disclosure standard that followed.

  10. 10
    Case Study
    Engine No. 1 vs ExxonMobil

    How a $40 million stake took on the world's largest oil company — and won three board seats by persuading the institutions that couldn't sell.

  11. 11
    Case Study
    Seychelles Blue Bond

    What good climate finance looks like in practice: a small island state pioneering an instrument the world is still learning from.

You now have the foundation. Pick a trail to go deeper.