First it is useful to consider the potential futures we could experience. If global warming is limited to 2 degrees, then this essentially means some fossil fuels have to stay in the ground, and some related infrastructure may become redundant.
On the other hand if there is no limit to how much fossil fuel we burn unabated and we head towards 6 degrees of warming then vulnerable sectors will be affected. Agriculture, infrastructure, property and insurance sectors will suffer across asset classes. This is the contradiction Lord Stern observed in his analysis during Durban.
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