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Think Hard Before You Invest In a ‘Climate Bad Bank’

Bankers and executives are proposing new structures to manage unwanted fossil fuel assets, but it's a stretch to call them green investments

A bulldozer moves coal at a coal mine in Colombia.

A bulldozer moves coal at a coal mine in Colombia.

Photographer: Nicolo Filippo Rosso/Bloomberg

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In the book New York 2140, Kim Stanley Robinson imagines what it would be like if financial markets were designed for trading risks such as sea-level rise or tidal surges. Another mildly dystopian climate-related trade is emerging much sooner: betting on the timing and cost of coal mine closures.