Readers might reasonably expect either periodic encouraging updates, or a grovelling apology for falsely raising expectations. Here is the first of the former.

I chair the financial think-tank Carbon Tracker, which first quantified the problem of the “carbon bubble”: the risk that carbon-fuel assets are in danger of being left in the ground because of climate policymaking that has essentially deemed most of them “unburnable” if we want to have a chance of keeping global temperature rises below 2°C.

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