*  *  *  While I retain full responsibility for the views put forward in this note, I wish to thank Raffaela Giordano for very useful suggestions.
Without a doubt, such a transition will prompt markets to reassess the value of a broad range of assets. Depending on how quickly and orderly the transition and the associated re-pricing occur, they could become highly relevant for the stability of financial institutions as well. To illustrate one particular transition effect, let’s look at the concept of the “carbon budget".