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Vanuat Ralph Regenwan Climate Change Change, a speech when he attended a demonstration on the eve of the International Court (ICD) session, which instructed to issue the First Advisory Conclusion (AO) on the legal liabilities of climate change on July 23, 2025.
John Tis | AFP | Gets the image
Squeezed Corporate Profit season and US president Donald Trump” Tariff policyInvestors have heavily waved away from Historical Climate Resolution from the highest court in the world.
But for some, the recent International Court (CU) Consultative opinion The state’s legal obligations before climate change can be a turning point for financial markets.
Gunther Tallinger, Member of the Board In AllyOne of the largest insurers in the world, said that close observers of the CU decree called this on July 23, perhaps the most significant climate development since 2015 The Paris Agreement.
At the time, the speech noted the first ever opinion on the climate climate and climate change outlined These are climate actions are not optional.
The court, in a unanimous ruling, stated that governments and countries carry legal obligations to protect the environment from greenhouse gas emissions, protection of modern and future generations from the climatic crisis and cooperate internationally.
In particular, the CU also found that fossil fuel production, including licensing and subsidies, “could become a worldly illegal act that is explained by the state.”
This opinion for investors, for the capital market participants, really means something.
Günther Thalinger
Member of Board in Allianz
It is expected that the ruling, which was children of young students of law, near the Pacific Island States and stands for the Vanuatu government, will have far -reaching legal and political consequences.
Speaking in personal quality, the taliniger stated that although the ICD opinion is based on the existing law and conventions, the ruling may still have significant consequences for a wide range of assets – or cares for climate change or not.
“If anyone accepts anything as an investor that the international court has just said, then the reassessment of these assets should take place. Every prudent investor must do it now,” said Tallinger CNBC by video call.
“Even if they do not like the discussion around climate change, even if they say they are completely humiliating the court, they should expect some governments in some countries to follow this conclusion,” Talinger said.
“If they adhere to this opinion, it has the consequences of assessment assessment, quite clearly. So, this is an opinion for investors, for the capital market participants, really means something.”
Licensing and subsidies
As for licensing and subsidies, the taliniger stated that the MS decision could be a significant development.
All because, for example, licensing and permit for the mining sector and state subsidies for fossil fuels may be at risk after the court’s opinion. Burning fossil fuels such as coal, oil and gas – this Chief driver Climate crisis.
“If the falls are illegal, it should be expected that the subsidies are somehow stopped at a certain point in time,” Talinger said.
“Now some business -processes live on these subsidies or at least to a certain extent benefit from these subsidies. And, as always for the investor, you usually look at the cash flow, and if the part of the cash flow is missing or suddenly becomes much smaller, it means another assessment,” he added.
President of the International Court (CU) Yuji Ivasov (C) and members of the first advisory conclusion (AA) on the legal commitment of the state climate change in The Hague on July 23, 2025.
John Tis | AFP | Gets the image
The US and China, the two largest carbon emissions in the world, gave an ambiguous response to the MS.
“As always, President Trump and the whole administration seeks to put America first and prioritize the interests of everyday Americans,” said White House press secretary Taylor Rogers in response to the court’s opinion, ” Reports Reuters.
The Chinese Foreign Ministry press secretary, meanwhile, stated that the resolution was “positive” for the promotion of international climatic cooperation and sought to confirm the status of the Asian country as a developing country.
Mixed signals
Not everyone is so concerned about the MS’s ruling in terms of the investor.
“It seems to me that a wide range of views that exist in the investor community, on climate change, and actions that investors must take will probably mean that the decision is a little test on Rorsha,” said Lindsey Stewart, director of institutional information about Morningstar.
“People are just going to see the things that confirm their existing look,” he added.
The Rorschach test refers to a psychological assessment during which a person is asked to describe what they see in a number of structures.
Ida Casa Johannesen, Head of the Commercial ESG in Saxo Bank, said the intervention of the ICD is not a mandatory consultative conclusion, not a decree, “and this difference is crucial.”
Companies with significant environmental traces such as in the oil and gas sector, mining and heavy industry may face an increased risk of trial, which may affect their costs, assessment and reputation, Johannesen CNBC said.
“As a result, investors and specific major institutional investors can start redistribution from high-risk sectors to manage climate and reputational risks,” she added.
Johannesennes Saxon noted that the US and China expressed reservations on the opinion of the CU, emphasizing its not mandatory nature and calling for flexibility in climatic actions.
Trump administration also recently signed the US presidential law One big beautiful billthe package that is advantageous to mining and oil and gas companies.
“All this sends ambiguous signals, which will probably lead to fragmented market reactions between the two largest economies in the world and (the rest of the world), slow down the global normative rapprochement and eventually limit (short-term) impact on the markets and the behavior of investors.”
The fireman gets to the ground, working on extinguishing the fire in the Sibero Das Vinyas, outside ours, north -Western Spain, August 12, 2025.
Miguel Riopa | AFP | Gets the image
ABP spokesman, one of Europe’s largest pensions, welcomed what they put as a “spirit” of the court, but stated that they did not foresee any short-term consequences in the financial markets.
“The ICD advisory opinion sends a signal that climate inaction can be a violation of international law. However, given its insurmountable nature, we do not expect immediate changes in national politics and financial markets,” the ABP spokesman said.
The Dutch Pension Fund, which does not put into fossil fuels and says that it actively supports climatic solutions, stressed that, for example, Europe already has many climate legislation.
