Beith: Stranded carbon assets was the underappreciated risk back then. Today it’s policy risk. There’s a palpable sense of grass-roots alarm as we see real-world, real-time effects of climate change, and that could create a policy tipping point where governments have historically been skeptical. That is the case next door to us in Australia, with its devastating bush fires, but also in the U.S., where state and municipal governments have taken the lead while the federal government moves in the opposite direction. Those potential tipping points create substantial investment risk.