"‘Feedback' from climate change into the economy is critical. But what kind of ‘feedback'? Given capitalist structures and inter-state rivalry in the global economy, there is little in the way of overall planning, and certainly no effective power to act for capitalism ‘in general'. The fossil fuel bloc is deeply embedded in the economy, and is not afraid to press its advantage; the emerging renewable economy is gaining strength, but remains subordinate. Yet intensifying climate change and failing climate policy are creating new political pressures. This article addresses efforts to target fossil fuel corporates through divestment campaigns and argues the main ‘feedback' to date is socio-political. It tracks how the threat of climate policy translates into ‘transition risk' for investment strategy, and produces a growing loss of confidence in fossil capital. In this, we argue the climate contradictions of capitalist society have destructive effects but offer transformative potential."

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