Challenge runs
Each challenge runs for a set number of years with a carbon target and a return floor. Miss either one and your anchor investor pulls out. Every year is harder than the one before.
Challenge run · Standard
An anchor investor has tied its re-up to a hard decarbonisation path. You have four years, twelve companies and one cement plant that produces most of the problem.
Opening position
Challenge run · Hard
You inherit a fund raised in a different decade. Lenders are withdrawing, insurers are repricing and two assets have no bidders at any price you can defend.
Opening position
Challenge run · Brutal
Your platform depends on cold weather. Every year the snowline moves up the mountain, insurance costs more and the exit window narrows.
Opening position
Challenge run · Hard
You run the property book of a regional insurer. The hazard models were rebuilt last winter and every coastline you cover moved a band. Regulators cap what you can charge; reinsurers no longer cap what they charge you.
Opening position
Challenge run · Brutal
A sovereign fund hands you scale on one condition: a hard emissions-intensity rule on new capital. Everything easy is already priced, and the asset that would fix your carbon number employs a whole town.
Opening position