Why a landmark ruling from the world's top court puts financial markets on notice

1. ICJ’s ruling mandates countries legally protect against climate change. 2. Fossil fuel production could be deemed internationally wrongful under the ruling. 3. Investor sentiment varies, making the ruling a potential 'Rorschach test'. 4. Effects on fossil fuel subsidies may significantly alter related asset valuations. 5. Mixed responses from the U.S. and China could hinder global regulatory convergence.