Some hard problems remain hard because the cost of solving them is too high to act on. Others remain hard because no one can agree on what leaving them unsolved is costing. Carbon has been the second kind for most of the last two decades, which is why it has largely been treated as a compliance obligation rather than a market position. The argument has long been about the number. That argument now has a peer‑reviewed anchor. The argument becomes about who will find the market position.

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