A recent report by Goldman Sachs reached a surprising conclusion: Over the past eight years, financial markets have been increasing the cost of capital for big, long-term, high-carbon investments in sectors such as offshore oil and liquefied natural gas. But when it comes to renewable projects, the „hurdle rate“ – the minimum rate of return required by investors – has been declining. The difference is significant, translating into an implied carbon price of about $80 per ton of carbon dioxide for new oil developments and $40 per ton of CO2 for LNG projects.