The most obvious implication is on global fossil fuel markets. The two greatest consumers of seaborne coal over the last two decades - China and India -have seen declines in demand in the last two years, and financial institutions such as Citigroup believe that market forces, combined with the added factor of climate policy, put the sector in terminal decline.18 Major banking institutions like JP Morgan Chase are now no longer financing greenfield coal mining or generation projects in OECD countries. While the crash itself was largely attributable to the US shale oil boom and the response of the Organization of the Petroleum Exporting Countries (OPEC), it gives us some insight as how increasingly stringent climate policies, and changing technologies, might affect global trade in the commodity.