The following submission consists of three parts; 1) a short analysis of the role of the carbon price signal in the climate investment landscape; 2) an overview of the relatively small extent to which carbon emissions markets have provided direct climate finance, not “leveraged” or “catalyzed” it in a subjective accounting attribution; and 3) a brief proposal to Parties and observers about using a calculation of material risk exposure, rather than a carbon price signal, as a bottom line factor for planning climate-related investments.