Climate change is playing an increasingly significant role in the energy industry. CEOs are talking more openly about it—and some are even publicly rethinking their businesses for a world that’s less reliant on fossil fuels. Investors are prodding companies to do more to reduce carbon emissions. And Saudi Arabia, anticipating that peak demand for crude could come as soon as 2035 or 2040, even held the world’s biggest IPO for Aramco to fund domestic reforms aimed at diversifying its economy beyond oil. Corporate leaders and governments that have committed to change are doing it carefully. They don’t want to hurt their businesses or their economies. That cautiousness seemed to be at play in Madrid last week, where delegates from nearly 200 nations concluded a two-week annual United Nations climate summit without setting new emissions targets or creating a framework to reward and encourage efforts to cut emissions–two main goals […]