To avoid the disastrous effects of climate change, a rapid and drastic transition toward a low-carbon society and economy is required. This transition imposes significant transitional losses on some agents given the benefits they can no longer realize. In economic terms, it leads to the stranding of their assets. This article investigates whether fossil fuel owners could refer to their expectations about the benefits of producing their reserves to justify transitional measures such as exemptions from new rules or financial compensations. (...) It criticizes forward-looking views on the normative relevance of expectations and defends a backward-looking view, which justifies limited claims. It contends that states that are responsible for creating false expectations about regulatory stability should provide compensations to fossil fuel companies for the costs of relying on those expectations. States can be held responsible if they caused this expectation-related harm in a foreseeable and avoidable way, which is only the case if the expectation is reasonable and if they were not put under pressure by the lobbying activities of the fossil fuel industry. (shrink)

How can codes of ethics acquire legitimacy—that is, how can they lay down obligations that will be seen by their subjects as morally binding? There are many answers to this question, reflecting the fact that moral agents have a host of different bases on which they may acknowledge code duties as ethically binding—or, alternatively, may reject those duties as morally irrelevant or actively corrupt. Drawing on a wide literature on legitimacy in other practical fields, this paper develops a multidimensional legitimacy (...) framework, describing ten distinct sources of legitimacy. It illustrates how these sources can be seized, not only by the code’s content, but by opportunities presented in the main stages of code development, adoption and implementation. In so doing, it aims to provide practical resources for code developers and ethics reformers in organizations and industries to avoid critical missteps, and to maximize the impact and efficacy of their work. (shrink)