However daunting the task may be, the steps to take are now fairly clear and well-understood.

One step would be stress testing, engaging pension funds and companies to examine if they hold carbon-intensive assets on their books, said Martin Skancke, who spoke on the first panel and is chairman of the Advisory Council of Principles for Responsible Investing, a U.N.-supported initiative that has helped formulate a widely followed voluntary protocol of responsible investment criteria.

Next, divest where appropriate from high-cost, high-carbon assets and reinvest in new instruments like “green bonds” or equity indexes that exclude companies with carbon exposure.

This stripped-down framework—to measure and disclose, engage, mitigate and invest—is largely noncontroversial.