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Environmental state debates focus on the governance and steering functions of politics. Concurrently, many states stand out as large global owners and investors in carbon industries. Via various investment vehicles, states control around half of all global oil and gas reserves as well as other carbon assets. We know very little, however, about where these states are invested; how they conduct their carbon investment; and what possibilities and constraints carbon-owning states have to decarbonise. Yet, these aspects – the geography, investment profiles and domestic state carbon capital dependence – are key to assess the possibilities and limitations of climate action states as carbon owners have. Based on new fine-grained firm-level data, we deliver conceptual and empirical insights into all three issues. Our intervention fills an important gap in our knowledge about the environmental state, while drawing the attention of researchers and policymakers to a blind spot, but also to transformation potentials of the carbon-owning state in the following decade. [ABSTRACT FROM AUTHOR]

The intensifying global ecological crisis is, by any measure, among the defining political economy issues of our epoch. Questions concerning the state have recently returned to prominence in the field of environmental politics, offering a productive meeting point for research addressing environmental politics and that addressing the political economy of state transformation. The papers in this section all approach the question of the state and its relationship to ecological crisis from a political-economic perspective, foregrounding its relationship to the broader political-economic model in which it is situated. This short article introduces the four contributions to the special section and situates them amidst the broader contemporary research literature. [ABSTRACT FROM AUTHOR]