THE WHEEL IS A SCHEMATIC. BELOW IS THE LEDGER — EACH BOUNDARY'S CURRENT STATE, ITS PRIMARY DRIVER, AND THE SECTORS WHERE IT IS ALREADY REPRICING ASSETS.

1. §3.5.1

   Climate change

   TRANSGRESSED

   Reprices physical and transition risk across every asset class. Stranded fossil assets, capex re-allocation, sovereign credit reratings, and insurer retreat from high-exposure regions.

2. §3.5.2

   Biosphere integrity

   TRANSGRESSED

   Pollination, water purification, pest control, and fisheries — all financially material ecosystem services — degrade together. Insurance and supply-chain risk follow.

3. §3.5.5

   Biogeochemical flows

   TRANSGRESSED

   Eutrophication, dead zones (Gulf of Mexico, Baltic), drinking-water remediation costs, and rising input prices for agribusiness.

4. §3.5.3

   Land-system change

   TRANSGRESSED

   Supply-chain exposure for commodity buyers; carbon-credit verification depends on it; climate-bond eligibility tightens around it.

5. §3.5.4

   Freshwater change

   TRANSGRESSED

   Water-stress repricing in semiconductor, datacenter, agriculture, and utility valuations. Insurance and stranded-asset exposure for water-intensive industries.

6. §3.5.9

   Novel entities

   TRANSGRESSED

   PFAS litigation alone is reshaping liability for chemical, consumer, and industrial sectors. Bioaccumulation risk extends to insurers and pension funds.

7. §3.5.6

   Ocean acidification

   APPROACHING

   Calcifying organisms (pteropods, corals, shellfish) collapse first; food chains and fisheries follow. Aquaculture and coastal economies bear early costs.

8. §3.5.7

   Atmospheric aerosols

   APPROACHING

   Monsoon disruption affects ~3B people's food and water security. Public-health costs and crop-yield risk for agribusinesses.

9. §3.5.8

   Stratospheric ozone

   RECOVERING

   The success story. Recovery on track for mid-century — proof that coordinated regulation against a chemical class can work.