The ruling, which was the brainchild of young law students in low-lying Pacific island states and championed by the government of Vanuatu, is widely expected to have far-reaching legal and political consequences. Speaking in a personal capacity, Thallinger said that while the ICJ’s opinion is based on existing law and conventions, the ruling could yet have meaningful ramifications for a vast range of assets — whether one cares about climate change or not. “If one takes as an investor what the International Court of Justice just said, then a revaluation of these assets needs to happen. Every prudent investor must do this now,” Thallinger told CNBC by video call. “Even if they don’t like the discussion around climate change, even if they would say they denigrate the Court of Justice completely, they must expect that, in some countries, some governments, some courts are going to follow this opinion,” Thallinger said. “If they follow this opinion, it has asset valuation implications, quite clearly. So, this opinion for investors, for capital market participants, really means something.”