Accidentally, the first big public markets deal announced under the reign of the new Labor government underscores the need for investors to think carefully about which stocks will win and lose as climate policy shifts, and how individual stocks will be affected.

Incitec Pivot’s plan to split itself into two companies – an explosive business called Dyno Nobel and Incitec Pivot Fertilisers – was, of course, in train long before Anthony Albanese swept to power on Saturday night.