DIW Berlin and the Potsdam Institute for Climate Impact Research (PIK) would like to discuss the latest progress in their research projects on energy resource markets and climate policy. The recent boom in unconventional natural gas and oil extraction in North America as well as the ever increasing thirst for energy in Asia have led to a true "renaissance" of fossil fuels. In the workshop it will be discussed how academic climate economics can deal with this new situation and which lessons can be learned from modern models, for example on innovative climate policy measures.