Germany’s new electoral landscape promises upheaval for companies as well as politicians. Chancellor Angela Merkel faces tricky coalition negotiations after Sunday’s inconclusive elections. Organising a parliamentary majority requires simultaneous support from the pro-business Free Democrats and the Greens. The environmental party’s inclusion would be good news for Germany’s emission-reduction ambitions, but may hurt carbon-guzzling utilities and automakers. Merkel may have persuaded leaders of other rich countries to agree two years ago to phase out fossil fuels by the end of the century but has failed to do enough of her own homework. Germany pledged to cut carbon emissions by 40