It was a waiting game for many on the penultimate day of COP21 yesterday. Ministers and their senior negotiators had worked through Wednesday night, meaning that the Paris Committee reconvened on Thursday. Laurent Fabius, the French foreign minister and COP President, presented a revised text at 9:00pm to the Parties.
As COP21 draws to a close, I’m encouraged by the willingness of world leaders to take bold action on climate change, one of the most important challenges of our time.
Two weeks ago, We Mean Business came to Paris calling for a new climate agreement that made business sense. A deal that provided ambition, confidence and created a level playing field across all geographies.
If we continue on a business as usual path our planet will need five times its current carbon sequestration capacity for mankind to survive. This means we need to innovate beyond the current modus operandi.
At first glance, the scale of financing needed to build our low-carbon future is daunting. In Copenhagen, governments pledged to scale annual public climate finance to US$100 billion by 2020.
Negotiating a global climate deal is the key focus for national governments at COP21. World governments also recognize that businesses, cities, and sub-national governments have the knowledge, agency, and agility to catalyse near-term carbon cuts.
The Bottom Line interviewed Hoesung Lee, the new chair of the Intergovernmental Panel on Climate Change to discuss how both science and business can help in the fight against climate change.
Moodys has published two reports detailing how environmental risks influence sectoral credit ratings. Developing and applying its own approach, the ratings agency found sectors representing $2 trillion of rated debt to be facing the greatest credit exposure.