Fossil fuels will face disinvestments globally

Subject

Climate change beyond the Paris accord.

Significance

As the Paris summit gets closer, many important climate policy negotiations will actually take place outside of the UN legal framework. Looking beyond the Paris accord is necessary to have a sense of the instruments and actions required to give life to what will be abstract targets agreed upon behind closed doors by countries. Those actions, undertaken by international institutions such as the World Bank and the UN Secretary-General, but also cities, businesses and environmental groups, would matter even more if climate negotiations were to fail in Paris.

Impacts

• Carbon pricing will develop over the next five years, leading to several carbon prices that would need connection and harmonisation.
• A moral campaign against climate change will intensify, involving environmental activists, churches and the Pope.
• These efforts could provide useful instruments to sustain the objectives and targets agreed in Paris.