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Agreement on temperature target of 1.5 degrees within reach
 
Ministers from around the world are now engaged with negotiations to forge an agreement in Paris. To set a definitive tone and help accelerate the pace of discussion the President of COP 21 – French foreign minister Laurent Fabius - established the ‘Paris committee’. Under this process the President of COP 21  devolves discussion into four key strands, each facilitated by two countries:
 
•Support (means of-implementation for finance, technology and capacity building) - led by Gabon & Germany 
•Differentiation (mitigation, finance and transparency) - led by Brazil and Singapore 
•Ambition (including a long-term goal and periodic review) - led by Norway and St Lucia
•Pre-2020 action: led by the Gambia and the UK.
 
In addition, every evening this team of eight and other lead negotiators meet to hear reports, take stock of progress and listen to interventions from individual governments.
 
Capturing media attention at the start of the COP or ministerial negotiations, UN Secretary General Ban Ki Moon called for a deal that includes a review of national pledges at five year intervals starting before 2020 and an energy revolution. Putin then surprised the world in general when he announced that Russia would not attempt to obstruct a deal in Paris. Meanwhile more good news came in the form of new research showing global emissions from fossil fuels and industry fell slightly for the first time ever last year (due to lower coal usage in China, growth in renewables and slower growth in petroleum).
 
In another significant development, a string of big carbon polluters - including China, the US, Canada, and the EU - expressed support for the principle of a 1.5 degree Celsius global temperature target. Whilst this tightening of the 2 degree target (agreed in Copenhagen and made official in Cancun) is a key demand from vulnerable developing countries, this change is opposed by India because they argue it will curb their ability to develop a modern economy by restricting India’s ‘carbon space’.
 
There is also considerable discussion running on the question of setting a phase-out date for fossil fuel usage aligned with a long term temperature goal. A timetable for a 1.5 degrees pathway would need to be ambitious, with some scientific research indicating this would require a fossil fuel phase-out as soon as 2030. Other options for the long-term target on the table include those of net zero emissions, a decarbonisation goal to be achieved over the course of the current century, or a commitment to energy sector transformation.
 
Negotiators and ministers are having to work more or less around the clock to resolve many issues.  Nevertheless, the mood around the negotiations remains one of confidence in the process and a widespread belief that a robust Paris agreement is looking, increasingly, to be within reach.

COP21 Post-OECD coffee

Date: Wednesday, 9th December, 2015
Time: 10:00 – 11:30 CET 
Venue:Faust, Under Alexander III bridge, Rive Gauche, Paris 75007
Métro: Invalides Metro 8, 10, 13, 14

Following the morning's closed roundtable Institutional investors and the low-carbon transition hosted by OECD, ERAFP and IIGCC, we invite all of you to join us for a coffee to reflect on the discussion. 

Open to all IIGCC members, no registration necessary.
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IIGCC’s Stephanie Pfeifer and some investors present at COP21 Finance Day feature in package recorded by Green TV for You Tube which to date has had over 11,000 views since it was posted at the end of COP21 week 1. You can view it here: COP21 Daily News: Billionaires on Scene at Paris Climate Conference


New research that we are Reaching Peak Emissions - citing rapid growth of CO2 emissions from fossil fuesl has ceased in past 2 years.  


BBC News: COP21: Carbon emissions to stall or even decline this year.


In Paris? See IIGCC's calendaer of events for investors in and around COP 21 here.
Copyright © 2015 Institutional Investors Group on Climate Change Ltd, All rights reserved.


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