Is 2015 the year when the world will finally decide on a major new global agreement on climate change? Pundits are beginning to put their cases as to whether the Paris summit in December will “save the earth”, or will end up as another Copenhagen, as in 2009 when massive anticipation resulted in inevitable post-conference disappointment. In a speech this week Prince Charles insisted that 2015 will be a make-or-break year for the climate. But is Paris where the real action will be?
Like it or loathe it, it’s now about the money. Cost curves, China, India, bankers, entrepreneurs and the concept of “loss and damage”, in other words, financial risk versus opportunity, are now more important to what is happening to try and prevent irreversible climate change than any of the technical details of the negotiations.