Carbon Trust reaction to agreement at COP21 in Paris

Quotes from Michael Rea, Chief Operating Officer at the Carbon Trust, on the agreement at COP21 in Paris, the innovation needs for low carbon technology and the business response to climate change.

12 December 2015

On the agreement made in Paris:

 

This is an exciting moment in history. The debate is over and the vision of the future is low carbon. The agreement coming out of Paris today contains a clear statement of international ambition which will give businesses, investors and cities the certainty they need to accelerate their efforts to tackle climate change and build a sustainable future. We know that it is possible. We know that it can be profitable. Now is the time for a step change in our levels of effort and action.

- Michael Rea, Chief Operating Officer

On low carbon technology innovation:

 

Over the past fortnight we have already seen governments and the private sector commit to hugely increase levels of investment into the innovation and deployment of low carbon energy technologies. But we need to make sure that the money and resources put into addressing a global problem are used prudently and effectively. This will require a clear understanding of innovation needs and good quality programme management, as well as an understanding of how to balance market forces and competition with international collaboration. We need to achieve a lot in a very short time, so inefficiency and wasted effort will create a very real risk that we will miss out on the chance to keep warming below 2 degrees despite the world’s best intentions, let alone the increased level of ambition and effort required for 1.5 degrees.

- Michael Rea, Chief Operating Officer

On the business response to climate change:

 

Not every business will thrive in a low carbon future, there will be winners and losers. The corporate voices calling for action in Paris and the large number of businesses making their own strong commitments on climate change has been an important factor in giving politicians the confidence to come to a strong deal. The agreement coming out of Paris will send a clear signal to boardrooms around the world that the future of the global economy is going to be sustainable, which will create both risks and opportunities. Companies now need to seriously consider how this will impact on their value and future profitability

- Michael Rea, Chief Operating Officer