2015 is marked in red on the Climate Agenda. After several disappointing attempts, the international community has set its hopes on the United Nations Climate Change Conference, COP21, to be held at the end of 2015 in Paris. Will governments be able to set adequate targets to keep global warming in the 2°C threshold?
This would determine a limited volume of emissions that could be pumped into the atmosphere whilst avoiding the rise of temperature above the target threshold. In practice, this means the existence of a ‘budget’ for emissions of GHG including CO2, which entails that only a certain amount of fossil fuels can be burned. This will have implications throughout the economic system reaching every single corner of it, including the financial sector.