Will COP 21 produce a genuinely historic agreement or just one more try? With less than 24 hours to go until the next (final?) deadline on Saturday, Coral Davenport of the New York Times holds out hope…
As I wrote earlier, the ultimate measure of whether the Paris pact is a success or a failure is whether it will send a market signal for investors to take their money out of fossil fuels and put it into low or zero-carbon energy sources.
If it does do that, then the Paris accord will play a major role in transforming the global economy from dependence on fossil fuels to reliance on renewable energy, and thus would save the world’s population from catastrophic climate impacts.
If it doesn’t send a market signal, the Paris deal is basically just an expression of political good will. Thursday night’s draft goes a long way toward sending that market signal, but it doesn’t get all the way there. The arguments over the final provisions that will determine whether the deal has teeth will unfold over the next 48 to 72 hours.
The biggest piece missing from the current text is clear language on monitoring and verifying whether and how countries will follow through on their promises to cut emissions.