PLEA Network

24 January 2016, Climate Home, 8 climate change takeaways from Davos. As global elite gather at the World Economic Forum1, moving to counter climate change competes with economic fears. It is the first major meeting of politicians and business leaders since 195 nations struck a landmark deal to limit carbon emissions in Paris in December. Thousands of luminaries have come to a Swiss ski resort to unpack the opportunities and challenges of the future. ‘Mastering the Fourth Industrial Revolution’ is the theme meant to guide high-powered panel sessions. Among talk of robotics, 3D printing and nanotechnology, the Paris agreement should merit mention. It aims to radically shrink the usage of fossil fuels, which the world consumes for 87% of its energy. Innovation is crucial to neutralise carbon emissions in the next half-century. As the forum nears its end, here’s what we conclude. 1. Market turmoil dominates” A global selloff of stocks has crowded out much discussion of a new global warming pact at the World Economic Forum. Markets have plunged more than US$4 trillion in value since 1 January – the worst start in yearly trading since the 2009 financial crisis – on weak Chinese growth and low oil prices. Opinion is divided on the impact of cheap crude on climate plans. Benchmark prices of $30 a barrel are “very detrimental for any [clean energy] policy”, according to Total chief Patrick Pouyanne. But analysts Climate Home asked are not worried. 2. Climate action is the smaller conversation: A climate change-induced disaster was named the greatest threat to the global economy in 2016, in a WEF survey ahead of the event, but that wasn’t fully borne out in discussions. Cutting carbon is an “issue for mainstream business, but of course not everyone is paying attention,” says Paul Simpson at the Carbon Disclosure Project. Read More here