COP21 in Paris

Six years after the failed attempt at brokering an international climate agreement in Copenhagen, UNFCCC parties are meeting once again in Paris in December for a second attempt. And this time, the starting point is allegedly different.

In this report, we analyse the current state of play, explain how dynamics could be different, discuss in what context the US would be able to sign an agreement, and finally analyse the potential implication of an agreement for international carbon markets and the EU ETS.

In our opinion there are three main reasons that make an agreement in Paris more likely than previous years:

  • The US and China are on board
  • Emerging and developing countries softened their view on common but differentiated responsibility
  • The ADP significantly streamlined the negotiation process in Paris

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