{"id":3893,"date":"2015-11-30T10:19:47","date_gmt":"2015-11-30T15:19:47","guid":{"rendered":"https:\/\/www.bloomberg.com\/company\/press\/bnef-cop21\/"},"modified":"2019-08-27T09:08:20","modified_gmt":"2019-08-27T13:08:20","slug":"bnef-cop21","status":"publish","type":"press","link":"https:\/\/www.bloomberg.com\/company\/press\/bnef-cop21\/","title":{"rendered":"It\u2019s Getting Hot in Here: All Eyes on COP21"},"content":{"rendered":"
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You\u2019ve probably heard or read something\u00a0about the UN Framework on Climate Change Conference of Parties,\u00a0aka COP21, which kicks off November 30 in Paris. That\u2019s because\u00a0this year the talks are particularly critical. It\u2019s the World\u00a0Cup or Super Bowl for climate watchers. This year, countries\u00a0around the globe are expected to make significant promises, and\u00a0indeed concessions, on how much they pollute. For the first\u00a0time, the U.S. and China are truly cooperating on this issue \u2014\u00a0and that is a very big deal.<\/p>\n

For an expert opinion, I sat down with Elena Giannakopoulou (@ElenaGiannakop<\/a>) at Bloomberg New Energy Finance<\/a>\u00a0(BNEF). Elena\u2019s been a lead analyst on\u00a0global energy markets at BNEF for almost two years. (If you\u2019re on the Bloomberg terminal, you can\u00a0check out her recent commentary and analysis by entering BIO\u00a018277627<GO>.) Check out BNEF\u2019s entire COP analysis online here<\/a>.<\/p>\n

\n

\"Elena<\/a><\/p>\n

Elena Giannakopoulou (Photo by Jason Alden)<\/p>\n<\/div>\n

JEN MACDONALD<\/strong>: There\u2019s lots of hype around this year\u2019s climate talks in\u00a0Paris \u2013 known as COP21. Why is this year different than previous\u00a0years?<\/p>\n

ELENA GIANNAKOPOULOU<\/strong>: Because everyone realizes the problem is real; that\u00a0it\u2019s arrived. Air pollution, the world is warming, ice is\u00a0melting. Raising awareness about global warming isn\u2019t the fringe\u00a0movement it was 15, 20 years ago. Everyone is taking this\u00a0seriously from all sectors and all angles: policy, corporate,\u00a0insurance.<\/p>\n

JM<\/strong>: Will the biggest polluters \u2013 China, India, USA, Russia \u2013\u00a0make serious concessions?<\/p>\n

EG<\/strong>: Well the U.S. already has. This year, the EPA \u2013 the\u00a0Environmental Protection Agency \u2013 made a big move with its Clean\u00a0Power Plan\u2026 a plan the coal industry is fighting. China has also\u00a0set targets both in terms of carbon intensity and total CO2\u00a0emissions, which is important to note. China has also banned\u00a0\u201cbad quality\u201d coal \u2013 they\u2019re not allowed to burn lignite,\u00a0which will help reduce emissions. That said, they have a long\u00a0way to go.<\/p>\n

Russia and India are different stories. India has a target\u00a0to lower emissions but they\u2019re still reliant on coal and install\u00a0one coal plant per week. Russia has submitted its plan, but its\u00a0final decision is contingent on the outcome of the negotiations,\u00a0along with the INDCs<\/a> of other major emitters. It will be\u00a0interesting to see what happens with them at COP.<\/p>\n

JM<\/strong>: BNEF just issued a report called \u201cClimatescope<\/a>\u201d that looks\u00a0at developing countries and how much they\u2019re investing in clean\u00a0energy. What does this report show that might surprise our\u00a0readers going into the talks?<\/p>\n

EG<\/strong>: That we\u2019ve seen a major shift. At the last COP meeting\u00a0in 2009 in Copenhagen, there was a big distinction between\u00a0developed and developing countries. Today, that\u2019s not the case.\u00a0China now invests more in clean energy than any other country on\u00a0the planet. South Africa\u2019s clean energy auctions are so well\u00a0received that other countries are copying their format. And\u00a0Chile and Uruguay should be highlighted for their wind\u00a0installations and investment. So there\u2019s no longer this divide.<\/p>\n

JM<\/strong>: Given the press focuses on the top emitters and richest\u00a0countries, what can the smaller, less developed countries do to\u00a0have influence at the talks?<\/p>\n

EG<\/strong>: Well it only benefits developing countries to take\u00a0these talks seriously. You have to understand that while the top\u00a0emitters are developed countries \u2013 the U.S., the EU \u2013 they\u00a0aren\u2019t growing anymore. Their energy demand is flat. They\u2019ve\u00a0already committed to lowering their carbon footprint and have\u00a0put in place regulatory frameworks like carbon schemes. They\u2019re\u00a0also investing heavily in renewables. Developing countries\u00a0around the world are growing the most and therefore are expected\u00a0to emit the most. They still need to implement regulation and\u00a0that framework.<\/p>\n

So this is what the whole game will be at COP \u2013 trying to\u00a0bring everyone to the table and hammer out future emissions\u00a0around the globe.<\/p>\n

JM<\/strong>: Everyone talks about \u201ctwo degrees.\u201d What does that even\u00a0mean?<\/p>\n

EG<\/strong>: Yes, it\u2019s a term that\u2019s been bandied about for 20\u00a0years. But five years ago, the UN Framework Convention on\u00a0Climate Change (UNFCCC) agreed that the maximum global\u00a0temperature could not rise 2\u00b0C above pre-industrial levels. The\u00a0thinking is that anything beyond two degrees will have drastic\u00a0impacts on the world, including natural disasters, terrible air,\u00a0etc.<\/p>\n

JM<\/strong>: Are we nearing two degrees and are we on the right track to\u00a0avoid going past this number?<\/p>\n

EG<\/strong>: Based on BNEF analysis and our long-term forecasts,\u00a0right now we are on a path to three degrees. Since 2010, we have\u00a0already passed one degree because of inaction. Based on existing\u00a0policies, if absolutely nothing gets done, we will hit 3.5\u00a0degrees in 2050. If there is action at COP \u2013 if global leaders\u00a0can come to some kind of resolution \u2013 we will of course\u00a0recalculate our forecasts. So we\u2019re definitely watching.<\/p>\n

(Jen MacDonald<\/a> works in Bloomberg Communications.)<\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n\t\t\n\t<\/div>\n<\/div>\n

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About Bloomberg<\/strong><\/p>\n

Bloomberg, the global business and financial information and news leader, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The company\u2019s strength \u2013 delivering data, news and analytics through innovative technology, quickly and accurately \u2013 is at the core of the Bloomberg Professional service, which provides real time financial information to more than 325,000 subscribers globally. For more information, visit www.bloomberg.com<\/a>.<\/p>\n

 <\/p>\n

About Bloomberg New Energy Finance<\/strong><\/p>\n

Bloomberg New Energy Finance provides unique analysis, tools and data for decision makers driving change in the energy system. With unrivalled depth and breadth, we help clients stay on top of developments across the energy spectrum from our comprehensive web-based platform. BNEF has 200 staff based in London, New York, Beijing, Cape Town, Hong Kong, Munich, New Delhi, San Francisco, S\u00e3o Paulo, Singapore, Sydney, Tokyo, Washington D.C., and Zurich.<\/p>\n

BNEF products fit your daily workflow, streamline your research, sharpen your strategy and keep you informed. BNEF\u2019s sectoral products provide financial, economic and policy analysis, as well as news and the world\u2019s most comprehensive database of assets, investments, companies and equipment in the clean energy space. BNEF\u2019s regional products provide a comprehensive view on the transformation of the energy system by region.<\/p>\n

Bloomberg New Energy Finance leverages Bloomberg\u2019s <\/a><\/strong>15,000 employees in 192 locations, generating 5,000 daily news stories across TV, BusinessWeek, Mobile, Digital and Radio.<\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n\t\t\n\t<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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