On Monday, I was fortunate to be the guest of the World Business Council for Sustainable Development at their Annual Council meeting in Paris.
I enjoyed several presentations on the Low Carbon Technology Partnerships initiative (LCTPi). The 153 companies and 70 partners within the WBCSD over the past 12 months have developed significant plans for transitioning to a lower emissions capital stock. PwC analysis shows that if the ambitions are met, LCTPi could achieve 65% of the emissions reductions necessary to stay under 2°C, channel $5-10 trillion of investment into low carbon sectors by 2030 and support 20-45 million jobs each year. There were some fascinating presentations across nine groups: renewable energy; carbon capture and storage; low carbon transport fuels; low carbon freight; cement; chemicals; energy efficiency in buildings; forests and climate smart agriculture.
On a personal note, I was excited to have several discussions with other energy participants about integrating renewable energy and the merits of different types of market design. The Action Plan for Renewable Energy notes: 'We will engage in the national /regional discussion on adapting the current market design to enable development and participation of commercially viable RE generation, and specifically consider markets with high shares of renewable penetration.' It was great to hear that all over the world, policy makers and companies are thinking about similar issues to the ones we have been thinking about. Interestingly, during an address to the Council, former US Vice-President Al Gore noted the leadership position of South Australia in embracing renewable energy.
There was also an incredibly insightful discussion about the UN Sustainable Development Goals.
For a good summary on events at the COP, Erwin Jackson's blog is worth reading.