DEC

14 TO D

EC 18, 20

15

US BUSINESSAND

POST-COP21: ALIGNING

CLIMATET

he

C

OP

21

c

lima

te

su

mm

it in

P

aris

in

stille

d

a

se

ns

e

of

urg

en

cy

a

mo

ng

w

orld

le

ad

ers

a

nd

fo

rge

d

ne

w

go

als

fo

r

bo

th c

lima

te a

nd

e

ne

rgy

. A

h

an

d-

pic

ke

d g

rou

p o

f le

ad

ing

ex

pe

rts a

cro

ss

the

clim

ate

an

d e

ne

rgy

sp

ec

trum

en

ga

ge

d in

a v

irtua

l dia

log

ue

to e

va

lua

te th

e o

utc

om

es

of C

OP

21

, an

d

de

term

ine

its im

plic

atio

ns

for th

e fu

ture

of g

lob

al c

lima

te

an

d in

du

stry

in th

e U

.S.

23 PARTIC

IPANTS | 118 P

OSTS

DEC

14 TO D

EC 18, 20

15

US BUSINESSAND

POST-COP21: ALIGNING

CLIMATET

he

C

OP

21

c

lima

te

su

mm

it in

P

aris

in

stille

d

a

se

ns

e

of

urg

en

cy

a

mo

ng

w

orld

le

ad

ers

a

nd

fo

rge

d

ne

w

go

als

fo

r

bo

th c

lima

te a

nd

e

ne

rgy

. A

h

an

d-

pic

ke

d g

rou

p o

f le

ad

ing

ex

pe

rts a

cro

ss

the

clim

ate

an

d e

ne

rgy

sp

ec

trum

en

ga

ge

d in

a virtual dialogue

! to

ev

alu

ate

the

ou

tco

me

s o

f CO

P2

1,

an

d

de

term

ine

its

im

plic

atio

ns

fo

r th

e

futu

re

of

glo

ba

l

clim

ate

an

d in

du

stry

in th

e U

.S.

23 PARTIC

IPANTS | 118 P

OSTS

PARTICIPANTS

Ripudam

an Malhotra

Co-author: A C

ubic Mile of O

ilIndependent C

onsultantFacilitator

Bill B

aueC

orporate Sustainability ArchitectC

o-Facilitator

Rene D

e Coning

Global Strategic Insight Lead

Oil &

Gas Industry

Co-Facilitator

Raj Tham

otheramC

hief Executive Officer

Preventable Surprises

Co-Facilitator

Alison W

iseC

lean Tech & Innovation

Executive/Strategist

Andrew

Winston

Author, The Big Pivot & G

reen to Gold

Adviser/Speaker

Andy H

oward

FounderD

idas Research

Bardi U

go P

rofessor, Physical C

hemistry

University of Florence

Billy G

raysonD

irector of SustainabilityLiberty P

roperty Trust

Charles S

ecrettSustainability Advisor, Analyst &

Cam

paigner

Eric Corey Freed,

Vice President, Global O

utreachInternational Living Future Institute

Garratt H

asenstabC

hief Executive Officer

The Mountain Life C

ompanies

Guillerm

o Pastor

Senior Independent Consultant

Oil &

Gas Industry

Guy M

cPherson

Professor Em

eritusU

niversity of Arizona

Hunter Lovins

President

Natural C

apitalism Solutions

Th

is eng

agem

ent b

rou

gh

t tog

ether th

e follo

win

g exp

erts:

2

PARTICIPANTS

James BaireyPro Bono Clean Energy Independent Consultant

Jason KliwinskiFounder & CEOThe Green Building Center

Julie GorteSVP, Sustainable InvestingPax World

Lily DongePrincipal, Business Renewables CenterRocky Mountain Institute

Mark TrexlerClimate Risk Knowledge BrokerThe Climatographers

Michael DutschkeChairmanGlobal Conservation Standard

Robert BryceSenior FellowManhattan Institute for Policy Research

Sam DeLaySenior Program Manager, Energy UtilizationTennessee Valley Authority

Sanford LewisStrategic Counsel, Corporate AccountabilitySanford Lewis, Attorney

Ski MilburnManaging Member & CEOVAIREX Air Systems

Tabaré Arroyo CurrásGlobal Advisor on Energy EconomicsWorld Wildlife Foundation International

Thomas O. MurthaManaging DirectorSource Capital Group

T h i s e n g a g e m e n t b ro u g h t t o g e t h e r t h e f o l l o w i n g e xp e r t s :

3

2

EXECUTIVE SUMMARY

1

4

2

3

Responses to the COP21 agreement ! ranged from glowing to skeptical, but ultimately highlighted the gap between GHG

reduction needs and pledges made.

There is no silver bullet to achieve the goals, but rather a “cocktail” of solutions.

The private sector may be best positioned to drive these solutions and the business case is compelling.

Because accountability is unclear and pledges are voluntary, however, fulfillment will take courageous acts of leadership at all levels.

4

1

The Glowing

“COP21 is a magnificent achievement. It is more than we

had any right to expect that we

could pull off.”

– Hunter Lovins, President, Natural Capitalism Solutions

“The significance of the signing of the agreement can't be

understated. The signing by

nearly 200 nations shows that

the debate over climate change

is over.”

- Eric Corey Freed, VP, International Living Future Institute

The Skeptical

“It's a start, but we're running

out of time for starts”

- Ski Milburn, Managing Member & CEO at VAIREX air systems

“The Paris Agreement is full of

ambition. It also contains

ambiguities and oratory calls for

action, as opposed to a concrete,

enforceable path forward to

limiting climate change to 2C,

much less 1.5C.”

- Mark Trexler, Climate Risk Knowledge Broker, The Climatographers

THE GAPWhile the COP21 Agreement set a goal of limiting global temps to 2°C above the preindustrialization level with a stretch goal of 1.5°C, all the pledges made at the conference would amount to no fewer than 2.7°C warming.

K E Y F I N D I N G S

Responses to the COP21 agreement ranged from glowing to skeptical, but ultimately highlighted the gap between GHG

reduction needs and pledges made.

5

The target calls for reducing GHG emissions by 1,300 Gt CO2 by 2050 !; Pledged amounts through 2025 add up to roughly 120 Gt, or less than 10%. Sure, we can expect more pledges to be made in subsequent years, but this is where we stand.

Re

ne

wa

ble

s“R

en

ew

ab

le

de

plo

ym

en

t w

ill c

on

tinu

e

at

a

bre

ak

ne

ck

p

ac

e

an

d

oil

isn

't g

oin

g

an

yw

he

re

an

ytim

e s

oo

n.”

–

Billy

Grayson,

Director

of Sustainability,

Liberty P

roperty Trust

Nu

cle

ar

“…th

e

US

n

ee

ds

to

e

na

ct

po

licie

s

tha

t w

ill

inc

ub

ate

c

om

pa

nie

s

tha

t a

re

de

sig

nin

g

sa

fer

ch

ea

pe

r rea

cto

rs.”

– R

obert Bryce, Senior Fellow

, Manhattan Institute for

Policy R

esearch

En

erg

y S

tora

ge

“En

erg

y

sto

rag

e

is

po

ise

d

for

a

bre

ak

thro

ug

h.

Se

ve

ral

co

mp

etin

g

tec

hn

olo

gie

s

are

p

us

hin

g

sto

rag

e to

ca

pa

citie

s w

e n

ev

er th

ou

gh

t po

ss

ible

.”

–

Eric C

orey Freed,

VP,

International Living

Future Institute

Bio

ga

s a

nd

Bio

fue

ls“B

iog

as

an

d b

iofu

els

are

an

un

tap

pe

d a

nd

sm

all

ma

rke

t tha

t is s

et to

ex

plo

de

, giv

en

the

ne

ed

for

de

ce

ntra

lize

d

farm

ing

a

nd

a

gric

ultu

re,

an

d

the

need to find ways to deal w

ith the waste.”

– Eric C

orey Freed, VP

Global O

utreach at International Living Future Institute

Th

ere

is

n

o s

ilv

er b

ulle

t to

ac

hie

ve

the

go

als

, bu

t rath

er a

“c

oc

kta

il”

of s

olu

tio

ns

.

2K

EY

FIN

DIN

GS

“…

ca

rb

on

go

als

co

uld

be

ac

hie

va

ble

bu

t it will b

e d

ue

to a

co

mb

ina

tion

of

shu

ttering

coa

l fired

pla

nts, en

ergy effi

ciency, d

ema

nd

respo

nse, a

nd

p

oten

tially levera

ged

electrifica

tion

with

con

sum

er techn

olo

gy.”

- S

am

D

eL

ay

, T

en

ne

ss

ee

V

alle

y A

uth

ority

“T

he

req

uis

ite s

ca

le fo

r c

ha

ng

e is

cub

ic mile o

f oil eq

uiva

lent !

”

- R

ip

ud

am

an

M

alh

otra

, C

o-

Au

th

or: C

ub

ic

M

ile

o

f O

il

6

Th

e p

riv

ate

s

ec

to

r is

b

es

t p

os

itio

ne

d to

driv

e c

ha

ng

e to

wa

rds

this

g

oa

l an

d th

e b

us

in

es

s c

as

e is

c

om

pe

llin

g.

3K

EY

FIN

DIN

GS

Overall, the financial im

pacts on the US econom

y fro

m c

lima

te c

ha

ng

e a

nd

US

imp

lem

en

tatio

n o

f

CO

P2

1 c

om

mitm

en

ts w

ill be

:

POSITIVE6

VO

TE

S

VERY POSITIVE3

VO

TE

S

NEGATIVE0

VO

TE

S

VERY NEGATIVE0

VO

TE

S

NEUTRAL1

VO

TE

“Th

ere

is

re

as

on

to

e

xp

ec

t th

at

the

ro

le

of

the

in

ve

stm

en

t

co

mm

un

ity, a

t lea

st in

the

US

, is

like

ly

to

be

co

me

m

ore

rig

oro

us

an

d im

pa

ctfu

l po

st C

OP

21

.”

- S

anford Lew

is, Environm

ental A

ttorney

“Win

dm

ills

will

ge

t b

ette

r, s

ola

r

will g

et b

ette

r, ba

tterie

s w

ill ge

t

be

tter,

as

w

ill fu

el

ce

lls,

an

d

hy

dro

, an

d g

eo

the

rma

l an

d e

ve

n

nu

cle

ar. A

nd

[the

re] w

ill be

ple

nty

of

mo

ne

y

to

be

m

ad

e

on

th

os

e

imp

rov

em

en

ts.”

- Ski M

ilburn, Managing M

ember &

C

EO at VA

IREX

air systems

7

ESTABLISHING A ROBUST CARBON TAX

7 V

OT

ES

INVESTOR ACTION (DIVESTMENT - PORFOLIO

DECARBONIZATION - FORCEFUL STEW

ARDSHIP)6

VO

TE

S

CREATING REGULATION ENCOURAGING SW

IFT TRANSITION FROM HIGH

CARBON OPTIONS4

VO

TE

S

CORPORATE INNOVATION OF 2-DEGREE BUSINESS

MODELS4

VO

TE

S

ADHERENCE TO EXISTING INDCS

2 V

OT

ES

CREATING ENABLING REGULATION FOR LOW

CARBON SOLUTIONS

2 V

OT

ES

OTHER0

VO

TE

S

RATCHETING UP INDCS IN ADVANCE OF 5-YEAR

DEADLINE5

VO

TE

S

Wh

ich

3 te

ch

no

log

ies

/ so

lutio

ns

ho

ld th

e g

rea

tes

t pro

mis

e fo

r mitig

atin

g / a

da

ptin

g

to c

lima

te c

ha

ng

e a

nd

de

live

ring

on

CO

P2

1 c

om

mitm

en

ts (a

nd

be

yo

nd

)?

Be

ca

us

e re

sp

on

sib

ility is

un

cle

ar a

nd

ple

dg

es

are

vo

lun

tary

, fulfillm

ent will take courageous acts of leadership

at a

ll lev

els

.

KE

Y F

IND

ING

S

4

8

“If w

e

ex

pe

ct

rea

l c

ha

ng

e

with

in

ou

r tim

e,

the

lea

de

rs

of

ou

r n

atio

n

mu

st

'pu

t th

eir

mo

ne

y

wh

ere

th

eir

mo

uth

is

' a

nd

s

tan

d

tog

eth

er

to

se

rve

as

a b

ea

co

n o

f su

sta

ina

bility

for th

e w

orld

to emulate, and w

hy not, there is endless profit to b

e m

ad

e in

this

pu

rsu

it of a

su

sta

ina

ble

futu

re.”

– G

arratt Hasenstab, C

EO, The M

ountain Life Com

panies

“Th

e a

nn

ou

nc

em

en

t by

Bill G

ate

s a

t the

sta

rt of

CO

P2

1 fo

r inc

rea

se

d R

&D

inv

es

tme

nts

by

priv

ate

and governm

ent sectors

is significant,

pa

rticu

larly

for n

as

ce

nt te

ch

no

log

ies

stru

gg

ling

to c

ros

s th

e “v

alle

y o

f de

ath

” an

d tra

ns

ition

to

co

mm

erc

ializ

atio

n.”

– Julie G

orte, SVP, Sustainable Investing at P

ax World

Be

ca

us

e re

sp

on

sib

ility is

un

cle

ar a

nd

ple

dg

es

are

vo

lun

tary

, fulfillm

ent will take courageous acts of leadership

at a

ll lev

els

.

KE

Y F

IND

ING

S

4

9

DEC

14 TO D

EC 18, 20

15

US BUSINESSAND

POST-COP21: ALIGNING

CLIMATET

he

C

OP

21

c

lima

te

su

mm

it in

P

aris

in

stille

d

a

se

ns

e

of

urg

en

cy

a

mo

ng

w

orld

le

ad

ers

a

nd

fo

rge

d

ne

w

go

als

fo

r

bo

th c

lima

te a

nd

e

ne

rgy

. A

h

an

d-

pic

ke

d g

rou

p o

f le

ad

ing

ex

pe

rts a

cro

ss

the

clim

ate

an

d e

ne

rgy

sp

ec

trum

en

ga

ge

d in

a v

irtua

l dia

log

ue

to e

va

lua

te th

e o

utc

om

es

of C

OP

21

, an

d

de

term

ine

its im

plic

atio

ns

for th

e fu

ture

of g

lob

al c

lima

te

an

d in

du

stry

in th

e U

.S.

23 PARTIC

IPANTS | 118 P

OSTS

CONCLUSIONA

s th

is c

on

ve

rsa

tion

an

d th

e C

OP

21

su

mm

it rein

forc

ed

, the

tec

hn

olo

gic

al c

ap

ab

ilities

, bu

sin

es

s c

as

e, a

nd

pe

rha

ps

ev

en

po

litica

l w

ill a

re

alig

ne

d

to

rea

lize

a

<

2°C

g

lob

al

tem

pe

ratu

re ris

e.

Ultim

ately, realization of these goals hinge on a change of heart in public sentim

ent. This, in turn, must be m

atched by a change in behavior at every level. W

hat we need is

nothing short of a social revolution.

“…c

lima

te c

ha

ng

e is

still a

pa

rtisa

n is

su

e, u

se

d to

fue

l dis

rup

tion

an

d

co

nfu

sio

n

am

on

g

the

m

as

se

s,

res

ultin

g

in

dim

inis

he

d

pu

blic

ac

ce

pta

nc

e

an

d

slo

we

d

mo

me

ntu

m

tow

ard

fu

ll-fle

dg

ed

p

os

itive

po

licy

ch

an

ge

. Co

uld

this

all ju

st c

om

e d

ow

n to

so

cia

l rev

olu

tion

?…

Wh

at w

ou

ld

brin

g

forth

th

e sig

nifican

t ch

ang

e in

w

hich

en

ergy

pro

du

ctio

n a

nd

GH

G e

mis

sio

ns

co

uld

be

se

en

thro

ug

h th

e le

ns

es

of

econ

om

ic ju

stice an

d

social

ben

efit as

op

po

sed

to

the

curren

t p

ara

dig

m?

Ho

w c

an

we

driv

e th

is c

ha

ng

e?

”

- G

arra

tt H

as

en

sta

b, C

EO

a

t T

he

M

ou

nta

in

L

ife

C

om

pa

nie

s