George Monbiot got it about right with his assessment of the COP21 outcome:
By comparison to what it could have been, it’s a miracle. By comparison to what it should have been, it’s a disaster.
But no matter what, the Paris Agreement does mark a turning point, and sends by far the strongest signal yet to banks, investors and industry. One might ask where they have been looking in the past decade if they haven’t already read the signals. Has it been gross negligence or haven’t they read their own disclaimers that past performance should not be taken as an indicator of future returns on fossil fuels? How can it be that they’ve wilfully ignored the risk of stranded assets?
As May Boeve – Executive Director of 350.org – put it:
“This marks the end of the era of fossil fuels. There is no way to meet the targets laid out in this agreement without keeping coal, oil and gas in the ground. The text should send a clear signal to fossil fuel investors: divest now.”