As the Paris UN climate summit nears, the halls of power in Washington and other major cities around the world are abuzz with activity. Diplomats, climate specialists and others are jostling for attention amidst media preoccupations with more “pressing” matters such as trans-Atlantic trade under the TTIP negotiations, combating a resurgent terrorism, and a new chapter in the Greek economic tragedy that has yet again raised the very real specter of a Grexit. Against this backdrop many worry that this year’s climate change moment will be lost.
Outside of the halls of power, diplomacy and the security apparatus, there is a subtle, if imperceptible shift, in the market heralding a climate awakening. Those favoring grandiose solutions to the very real challenges posed by climate change will find no victory with the advent of true market-based solutions to climate risk.