Exploring the financial and investment implications of the Paris Agreement

A global energy transition is underway. Limiting warming to 2°C (or less), as envisaged in the Paris Agreement, will require a major diversion of scheduled investments in the fossil-fuel industry and other high-carbon capital infrastructure towards renewables, energy efficiency, and other low or negative carbon technologies. The article explores the scale of climate finance and investment needs embodied in the Paris Agreement. It reveals that there is little clarity in the numbers from the plethora of sources (official and otherwise) on climate finance and investment. The article compares the US$100 billion target in the Paris Agreement with a range of other financial metrics, such as investment, incremental investment, energy expenditure, energy subsidies, and welfare losses. While the relatively narrowly defined climate finance included in the US$100 billion figure is a fraction of the broader finance and investment needs of climate-change mitigation and adaptation, it is significant when compared to some estimates of the net incremental costs of decarbonization that take into account capital and operating cost savings. However, even if the annual US$100 billion materializes, achieving the much larger implied shifts in investment will require the enactment of long-term internationally coordinated policies, far more stringent than have yet been introduced.</i

HERA Collider Physics

HERA, the first electron-proton collider, has been delivering luminosity since 1992. It is the natural extension of an impressive series of fixed-target lepton-nucleon scattering experiments. The increase of a factor ten in center-of-mass energy over that available for fixed-target experiments has allowed the discovery of several important results, such as the large number of slow partons in the proton, and the sizeable diffractive cross section at large $Q^2$. Recent data point to a possible deviation from Standard Model expectations at very high $Q^2$, highlighting the physics potential of HERA for new effects. The HERA program is currently in a transition period. The first six years of data taking have primarily elucidated the structure of the proton, allowed detailed QCD studies and had a strong impact on the understanding of QCD dynamics. The coming years will bring the era of electroweak studies and high $Q^2$ measurements. This is therefore an appropriate juncture at which to review HERA results.Comment: 351 pages, 154 figures, submitted to Reviews of Modern Physic

Introducing carbon structural adjustment: Energy productivity and decarbonization of the global economy

In the 21st century, much of the world will experience untold wealth and prosperity that could not be conceived only some three centuries before. However as with most, if not all, of the human civilizations, increases in prosperity have accumulated significant environmental impacts that threaten to result in environmentally induced economic decline. A key part of the world's response to this challenge is to rapidly decarbonise economies, with options to achieve 60–80% improvements (i.e., in the order of Factor 5) in energy and water productivity now available and proven in every sector. Drawing upon the 2009 publication ‘Factor 5’, in this article we discuss how to realize such large-scale improvements, involving complexity beyond technical and process innovation. We begin by considering the concept of greenhouse gas stabilization trajectories that include reducing current greenhouse gas emissions to achieve a ‘peaking’ of global emissions, and subsequent ‘tailing’ of emissions to the desired endpoint in ‘decarbonising’ the economy. Temporal priorities given to peaking and tailing have significant implications for the mix of decarbonising solutions and the need for government and market assistance in causing them to be implemented, requiring careful consideration upfront. Within this context, we refer to a number of examples of Factor 5 style opportunities for energy productivity and decarbonization, and then discuss the need for critical economic contributions to take such success from examples to central mechanisms in decarbonizing the global economy