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Full gas for renewables on Paris deal

Monday, December 14, 2015 - 01:41

After four years of negotiations, investors welcome a climate change deal in Paris that signals full steam ahead for renewable energy companies. Ciara Lee reports on the impact of the landmark accord.

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Full power ahead - wind turbine makers some of the biggest gainers as share markets opened. Possible beneficiaries of the weekend's climate deal, attention is turning to renewable energy. Six years ago, countries walked away from global climate talks in Copenhagen without a deal. This time, many are viewing the pact to cut carbon emissions as even better than expected. E3G Chairman and former UK government advisor, Tom Burke. SOUNDBITE) (English) E3G CHAIRMAN AND FORMER UK GOVERNMENT ADVISOR, TOM BURKE, SAYING: "The world is turning a corner away from a high carbon energy system towards a low carbon energy system. So for the opportunity seeking businesses, the Elon Musk's of this world, this is a great boost. I suspect the motor industry is going to be a big winner as I think we'll see an accelerated move towards electric vehicles. I think you're going to see an array of smaller solar companies starting to scale up. Even for some of the world's biggest fossil fuel users, the challenges could be beneficial. SOUNDBITE) (English) E3G CHAIRMAN AND FORMER UK GOVERNMENT ADVISOR, TOM BURKE, SAYING: "China and India have got the biggest risks, air pollution for instance, the real exposure of their economies to climate change. But they've not got the legacy of an existing industry to deal with. They can move, and I think we'll see quite a lot of this in India particularly of just leap-frogging. Exactly replicating what happened in telecoms. The rest of the world didn't put in copper wires, they went straight to mobile and I think we'll see a lot of that." Some analysts are predicting the deal between the nearly 200 countries will boost the world's low carbon-emissions economy - estimated to be worth around 600 billion dollars. But there was warning from others that rushing to invest in renewable energy stocks could backfire, considering the Paris agreement is not a legally binding treaty.

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Full gas for renewables on Paris deal

Monday, December 14, 2015 - 01:41