• China: François Issard (TotalEnergies CEO in China for 20 years and energy
    transition expert for the European delegation in China)
  • India: Sir Dipak Dasgupta (Distinguished Fellow, TERI (India) Lead Author & Core
    Writing Team, IPCC Sixth Assessment)
  • United States: Dr Irving Mintzer, Professor and Director, The CIG Initiative,
  • University of Maryland School of Public Policy
  • Africa:
    • Alioune Kane (Professor at the University of Dakar)
    • Amadou Thierno Gaye (Professor at the University of Dakar)
    • Youba Sokona (Professor at the University of Bamako)
  • Germany: Carlo Jaeger – Professor at the University of Potsdam
  • Europe – European Taxonomy: Simon Janin – Head of Regulatory and Public – Affairs, Amundi
  • Brazil: Emilio Lebre la Rovere (Professor at the Federal University of Rio de Janeiro)


List of working group members

  • Yves Barou (Co-Chair of the working group)
  • Jean Jouzel (Co-Chair of the working group)
  • François Ewald, Delegate-General of the Comité Médicis
  • Stanislas Pottier (Senior Advisor, Amundi, and member of the Comité Médicis)
  • Sylviane Pargade (Secretary General of the Comité Médicis)
  •  Thomas Gaudin (Economist at ADEME)
  • Jean-Charles Hourcade (CIRED)
  • Philippe Portier (National Secretary, CFDT)
  • Claire Tutenuit (Entreprises Pour l’Environnement – specialist in CSR and
    ecological transition)
  • Stéphane Voisin (Louis Bachelier Institute (ILB) / Head of the ILB
    Interdisciplinary Programme on Green and Sustainable Finance)
  • Quentin Andréani (editor for the Comité Médicis)
  • Alioune Kane (Professor at the University of Dakar)
  • Amadou Thierno Gaye (Professor at the University of Dakar)
  • Youba Sokona (Professor at the University of Bamako)
  • François Issard (TotalEnergies CEO in China for 20 years and energy transition
    expert for the European delegation in China)

Common interests

Global warming and its economic and social consequences impact all countries

All countries are already suffering and will suffer further from climate change, with significant economic consequences. The losses inflicted on the natural systems that support regional and national economies are already visible and measurable and are accelerating. For all countries, this is a powerful reason to act.

There is a common need for development and this transition will bring additional development opportunities

Overcoming inequality in industrialised societies or developing in a fair and equitable manner in developing countries can only be achieved with decarbonised growth, growth that benefits the least privileged strata, social groups and countries. While growth may be weaker in the West given the demographic context, it must be stronger in most developing countries.

Developed countries have a major role to play through their markets, which provide outlets for developing countries, but also their capacity for innovation, savings and therefore financing. This last point is crucial. Many developing countries will be particularly affected by climate change, and they often have obsolete and carbon-intensive infrastructure. This is where the carbon efficiency of each euro (or dollar) invested will be greatest, progress easiest to achieve. This requires careful consideration and innovation in terms of risk sharing and project governance. Pursuing the ambition of global development is key to ensuring universal access to essential goods such as water, food, energy and education. This, as well as the many transformations and innovations required for the carbon revolution, cannot be achieved without growth. Possibly a growth that is measured differently, but still growth.

Energy sobriety is a collective issue

Growing inequalities and household constraints have led to a focus on fuel prices and the demise of a proposed carbon tax.
Sobriety does not mean austerity and citizens can only adopt sober behaviours if the supply of goods and services allows them to do so. Rather than systematically putting the blame on the consumer, rich or poor, we need an ecology of supply.

There is a common need for universal awareness of the urgency, but public opinion is veering between concern and a feeling of powerlessness or abandonment

But there will be winners and losers

Opportunities for China and Brazil, and possibly the US

This race for a new economic model will reshuffle the balance of power: Brazil may find itself at an advantage provided it makes a complete political shift; China hopes to be the major beneficiary, but the power of American innovation may yet make the difference. Europe, for its part, is playing the card of exemplarity and normative power.

High but different risks for Europe, India and Africa

For Europe, the risk, through naivety and inconsistencies, is to suffer a further relative decline in its position, forcing it to redefine itself radically.
For India, as for Africa, the risk is that their development will be hampered and that public exasperation will explode and give way to instability and crises.

The North-South divide: solidarity needed to overcome mistrust

The weight that emerging countries have gained in the climate negotiations is therefore changing the power relationship with players such as Europe. The position of emerging countries challenges the European strategy of “normative leadership”. So far, Europe has been able to set ambitious targets and use its internal market to transform the behaviour of domestic companies. The EU also wants to leverage extraterritorial standards to accelerate the transition in other regions and constrain the behaviour of companies outside the EU. The plan to introduce a border carbon adjustment mechanism is a case in point.

Climate change creates problems of distributional equity between regions, as some will be more affected than others by the short and medium term effects. If we fail to address the issues of distributional equity, the transition will be imposed on everybody rather than being espoused. Furthermore, the effects of climate change will destabilise many countries and lead to forced or voluntary human migration in search of economic benefits from many southern countries to the borders of the European Union, the southern border of the United States and many other OECD countries.

industries polluantes

A new political economy on a global scale

Taking into account the security and geopolitical issues linked to the transition also prefigures a new political economy. Rather than being driven by the idea of profit, economic agents should focus on stability.

Only states can be the arbiters of the distribution of the carbon revolution’s costs, on behalf of the societies they govern: what is the balance to be struck between consumers, taxpayers, investors, different generations and different regions of the world?

The responsible investor, over and above investments that favour trajectories compatible with a carbon neutrality target for 2050, must therefore invest in what makes it possible to collectively build the stages of the carbon revolution, to strengthen nations, stability and global security.

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