An innocent observer could be forgiven for thinking that the
United Nations climate talks, now hotting up in the Qatar
capital of Doha, would be the focus of the international fight
to combat global warming. But the innocent observer would be
wrong. There is indeed a battle going on, one that will
determine the planet’s future, but it is not between the
negotiators finding new ways to disagree over the implementation
of decisions they have already made. The battle is being waged
in energy and finance ministries around the world, and in the
boardrooms of energy companies and their bankers. It is the
battle between a high-carbon and a low-carbon energy future. And
the outcome is unclear. On the one hand, global investment in
renewable technologies, particularly wind and solar, has been
racing ahead: for the past three years it has exceeded
investment in generation from fossil fuels. Last year, fully 70%
of all European power investment was in renewables. Leading
Europe’s drive towards decarbonisation is Germany