The UN Climate Conference in December is important but will not be the final word on how we are dealing with climate change. We tie the recent announcement by the G7, who have agreed to the “decarbonisation of the global economy over the course of this century” to expectations for COP21. We conclude that, at best, we will achieve a modest global agreement on emissions. However, regardless of the veracity of the agreement, there are five secular trends that will continue to move forward. 1) Coal-fired power generation will be the biggest loser; 2) Emission regulation will move beyond cars and trucks into aircrafts; 3) The continued rise of renewables; 4) Energy efficiency will become more important and 5) Natural gas will fulfil its role as a transition fuel supporting renewables development– look at South Australia. (VIEW LINK)