The Paris climate deal erases any doubt that fossil fuels will be replaced by renewable energy. Even before the start of COP21, the world had already begun to accept that the end of fossil fuels and the dawn of a low carbon economy powered by renewables. We now have the political will, investment dollars and technological innovation required to drive the transition from fossil fuels to renewables.
In an interview taped for CBS' Face the Nation, John Kerry called the climate pact "a breakaway agreement" that will change how countries make decisions and "spur massive investment." We have already seen how reduced demand and increased supply have resulted in a glut of oil pushing prices to around $36 a barrel. Oil prices have not been this low in more than five years.
