What are the implications for business and government? Coal is under pressure, as countries focus on pathways to rapid decarbonisation; reductions in emissions from coal-fired power plants are at the forefront of many national pledges for Paris. On the opportunity side for business, the global investment horizon for renewables is starting to open up. China, one of the index’s emerging markets leaders in decarbonisation, has proposed to more than double its installed wind energy capacity by 2020, aiming to add, in just five years, onshore wind capacity equivalent to the EU’s entire capacity today. The scale of investment needed to meet just China’s wind and solar targets is likely to add up to around $230bn. But this is also a developed markets story. In the EU, renewable capacity will increase from 12% of the energy mix today to 27% in 2030. Investment in the EU’s energy and transport infrastructure is estimated to be $300bn every year. In the US, wind and solar’s share of the electricity mix are expected to rise from 7% today to 12% in 2030.