(To get this story in your inbox, subscribe to the TIME CO2 Leadership Report newsletter here.) Just as COP28 began two weeks ago, I wrote that one reason U.N. climate conferences matter is because of the signal they send to the private sector. In eight years, “Paris aligned” has become the shorthand for businesses that say they’re decarbonizing in accordance with the Paris Agreement. Now that COP28 has wrapped, it’s useful to ask: what is the market signal that emerged in Dubai? The text of the COP28 deal—known as the U.A.E. Consensus—calls on countries to transition from fossil fuels and to scale up renewable energy rapidly. A debate has already emerged on how much that deal matters. Sul
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