The INDCs describe a step change in effort to address climate change and are probably the most relevant part of the Paris negotiations for companies. Many of the INDCs are explicit about goals in particular sectors, and the scale of investment in the low carbon transition implied is estimated to be up to $700bn per year in the EU and China alone. The private sector should expect further regulation of emissions, increasing the direct or implied price of carbon, and more incentives for investment in low carbon infrastructure. During the discussion we will address the critical role of the financial services sector in delivering this investment. The levels of investment needed for the low carbon transition will require not just the mobilisation of investors, but also the creation and innovation of financial products to finance and insure the projects involved.