COP-21 could be a turning point in the world's response to climate change – governments have decided that there will be an agreement. How strong this agreement will be is the vexing question for the little time left before the deadline. This guide introduces investors to the UNFCCC process. The Paris process has already made more progress than the Copenhagen process ever did. This guide explains why Paris will be a unique moment. It also introduces the "Paris Alliance", the four pillars of the Paris outcome as we understand them. It previews the main content of Paris alliance, including possible outcomes in terms of the long-term goal, climate finance provisions and national climate plans, and finally gives our take on what this will all mean for investment.