The INDCs are the major vehicle to bring forward climate protection. They include national policy approaches and will need a follow up. If there is agreement in Paris that INDCs are a regular part of the international climate policy agenda, this is could constitute a clear and sustainable signal for decarbonisation. What else is being needed by investors, in particular in the energy sector, to change course? How strong are long term signals for divestment from fossil fuels and a clean energy agenda? What are the next steps needed at the EU level in 2016?