On 7 December 2009, the world will descend on Copenhagen trying to reach a global climate change deal. For the Swedish EU Presidency climate change is one of the two top priorities. Preparations have constantly been intensifying and diplomacy is accelerating. A number of negotiations sessions will be held until then. The level of GHG emission reduction commitments by developed countries and the scale of financial assistance to developing countries are at the heart of the deal because the targets and finance will become central pillars of the emerging architecture. Carbon markets will play a crucial role in scaling up investment in the energy sector in major emerging economies in coming decades. Global sectoral approaches can be seen as a tool to identify untapped mitigation potential through benchmarking and data collection and incentivise technology deployment and diffusion. Adaptation and Reducing Emissions from Deforestation and Forest Degradation in Developing Countries (REDD) are equally important areas for discussion in Copenhagen. Around 50 days before the Copenhagen conference begins, the joint Epsilon and CEPS conference will take stock of the state of negotiations. Session I will sketch out the state of the EU