This paper suggests four key elements of the understandings on which a climate change agreement at the 21st Conference of the Parties (COP21) to the UN Framework Convention on Climate Change (UNFCCC) in Paris, 2015 should be built. These elements are: the risks from unmanaged climate change are potentially immense and delay is dangerous; the path to a low-carbon economy can be highly attractive, embodying strong and high quality growth, investment and innovation in the context of rapid global structural transformation; the agreement should be based on a shared commitment to creating “equitable access to sustainable development”; the agreement should be structured to facilitate dynamic and collaborative interactions between parties.