The failure of nations to sign a legally binding agreement at Copenhagen’s climate summit last December has left much of the business community confused about exactly how to interpret the meeting’s wider economic implications. In this video interview, Jeremy Oppenheim, a director in McKinsey’s London office, explains the policy shift that Copenhagen heralded as the climate change agenda moved from being a narrow issue for environmental ministries to a broad-based economic subject for heads of state. He also untangles the changes and challenges businesses and nations should expect to confront in light of the summit. McKinsey Publishing’s Tom Kiely conducted the interview.