It’s no secret that to ensure a safe future for generations to come, we need to live in harmony with nature.

Rather than burning fossil fuels to power our homes and relying on cars that run on gasoline — both of which pollute the air and contribute to greenhouse gases — it is our responsibility to seek alternative energy sources, those which are renewable and don’t adversely affect the environment.

On Nov. 30, 2015, world leaders from 190 countries gathered in Paris for two weeks to take part in the COP21 conference on climate change. Their goal was quite simple: to reduce, if not eliminate altogether, the manmade influence on climate change.

Though President Barack Obama praised the agreement world leaders came to in the historic deal, it remains to be seen just how effective the COP21 accord will ultimately be.

Why is that?

For starters, the agreement charges nations around the world with the commitment of limiting the rise of the Earth’s temperature to 2 degrees Celsius by 2100. For developed nations, this means making heavy investments in renewable energies (like solar, wind and hydroelectric).

Undeveloped nations also benefit from this agreement because the world community has pledged $100 billion a year to them, beginning in 2020.

As for enforcing the agreement?

Well, there’s a catch, and it’s kind of a big one: The COP21 agreement is completely nonbinding.

There isn’t actually any legal oversight to the treaty — zero, zilch, nada.

Countries can certainly choose to honor the deal on a voluntary basis if they’d like, but how many of them will actually want to open up their wallets, particularly when some people suggest we’re on the brink of yet another economic catastrophe?

What COP21 Means for Oil Investments

Anyone who’s been following the price of oil in recent months knows it has dropped off drastically over the past year or so. As of January 11, 2016, a barrel of crude fetches a little more than $31 on the open market, its lowest price in 12 years.

Because the COP21 agreement doesn’t even begin until 2020 — and because it’s nonbinding — investors would be wise to consider taking a position on oil (or doubling down if the recent crash has crushed their accounts).

While most folks will agree on the merits of renewable energy, the fact of the matter remains that we’re still a long way off from populating our streets entirely with electric cars. And chances are we won’t stop heating and cooling our homes with fossil fuels in totality any time soon.

So strike while the iron is hot, and put some money in oil. But, like any other investment, you need to beware of oil investment scams, including:

• The “riskless” deal: All investments carry a certain level of risk. While it seems likely oil prices will shoot back up in the future, no one can know for sure.
• The “guaranteed” deal: If it were possible to definitely make money on any investment, everyone would be rich. No deals are guaranteed.
• The “insider information” deal: If the world’s smartest geologist knows where a lucrative, untapped oil well is, why are they relaying that information to you?
• The “new unpublished play” deal: Similarly, if a company has found a huge oil field near where it’s currently operating, why would you be the first to know?
• The “exclusivity” deal: If a deal is only available to a handful of investors, how the heck did you make the cut?
• The “time is of the essence” deal: There might not be that many more shares to sell, but more than likely, that’s just a salesperson’s way of hoping you bite.

Though it certainly wasn’t the intention of the organization, the COP21 conference highlighted the fact that oil remains an attractive investment in the year 2016. However, as with any investment, it’s imperative to do your due diligence to make sure you’re comfortable parting with your money — and not getting scammed.