This works for dictionaries of any length:
>>> result = {}
>>> for d in L:
... result.update(d)
...
>>> result
{'a':1,'c':1,'b':2,'d':2}
As a comprehension:
# Python >= 2.7
{k: v for d in L for k, v in d.items()}
# Python < 2.7
dict(pair for d in L for pair in d.items())