Investments of $270 trillion needed to meet net-zero targets by 2050, study shows
Investments of $270 trillion are needed for the planet to meet a climate target of net-zero emissions by 2050, Swiss Re said in a study on Friday that underscores the daunting challenge of the effort.
Estimates for the global investment price tag vary widely, and the Swiss reinsurance company’s figure is higher than most.
It comes ahead of next month’s COP27 climate negotiations in Egypt, where 90 heads of state have confirmed attendance.
The report by the Swiss reinsurance company also found that if investment were to continue at the current pace, net zero would come with a nearly 20-year delay, in 2069.
“As of today, the world is not on track to meet … net-zero emissions by 2050,” Swiss Re said, noting that Russia’s invasion of Ukraine had elevated energy security to the top of the policy agenda.
One of the biggest investment needs is in the transport sector, which requires $114 trillion in upgrades for things like electric vehicle charging stations, Swiss Re said.
Source: Reuters (Reporting by Tom Sims and Paul Arnold, Editing by Miranda Murray)