Guest essay by Eric Worrall
Let me check, I’m sure I’ve got some spare change in my pocket somewhere…
Funding the fight against global warming
A report estimates that trillions will be needed to transform the global economy
By: James Langton
December 4, 2020 15:41
Shifting the global economy to low-carbon mode will require an estimated US$100-trillion to US$150-trillion worth of investment over the next 30 years, according to a new report.
Industry trade group Global Financial Markets Association (GFMA) published a report, along with Boston Consulting Group, that examines the emerging climate finance market.
To generate this sort of investment, “the price of carbon must rise to fully price in emissions,” it suggested.
Given the scale of the challenge, the report called for coordinated action by the government and the private sector to significantly grow the climate finance market, with a view to developing the financial and risk management tools that are needed to catalyze investment.
“The unprecedented call to action aims to help mitigate substantial mis-pricing and potential financial stability risks which would undermine the long-run ability of the financial system to direct finance to fully support the Paris-aligned transition,” the GFMA said.
…Read more: https://www.investmentexecutive.com/news/research-and-markets/funding-the-fight-against-global-warming/
The report is available here.
To put this fun new number into perspective, if you spent $130 million every day since the death of Jesus Christ, just about now you would be approaching $100 trillion.
More than $14,000 for every man woman and child on Earth.
You know what, thanks but no thanks. I think I prefer the global warming.