Shifting to a low-carbon economy could save between 11-18% of global GDP by 2030, according to a new report.
Released to coincide with Finance Day at COP29, the report from The Independent High Level Expert Group on Climate Finance notes that savings would be driven by reduced investments, consumption and imports of fossil fuels, and fewer environmentally harmful subsidies.
“The challenge, therefore, is to foster the enabling conditions for the ramp up of investments and mobilise finance of the right scale, of the right kind at an affordable cost.”
The expert group estimates that global projected investment for climate action will be $6.3-6.7trn per year by 2030.
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