Reaching net zero climate emissions by 2050 will require a “fundamental transformation of the global economy”, according to a report by McKinsey, one of the world’s most influential consulting firms.
It estimates that $9.2tn will need to be invested every year for decades to limit the global temperature rise to 1.5C and end the climate emergency. The sum is a 60% increase on current investment levels and equivalent to half of global corporate profits.
