Report finds spending on physical assets for energy and land-use systems will need to be $9-trillion a year on average
Wind turbines are shown on the coast of Perekop Bay, which connects to the Black Sea, near the Crimea border in the Kalanchatski region of Kherson Oblast, Ukraine. File photo: BLOOMBERG/CHRISTOPHER OCCHICONE
“We find that the transition would be universal, significant and front-loaded, with uneven effects on sectors, geographies and communities, even as it creates growth opportunities,” it said. “The increase is approximately equivalent, in 2020, to half of global corporate profits, one-quarter of total tax revenue and 7% of household spending,” it calculated.
“While these spending requirements are large and financing has yet to be established, many investments have favourable return profiles and should not be seen as merely costs,” it said.
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