Rising interest rates present no significant barrier to the world's transition to net zero emissions by 2050 despite the high levels of investment in green energy needed, according to a strong majority of climate economists polled by Reuters.
The July 1-Sept. 13 survey's finding goes against a widely cited concern that rising borrowing costs could discourage investment in capital-intensive clean energy projects, which for over a decade have enjoyed access to historically cheap debt.
These same climate economists, in a Reuters poll taken ahead of the United Nations COP26 Summit late last year, agreed that spending"Higher borrowing costs may well be temporary, and in most advanced economies, they are firmly negative in real terms," said Brian Davidson, head of climate economics at Fathom Consulting, referring to the fact inflation is still much higher than benchmark interest rates across most economies.
While some, like the European Central Bank, Bank of England and People's Bank of China, have initiated climate stress tests and launched green bond programmes, not much else has been done to make their policies greener. Nine said they should prioritise model-based assessments of the economic cost of climate change and five said it would be best to deliver reliable climate-related indicators.
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