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.

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To generate this sort of investment, “the price of carbon must rise to fully price in emissions,” it suggested.

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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.

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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.

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