Almost $4.4tn green investment a year is needed to halt global warming

Published onMarch 18, 2021

Nearly $4.4 trillion (£3.1tn) a year is needed to be invested in energy transition if the world is to reverse the serious impacts of climate change. The staggering finding comes from the report published today by the International Renewable Energy Agency (IRENA), which suggests expenditure on clean energy will have to increase by 30% to a total of $131 trillion (£94.6tn) between now and 2050. IRENA also predicts electricity will become the main energy carrier in 2050 with renewable power capacity set to expand more than ten-fold during the same period. Transport is forecast to see the highest growth of electrification with a 30-fold increase with almost 70% of carbon emission reductions in transport coming from direct and indirect electrification, the report suggests.