The big shifts in thinking and large-scale funding needed to drive a swift global transition to a climate-smart economy are far behind schedule, even if most of the technology required already exists, political officials and analysts have warned.
About $9.2 trillion will have to be spent just on new energy infrastructure and changes in land use and agriculture each year through 2050, up from $5.7 trillion today, researchers at consulting firm McKinsey & Company said on Tuesday.
That $3.5-trillion annual increase is equivalent to half of global corporate profits, a quarter of total tax revenue and 7% of household spending in 2020, they said in a report intended as a "call for action."