According to the International Renewable Energy Agency, US$5 trillion ($6.70 trillion) of global investments are needed per year from 2030 to 2050 to keep global warming on the 1.5°C pathway. This means that investments must more than triple 2022 levels to meet this growing financing gap.
2023 was the planet’s hottest year in recorded history, and ice coverage over the Antarctic Ocean also dropped to a record low. With climate change as the world’s most pressing risk, its social and financial impact is already visible in the increasing costs of climate disasters for countries where events occur and for their supply chains.
As more governments and business entities have announced net-zero carbon ambitions and launched climate disclosures, it is critical to ensure their transition roadmaps are robust and credible enough to lead us to a net-zero future, says Fidelity International in a Feb 22 note.
