Global investment of $2.7 trillion a year is needed to achieve net zero emissions by 2050 and avoid temperatures from rising above 1.5 degrees Celsius this century, a report by consultancy Wood Mackenzie said on Thursday.
Scientists have said the world ideally needs to limit global average temperature rise to 1.5C this century to avoid catastrophic effects from climate change. Many governments have pledged to reduce emissions to net zero by mid-century to help achieve this.
Net zero refers to cutting emissions to as close to zero as possible with any remaining emissions re-absorbed from the atmosphere, by oceans and forests, for example.would fail to stop global temperatures from rising over 1.5C, and would likely put the world on track to warm by 2.5C by 2050, according to the United Nations.
"Achieving 1.5C is going to be extremely challenging, but it is possible and greatly depends on actions taken this decade,” said Simon Flowers, chairman and chief analyst at Wood Mackenzie.
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