 has said. The Paris-based organisation said reaching the environmental goal by 2050 will cost $4.5 trillion annually from 2030 – more than the $4.3 trillion output of Europe's largest economy last year, according to IMF figures. The IEA does not break down how much each country should contribute but the total is equivalent to every person in the world paying $560 a year towards net zero. Investment is likely to be weighted towards the developed world, suggesting the true total in the West may be higher. Such vast spending is needed to achieve the growth in clean energy technology, including solar panels and electric vehicles, required to limit rises in global temperatures to 1.5C this century. The estimate comes after Rishi Sunak said last week he would spare the public the 'unacceptable costs' of net zero as he delayed a string of flagship environmental policies. The Prime Minister delayed a ban on new petrol car sales from 2030 to 2035 and pushed back a ban on new oil boiler sales from 2026 to 2035. He said politicians needed to be more honest and 'realistic' about the costs involved with reaching net zero. Temperatures have hit record levels this year and global averages are around 1.1C higher compared with the pre-industrial average. The IEA said that record growth in clean energy technology means it is still possible to limit rises in global temperatures to 1.5C.){kind=link}
Vast spending needed in clean energy technologies to reach environmental goal by 2050
The world must invest the equivalent of more than Germany’s entire GDP every year to have a hope of reaching net zero, the International Energy Agency (IEA) has said.
The Paris-based organisation said reaching the environmental goal by 2050 will cost $4.5 trillion annually from 2030 – more than the $4.3 trillion output of Europe’s largest economy last year, according to IMF figures.
The IEA does not break down how much each country should contribute but the total is equivalent to every person in the world paying $560 a year towards net zero. Investment is likely to be weighted towards the developed world, suggesting the true total in the West may be higher.
Such vast spending is needed to achieve the growth in clean energy technology, including solar panels and electric vehicles, required to limit rises in global temperatures to 1.5C this century.