REPORT: $12.7 Trillion Needed To Meet Paris Climate Accord’s Goal
By Michael Bastasch
A whopping $7.4 trillion will be spent globally on new green energy facilities in the coming decades, but another $5.3 trillion is needed to meet the goals of the Paris climate accord, according to a new report.
Bloomberg New Energy Finance (BNEF) is out with a new long-term energy outlook report, this time projecting a total of $12.7 trillion to keep projected global warming below 2 degrees Celsius by the end of the century — a goal of the Paris accord.
BNEF projects $7.4 trillion will be invested in new green energy capacity by 2040, and that global carbon dioxide emissions will be 4 percent lower in that year than in 2016.
But that’s not enough to keep projected warming below 2 degrees, the report warns.
BNEF says a “further $5.3 trillion investment in 3.9 [terawatts] of zero-carbon capacity would be consistent with keeping the planet on a 2-degrees-C trajectory,” according to an excerpt of the report obtained by Axios.
President Donald Trump announced U.S. withdrawal from the Paris accord in early June, arguing it would hurt American workers by transferring wealth from them to economic competitors, like China and India.
“This agreement is less about the climate and more about other countries gaining a financial advantage over the United States,” Trump.