The Paris-based International Energy Agency has estimated that some $4 trillion worth of investments in clean energy projects and infrastructure will be needed annually until 2030 in order to meet the 2015 Paris commitment to keep temperature rises to an average of 1.5 degrees Celsius, compared with pre-industrial times.
And an annual $10 trillion is said to be needed to implement the UN’s 17 Sustainable Development Goals by 2030 to 2035 — goals that include climate action alongside improving society in areas such as health, education, increased equality and access to clean natural resources.
Governments will not be able to provide these kinds of funds. According to Moshe Bareket, the outgoing supervisor of Israel’s Capital Market, Insurance, and Savings Authority, annual global government expenditure totals just $30 trillion.
The heavy lifting will have to be done by the financial institutions — the banks and the pensions, savings and insurance companies that invest the public’s money. READ MORE
