The world needs to triple annual investment in green energy technology to keep global warming within the bounds of the Paris climate accord, according to a new report.
Yearly investments in green energy need to hit $2.3 trillion over the next 24 years, according to a Stanford University report that lays out the cost of keeping global greenhouse gas concentrations at 450 parts per million.
The report comes as United Nations delegates prepare to meet in Bonn, Germany, for a major climate summit in early November. The UN has also released an “emissions gap” report, claiming not enough is being done to limit global warming.
“Global investment totaling $58 trillion over the next 25 years in clean energy could bring with it major economic, security and health benefits,” reads the report co-authored by five analysts from Stanford’s Steyer-Taylor Center for Energy Policy & Finance and two Hoover Institution analysts.
The report emphasizes that attracting $2.3 trillion every year requires governments to “derisk” in green energy investments, which the report says can be done with policies like carbon taxes, energy mandates and subsidies that curb fossil fuel use. Analysts based their findings on International Energy Information claims on what’s needed to stave off “dangerous” global warming.
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