Abstract:

The rapid transformation needed to halve emissions by 2030 will require significant financial investments, technology transfer and capacity-building for developing countries. While climate finance has increased significantly in recent years across the public, private and philanthropic sectors, it is still not at the scale needed to revolutionize our energy and transportation systems, accelerate energy efficiency and protect forests. Estimates indicate that between $1.6 and $3.8 trillion per year will be needed through 2050 to transform the energy system alone. Experience has shown that transformative change can happen at an exponential, non-linear rate. Systemic changes that once seemed impossible have ultimately been achieved, such as technological advances with cars, phones and computers. A rapid transition to a zero-carbon future offers the same opportunity — but only with smart and proactive investments in key sectors.