Road to net zero will cost trillions a year, report says

This BBC report trots out the usual evidence-free assertions about the supposed human causes of recent warming. But ignoring the role of natural variation and spending fortunes on the basis of poorly performing climate models looks little better than casino gambling. For waverers the threat of extreme weather is pulled out of the hat.
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Trillions of dollars need to be spent every year for almost three decades to hit net zero targets, according to consultancy McKinsey. — BBC News reporting.

On top of current spending, the equivalent of half of all corporate profits will have to be invested to tackle global warming, it says.

McKinsey highlights that gaining acceptance will be tough, especially from those paying energy bills.

But the alternative is more extreme weather, experts have warned.

The McKinsey report estimated that the annual cost of getting to net zero – when carbon dioxide emissions are completely reduced or offset – will be $9.2tn (£6.8tn).

The world is already spending $5.7tn a year to lower the impact of fossil fuels and use alternatives.

However, an extra $3.5tn, every year from 2021 to 2050, will need to be put towards alternative energy sources and land use including agriculture to limit global warming to 1.5 degrees, it said.

That is the equivalent of half of all corporate profits in 2020. It is the equivalent of one quarter of all tax revenue, or 7% of household spending.

This money will be used on “the deployment of new physical assets and to the decarbonisation of existing assets”, McKinsey said.

“It does not include spending to support other adjustments – for example, to reskill and redeploy workers, compensate for stranded assets, or account for the loss of value pools in specific parts of the economy.”

Continued here.