NEW YORK - An analysis from McKinsey & Co estimates that the investment, in new infrastructure and systems, needed to meet international climate goals could be US$9.2 trillion a year annually through to 2050.
Their findings suggest that in return for stable planetary conditions, coal use would be virtually eliminated globally by 2050. Oil and gas production would drop 55 per cent and 70 per cent, respectively, and 200 million new jobs would replace 185 million positions the global economy no longer needed.
Developing countries are in the tightest spot, because they'd have to spend the most on new infrastructure as a share of their GDP: 10.8 per cent of GDP in sub-Saharan Africa and India, according to the report, versus 6.4 per cent in the US. The report complements a January 2020 McKinsey analysis that looked at the physical impacts of climate change. As much as the new work argues that a net-zero transition would be much less disabling than unabated climate change, the authors also strongly underscore that a strategic, coordinated transition is dramatically less costly than an ad hoc, reactive transition.
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