Climate Facts: To reach net-zero by 2050, $4trn needs to be invested in renewables annually

The complexities of climate change and its associated jargon can make it difficult to digest. TheCable’s climate quick facts will help to demystify these climate concepts through easy-to-understand and straight-to-the-point explanations.

Here are some to keep at the tip of your fingers:

• According to the United Nations (UN), about 90 percent of the excess energy that accumulates in the earth system due to increasing concentrations of greenhouse gases, goes into the ocean.

• The International Monetary Fund (IMF) says that globally about $5.9 trillion was spent on fossil fuel subsidies in 2020 and it is expected to increase to 7.4 percent of gross domestic product (GDP) in 2025.

• According to the UN, the reduction of pollution and climate impact alone could save the world up to $4.2 trillion per year by 2030.

• At least $4 trillion a year needs to be invested in renewable energy until 2030 – including investments in technology and infrastructure – if the world would reach net-zero emissions by 2050, says the UN.

• According to the United Nations Convention to Combat Desertification (UNCCD), from 1970 to 2019, weather, climate and water hazards accounted for 50 percent of disasters and 45 percent of disaster-related deaths, mostly in developing countries