To reach the set climate goals by 2050, it is necessary to invest 9.2 trillion US dollars annually, reports Bloomberg, citing a new study by McKinsey&Co.

This is at least 3.5 trillion more than the current global estimate of the amount required to reduce carbon emissions, decrease the volume of fossil fuels, and change how people use land.

McKinsey&Co analysts wanted to understand how much investment would be needed and how behaviour must change to reduce the impact of greenhouse gas pollution to zero by 2050. They discovered that to ensure stable conditions on the planet, the use of coal would need to be phased out entirely by 2050. Oil and gas production would decline by 55% and 70% respectively. As a result of these changes, 185 million jobs would be lost, but 200 million new jobs would be created in their place.