According to a report published by McKinsey, from 2021 to 2050, an additional $3.5 trillion in annual spending will be needed to transition to a cleaner economy, shifting high-emission investments to low-emission options.
Also according to the document, financial institutions play a key role in the large-scale reallocation of capital for this change, opening up new job opportunities.
The firm estimates that around 200 million jobs could be gained and 185 million lost by 2050 due to the transition, based on an analysis of sectors that produce around 85% of global emissions. In other words, there will be a net creation of 15 million jobs.
Content may require login or subscription