"Net zero goal calls for $5 trillion in annual green investments: IMF"

"Net zero goal calls for $5 trillion in annual green investments: IMF"

• By Staff Writer

The path to net zero by 2050 would require green investments to rise from $900 billion in 2020 to $5 trillion annually by 2030, according to the International Monetary Fund (IMF).

In a blog, the IMF's Simon Black, Florence Jaumotte, and Prasad Ananthakrishnan argued that emerging and developing countries (EMDEs) need $2 trillion annually, a fivefold increase from 2020.

Even if advanced economies meet or somewhat exceed their promise to provide $100 billion a year, the bulk of the financing for these low-carbon investments will need to come from the private sector, they argued.

The IMF guidance comes just ahead of the COP28 meeting to be held in Dubai, where policymakers and governments will converge to chalk out future strategies for climate mitigation.

The 2023 United Nations Climate Change Conference or Conference of the Parties of the UNFCCC, more commonly referred to as COP28, will be the 28th United Nations Climate Change Conference, which will be held from November 30 until December 12, 2023, in Dubai.