1% of world's GDP would get us on track to stop the climate crisis

Bill McKibben a couple days ago:

"But here’s the part that kills me. We could get back on track by spending…about one percent of the world’s GDP each year.

When it comes to finance, UNEP said the cost of the transition is relatively affordable. While funding for mitigation needs to be more focused on developing countries, investment globally must increase between $900 billion and $2.1 trillion per year, roughly 1% of the world’s total economic output, to achieve net zero by 2050.

To explain how dumb our delay is, here’s another new study that tries to point out the economic damage that’s beginning to mount, even in rich America

“I think the cost of climate [change] is increasingly a threat to our already very fragile fiscal outlook,” said Mark Zandi, chief economist of Moody’s Analytics. Factoring in the prospect that the government must spend “tens of billions or hundreds of billions more each year to help mitigate the fallout of climate events,” he added, “the outlook looks even darker.”

One percent of GDP would be the savviest financial planning in the history of the earth."

— Bill McKibben, Notes from the doors: Our democracy lurches toward a moment unlike any other, The Crucial Years, Oct 24, 2024