Climate Scientist: We Need 3.3% of Global GDP for Climate that Mostly Can Be Relocated from Fossil Fuels

EXCERPT:

VAN VUUREN: “If we do that analysis and we see in how much finance is needed for 1.5 degrees with overshoot in our model we would need about 3,000 trillion a year around 2035. That is actually more or less in line also with what others have found. The third report of the independent high-level expert group recently found something in the order of 5 billion for energy systems investments. That's about 3.3 percent of GDP so that is actually quite a bit, but I think we have to realize it's mostly also simply financing differently, because we are financing now fossil fuel systems. And if you compare it with the potential damage of climate change obviously it's not a lot. These damages go up to 10 percent or 15 percent even for scenarios that are following current policies.”