To reach net-zero emissions by 2050 and limit global warming to 1.5C temperature, investment in renewable energy sources needs to exceed finance flows to fossil fuels by a factor of four over the next decade, according to a report published by BloombergNEF.
Currently, about 90 cents goes to low-carbon energy sources for every US$1 put toward fossil fuels. That ratio needs to change dramatically by 2030, with an average US$4 invested in renewables for every US$1 allocated to high-polluting energy supplies, analysts at BNEF said.