McKinsey Global Institute has issued a new report on the global cost of transitioning to net-zero carbon emissions by 2050 that says the world will need to spend $275 trillion, or an average of $9.2 trillion per year in new capital spending to transition physical assets for energy and land use in order to achieve the goal.

McKinsey’s Net-Zero Transition Report says its new “order-of-magnitude” cost estimate for a worldwide economic transition to net-zero is “front-loaded,” with spending rising from 6.8 percent of global GDP to as much as 8.8 percent of GDP between 2026 and 2030 before falling.

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