Bigger spend needed for net-zero world than assumed - McKinsey

The extra amount the world must spend each year to create a "net-zero" emissions economy is equivalent to half all profits currently generated by companies globally, consultancy group McKinsey estimated in a report on the energy transition.

It said its calculation was much higher than most other estimates by economists but stressed such investments could be lucrative and the long-term costs of not doing enough to tackle climate change would be greater...