She added:Moody’sAccording to recent data issued today and reported by the Emirates News Agency, WAM, despite the increase in investments since the Paris Agreement in 2015, current levels are still insufficient to achieve the goal of global zero emissions by 2050.
She explained that the investment gap in climate mitigation is expected to grow to about $2.4 trillion annually by 2030, with a need for more than $300 billion in adaptation investments.
Moody’s said global climate losses could reach 14 percent of GDP, affecting emerging markets and advanced economies.
Moody’s forecasts indicate that Sub-Saharan Africa and Asia will be most affected, as the two regions may lose more than 30 percent of their economic output by 2050.
Moody’s added that in the zero emissions scenario, the benefits to the global economy are expected to begin to exceed the costs after about a decade, with zero emissions expected to save 2 percent of GDP annually by 2050.
