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McKinsey Global Institute: Climate adaptation could need $1.2 trillion a year by 2050. $690 billion of it is stuck
After a sweltering summer on both sides of the Atlantic and a fall marked by storms in the Pacific, climate adaptation will be top of mind for many attending this year’s COP.
Summary
After a sweltering summer on both sides of the Atlantic and a fall marked by storms in the Pacific, climate adaptation will be top of mind for many attending this year’s COP. Yet new research from the McKinsey Global Institute suggests that by 2050, the world could be leaving $690 billion in potential annual adaptation spending on the table. The problem is neither a lack of solutions nor economic value. Cooling systems can protect people from heat, irrigation can safeguard crops, and flood defenses can protect homes and businesses.
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