(MENAFN) The agreement involving 195 nations that has been reached at United Nations climate talks will require a massive USD16.5 trillion investment to ultimately clean up the pollution that's harming the Earth's atmosphere.
Accordingly, the huge cash will basically be spent on renewables and efficiency; therefore the participating countries will be obligated to deliver incentives for clean energy production and scale back support for fossil fuels like oil.
In more detail, the deal targets to cut the global temperature rise since the Industrial Revolution of the 18th and 19th centuries to 2 degrees Celsius, while calling on nations to pursue efforts to limit the temperature surge to 1.5 degrees.
"Politically, this is no walk in the park, as the target may trigger a fundamental shift of investments towards renewables and carbon capture and storage," said chief economist at the Potsdam Institute for Climate Impact Research Institute.
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