Accelerating the Transition to a Net-Zero Economy | Mike Bloomberg

Welcome to New York City. Turning the tide on climate change is for the most part a financial challenge, and overcoming it is what this forum is really all about. The climate crisis is propelling a massive economic shift. The need for action is urgent. We need power. But investment in clean energy technologies remains woefully short. To achieve global net zero by 2050, annual investments in energy transition needs to triple by 2030. We're really talking about the role of the financial sector in enabling the transformation of the entire economy. And the scale of this is immense. If we want to master the clean transition to renewable energies, we need the Global South. The Global South has all the resources in abundance, the wind and the sun, but it doesn't have the infrastructure. If you want to retire coal early, there isn't a contract template to put public sector finance together with private sector finance, together with public policy. It's all reinvent the wheel every time, and that I don't think will get us there fast enough. It's about data, data, data, data, on emissions for emerging markets and companies in emerging markets. Our ambition is to flood the world with so much data and measurement that the problem then becomes not about collecting data, but about measuring the progress people are making. This is the dream of someone who was minister of the environment and is now minister of finance. More than forest guardians in Brazil, we see ourselves as a country ready to help decarbonize the planet through production. The truth is these are fixable problems and we can fix them working together.