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Averting Climate Change May Cost $700 Billion a Year

About $700 billion a year of new spending on renewable power, low-carbon transport and energy efficiency is needed to meet the United Nations goal to cap temperature rises, a report for the World Economic Forum showed.

That cash is needed in addition to the $5 trillion a year countries must spend on infrastructure for agriculture, transport, power and water through 2020, according to a report released today by the consultant Accenture Plc for the forum’s Green Growth Action Alliance.