4/7/2024 0 Comments Swiss number 2It also boasts a well-laid network of public transport and an economy focused primarily on the service sector, in which more fossil fuel-intensive activities such as machine-making, chemicals and cement play a much smaller role. Its energy sector contributes just 7% to Switzerland's CO2 emissions compared to 26% Europe-wide and a similar percentage globally. Switzerland has an advantage over its peers due to a landscape that has allowed for an early switch to renewable electricity, primarily hydropowered. "The Swiss economy is certainly in a position to afford this," he told a news conference. The report marks the first industry effort to assign a value to Switzerland's green transition, estimated at 387.2 billion francs ($422 billion) in total investments through 2050.īCG Managing Director Christian Schmid said the required spending would equate to roughly double Switzerland's current military outlays. This could largely be financed through banks' existing lending as well as smaller government outlays into infrastructure, they said. ZURICH, Aug 19 (Reuters) - Switzerland only needs to invest 2% of its gross domestic product annually over the next three decades to become carbon neutral by 2050, a banking study published on Thursday found.īringing Switzerland to net zero emissions by 2050 will require an average 12.9 billion Swiss francs in annual investments, the Swiss Bankers Association (SBA) and the Boston Consulting Group concluded.
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