The world must combine COVID-19 recovery packages with massive investments in renewable energy and low-carbon infrastructure or it will fail to meet a global warming limit target, a report by leading energy consultancy Wood Mackenzie said on Wednesday. Currently, the world is on track for a 2.8 degrees Celsius to 3C rise in the global average temperature, above an internationally-agreed limit of below 2C, the report said. “Nearly $20 trillion, or 25% of global GDP, is earmarked for spending over the next 12-18 months to deliver a coronavirus vaccine, tackle unemployment, rebuild public health systems and get economies back on track,” said Prakash Sharma, head of markets and transitions for Asia Pacific at Wood Mackenzie. “This investment figure only has tiny proportions allocated to the promise of […]