Paris climate target will require $100 trillion investment: HSBC chief

FILE PHOTO: Water vapour billows from smokestacks at the incineration plant of Ivry-sur-Seine, near Paris, France, December 18, 2019. REUTERS/Charles Platiau

(Reuters) - The total investment required to achieve the 2050 Paris Accord climate target will reach $100 trillion over the next 30 years, HSBC’s corporate banking chief Samir Assaf said on Tuesday.

The scale will require a combination of public and private investments. Nearly half of those will be needed in Asia to achieve the Paris target of keeping global temperature increase below 2 degrees Celsius, Assaf said on a panel at the CERAweek energy conference.

Reporting by Gary McWilliams; Editing by David Gregorio