COP29, this year’s iteration of the UN’s annual climate-action conference, took place in Baku, Azerbaijan, and much of the conversation was about the cost of addressing the crisis. “Let’s be blunt. The simple answer is: A lot,” says the Private Bank’s ESG CIO, Markus Müller, noting that some estimates suggest the world needs to spend $200 trillion between now and 2050.
But there were also points of optimism. "Climate finance has been very resilient in recent years," Markus says, "and in some areas we are making real progress." He also explained why it has been so important to bring developing and emerging economies into the conversation. "They are at the front line of climate change, and they are suffering the effects."
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