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Developed nations have long pledged to help pay for developing nations to respond to climate change. That promise was crucial to sealing the Paris accord in 2015, when the U.S., Europe and other wealthy countries agreed to provide $100 billion a year from 2020 through 2025.

Why Financing the Multi-Trillion-Dollar Transition to Net Zero Isn’t That Hard

The world needs $4 trillion a year to transition to a carbon-free economy.

Sound like a lot? It’s not.

Every year, the global financial system channels trillions of dollars from people who have capital to people who need it without breaking a sweat. Doing the same to achieve net zero carbon emissions by 2050 is well within its means. It just needs something to invest in.

Nuclear Advocates Say More Reactors Will Aid Renewables

The head of the United Nations’ atomic energy watchdog touted nuclear power’s virtues as a complement to wind and solar-energy sources that are getting more airtime at the U.N. climate summit in Glasgow.

Rafael Mariano Grossi, director general of the International Atomic Energy Agency, said the recent energy price spike in Europe, the result of short gas supplies and low wind energy output, bolsters the case for nuclear.

“The volatility of prices is quite a recurring phenomenon when it comes to fossil fuels, which is not the case for nuclear,” he said at a COP26 event on Thursday.

Expected Major Events for Friday

00:01/UK: Oct BRC-Sensormatic IQ Footfall Monitor

01:01/UK: Oct KPMG and REC UK Report on Jobs

07:00/ROM: Sep Retail trade

07:00/GER: Sep Industrial Production Index

07:00/DEN: Sep Industrial production & new orders

07:00/UK: Oct Halifax House Price Index

07:45/FRA: 3Q Flash estimate of job creation

07:45/FRA: Sep Industrial production index

08:00/HUN: Sep Retail Sales

08:00/SVK: Sep Internal trade, incl Wholesale & Retail

08:00/CZE: Sep Retail trade

08:00/AUT: Oct Wholesale Price Index

08:00/SPN: Sep Industrial Production

08:00/SWI: Oct SNB foreign currency reserves

08:00/HUN: Sep Preliminary Industrial Production

09:00/ITA: Sep Retail Sales

10:00/EU: Sep Retail trade

10:00/GRE: Sep External Trade (provisional data)

11:00/IRL: Oct Irish Live Register latest monthly figures

All times in GMT. Powered by Kantar Media and Dow Jones.

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This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

11-05-21 0154ET

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