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, if China and India decide to phase out coal as fast as needed to reach the Paris climate targets and pay similar compensation, it would cost upwards of $2 trillion.
Estimated compensation for China and India to meet 1.5°C is not only larger in absolute terms but also would require a larger share of their GDPs., which means they make sense in terms of climate change. But more funding is likely needed if we want to reach the Paris climate targets,” Jessica Jewell, one of the study’s co-authors, said in a media statement.
The study found that, for China and India to adopt compensation policies similar to those already in place, the estimated compensation amount for both countries would be $2.4 trillion for the 2°C target and $3.2 trillion for the 1.5°C target.
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