The extra amount the world must spend each year to create a "net-zero" emissions economy is equivalent to half all profits currently generated by companies globally, consultancy group McKinsey estimated in a report on the energy transition.

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It said its calculation was much higher than most other estimates by economists but stressed such investments could be lucrative and the long-term costs of not doing enough to tackle climate change would be greater.

"We find that the transition would be universal, significant, and front-loaded, with uneven effects on sectors, geographies, and communities, even as it creates growth opportunities," it concluded.

Although time is running out, reaching net-zero carbon emissions by 2050 would give the world a chance of capping temperature rises at 1.5 degrees Celsius above pre-industrial levels - avoiding the worst fall-out from climate change.

The report's main finding was that this would require spending on physical assets for energy and land-use systems of about US$275 trillion, or US$9.2 trillion per year on average - an annual increase of US$3.5 trillion on current spending.

"The increase is approximately equivalent, in 2020, to half of global corporate profits, one-quarter of total tax revenue and 7 per cent of household spending," it calculated.

The amount of cumulative spending would be equivalent to about 7.5 per cent of world output from 2021 to 2050, far higher than the 2 to 3 per cent of global output which climate economists polled by Reuters in 2021 estimated was needed each year.