Massive investment in new infrastructure is needed by the world’s leading emissions producers in 69 countries if the world is to reduce greenhouse gas emissions to net-zero, says new report from consultant McKinsey.

Entitled “The net-zero transition: What it would cost, what it could bring” the report concludes that capital spending on physical assets for energy and land-use systems in the net-zero transition between 2021 and 2050 would amount to about $275 trillion, or $9.2 trillion per year on average, an annual increase of as much as $3.5 trillion from today.

“While these spending requirements are large and financing has yet to be established, many investments have positive return profiles,” states the report pointing to 200 million new jobs created in sectors such as renewable energy, hydrogen and biofuels. “And should not be seen as merely costs. Technological innovation could reduce capital costs for net-zero technologies faster than expected.”

The report points to seven sectors as being the main areas of investment focus: power, industry, mobility, buildings, agriculture, forestry and waste.