A new report by management consulting firm McKinsey says it will cost $275tn to transition the economy to net-zero emissions by 2050 but it will create “rich new opportunities” for companies and sectors.

The opportunities will come in three areas: decarbonizing current production and processes like steel plants; making new low-emission products such as electric cars or wind or solar farms; and creating things to support the other two areas such as batteries or solar panels or charging stations.