A report from the body that organises the Davos meeting of political and business leaders said at least $515bn should be spent annually on measures to limit carbon emissions.

Although the worsening financial and economic crisis has pushed climate cha nge down the Davos agenda, the WEF study stressed that countries needed to vastly increase spending on safeguarding the environment.

Green investment increased more than fourfold, from $30bn to $140bn, between 2004 and 2008, but would still need to treble to meet the target set by the WEF and the co-authors of the report, New Energy Finance. Outlays of $500bn a year would be needed to prevent a rise of more than 2{+o}C in global temperatures by 2030.

The study identified eight emerging sectors as playing a crucial role in the transition from fossil fuels to clean energy: onshore wind, offshore wind, solar photovoltaic, solar thermal electricity generation, municipal waste-to-energy, sugar-based ethanol, cellulosic and next-generation biofuels, and geothermal power. Max von Bismarck and Anuradha Gurung from the WEF, and Chris Greenwood and Michael Liebreich from NEF, said: “Enormous investment in energy infrastructure is required to address the twin threats of energy insecurity and climate change. In light of the global financial crisis, it is crucial that every dollar is made to ‘multi-task’ to create a sustainable low-carbon economy.