Mark Carney, Chair of Brookfield Asset Management and UN Special Envoy for Climate Action and Finance, stated that we need as high as $7 trillion of additional green investment every year, for the next 25 years to be able to grapple with the climate transition that we are in today.

“That's a global number. But if I can put it into another number, it's roughly an extra two percentage points of GDP globally. And that would just bring the level of investment in the global economy back to where it was at the turn of the millennium. So it's something we have collectively done in the past. We can do it again," Carney said in an exclusive interview with CNBC-TV18 at the B20 Summit 2023.

Regarding India's role, Carney added, "India is going to be absolutely central to this not just within what will be very shortly the third largest economy in the world, but in terms of its impact globally."

Carney highlighted the importance of clear government policies, stating, "the most important thing for governments is to be absolutely clear about where they're going to build credibility with consistent policy to have clear objectives for sectors. So if you're in the UK, you're in the European Union, you're in Canada, you know that you cannot buy a new internal combustion vehicle after 2035."

Carney further discussed the private sector's role, saying, "What is the private sector need to do? It needs to recognize a couple of things. One is just the absolute scale of the opportunity. Secondly, to recognise that being lower carbon, or having the prospect of reducing your carbon is what's going to drive your valuations."

He also spoke about financial institutions, stating, "If I'm in the financial sector, or I oversee the financial sector, as I used to as the Governor of the Bank of England, I want to know that that insurance company, that pension fund, that bank is taking into account not just where climate policy is today, but where it's going tomorrow."

Carney underscored the importance of stress testing and oversight, saying, "That's absolutely what we have to worry about is that the financial system is ready for the changes in climate policy that's going to come and that's why you do stress testing. That's why you oversee and that's why you last point, and a minimum, you have the climate disclosure, so that you have the information to make those judgments."

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