A report from RBC says business funding for climate action needs to “rise exponentially” for the country to be on course for net-zero emissions by 2050.

The RBC Climate Action Institute report says while money coming from public and private sources has grown by almost 50 per cent since 2021 to $22 billion, funding needs to reach $60 billion a year for the rest of the decade to hit emission reduction targets.

The report says public markets, private equity and venture capital will need to “step up” and push more money into green investments, as they made up only eight per cent of the capital flows into climate efforts since 2021.