The Globe and Mail reports in its Wednesday edition that business spending for climate action needs to "rise exponentially" for Canada to be on track for net-zero emissions by 2050, said a report out Tuesday from Royal Bank of Canada. The Globe's Ian Bickis writes that the RBC Climate Action Institute report said that while money coming from public and private sources has grown by almost 50 per cent since 2021 to $22-billion, spending needs to reach $60-billion a year for the rest of the decade to hit emission reduction targets. "Public markets, private equity and venture capital will need to step up and channel more of their capital into green investments," said the report, noting the segments made up only 8 per cent of the capital flows into climate efforts since 2021. It says private markets are generating more than sufficient capital to finance more of the transition, with only 6 per cent of new capital financing going toward climate and cleantech efforts last year. Provincial and municipal governments will have to increase efforts, the report said, and consumers will also have to change their spending patterns, as the federal government has so far supplied much of the funding and is reaching its fiscal limits.