(VOVworld) - The world will need to spend more than $16trn over the next 15 years to have any chance of meeting the hugely ambitious climate change targets agreed in Paris over the weekend. Research by the International Energy Agency found that 16.5 trillion USD would have to be found by 2030 if countries are to meet their pledges to cut carbon emissions. Most of the money would be needed to replace coal and gas-fired power stations with emissions-free sources of energy such as wind, solar, and nuclear. A substantial portion would also be used to reduce the overall amount of electricity used in homes and businesses by improving energy efficiency, for example through more efficient appliances and manufacturing processes. In addition to emissions pledges from more than 175 countries, the climate change deal includes a tough new target of keeping global warming below 1.5C, compared to 2C before, and a goal to effectively eliminate carbon emissions in the second half of this century.