No, not mind-boggling at all. It's about a tenth of what is required to meet governments' signed-up-for targets for limiting global average temperature rise to 1.5 degrees above pre-industrial.
For reference about 2% of global GDP is spent on new fossil fuel mining and drilling investment, and another 2-4% on the fuels (including refining).
Yes. If we were spending 5% of global GDP on Solar and Wind now, there'd be a slim chance. Scaling up to that in six years, as a sibling comment claims, is way too late.
For reference about 2% of global GDP is spent on new fossil fuel mining and drilling investment, and another 2-4% on the fuels (including refining).