$78 trillion needed for 'climate crisis' [VIDEO]

During a speech in Belem, Brazil, Treasury Secretary Janet Yellen dropped a startling number: $78 trillion is what it will take to transition the world to a low-carbon economy by 2050.

Yellen stressed that $3 trillion in annual financing must be mobilized globally to reach the peak of net zero global carbon emissions, a top priority for the Biden-Harris administration, according to her remarks.

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Yellen stated, “The transition will require no less than $3 trillion in new capital from many sources each year from now until 2050.”

This green revolution, he insisted, could be the key to embracing sustainable and inclusive growth, even for nations historically marginalized in investment circles.

By 2022, nations committed a record $116 billion to finance climate initiatives in developing countries, heralded by Yellen as “the greatest economic opportunity of the 21st century.”

As Yellen laid out those plans, she touted the dire consequences of inaction on climate change, categorically stating, “Neglecting climate change and the loss of nature and biodiversity isn't just bad environmental policy. It's bad economic policy”.

Encouraging the Biden administration's proactive stance on green initiatives, Yellen boasted about the progress being made toward their environmental goals, proclaiming, “At home we are implementing the Inflation Reduction Act, climate legislation most important in the history of our country”.

This legislation is intended to channel hundreds of billions of dollars into clean energy technologies, meeting Biden-Harris' climate goals and supposedly boosting economic growth.

Allocating $370 billion, the Inflation Reduction Act aims to bolster climate projects like electric vehicles, aligning with the green vision of Joe Biden and Kamala Harris.

In addition, Yellen made it clear that the administration's ambition transcends the borders of the United States, advocating for climate initiatives on a global scale.

He stated, “Our ambitions at home match our ambitions abroad,” asserting that lofty climate and economic goals can only be achieved if the US leads efforts beyond its own borders.

You can read the full press release below: