US Treasury Secretary Janet Yellen said Saturday during a speech in Belem, Brazil, that the price of a global transition to a low-carbon economy amounts to $78 trillion in financing until 2050.
Yellen said that reaching the goal of zero global carbon emissions would require $3 trillion globally in annual funding for the cause, which she said is a priority for the Biden administration. seconds to the speech To contribute to this, Yellen pledged to finance green initiatives in developing countries through multilateral development banks and develop “clean energy technologies”.
“The transition will require no less than $3 trillion in new capital from many sources each year from now until 2050,” Yellen said during the speech. “This can be leveraged to support pathways to sustainable and inclusive growth, even for countries that have historically received less investment.”
“Forgetting to address climate change and the loss of nature and biodiversity is not just bad environmental policy,” Yellen said during the speech. “It's bad economic policy.”
Yellen boasted in her speech about the commitments the Biden administration has made to pass on these green initiatives to achieve its “climate goals.”
“At home we are implementing the Inflation reduction lawthe most important climate legislation in our country's history,” Yellen said during the speech. “It is driving hundreds of billions of dollars in investments in clean energy technologies and industries that will propel us toward our climate goals and will drive our economic growth.”
The assigned inflation reduction law 370 billion dollars subsidize climate initiatives like electric vehicles and other technologies that are essential to President Joe Biden's green agenda.
“Climate change is literally an existential threat to our nation and the world,” Biden said during a speech addressing climate change in July 2022. “As president, I will use my executive powers to combat the climate — climate crisis in the absence of action by Congress, despite their incredible action.”
During her speech, Yellen advocated that these climate initiatives be applied “beyond our borders.”
“Our ambitions at home match our ambitions abroad,” Yellen said during the speech. “We know that we can only achieve our economic and climate goals, from reducing global emissions to adapting and building resilience, from strengthening markets to strengthening supply chains, if we also lead efforts much more beyond our borders”.
The Treasury Department did not immediately respond to a request for comment from the Daily Caller News Foundation.
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