U.S. Treasury Secretary Janet Yellen said in a speech in Belém, Brazil, on Saturday that the financing cost of the global transition to a low-carbon economy will reach $78 trillion by 2050. [emphasis, links added]
Yellen said that to achieve the global goal of net-zero carbon emissions, it will take The world provides $3 trillion in funding for this cause every year. She said it was a Biden administration's top prioritiesaccording to the speech.
To contribute to this, Yellen vowed to use multilateral development banks to fund green initiatives in developing countries and develop “clean energy technologies.”
“This transformation will require no less than $3 trillion in new capital from multiple sources each year between now and 2050.“, Yellen said in her speech. “This can be used to support a path of sustainable and inclusive growth, including in countries that have historically received less investment. “
In 2022, global economies provided a record $116 billion in funding for climate initiatives in developing countries, which Yellen called “the greatest economic opportunity of the 21st century” in her speech.
“Ignoring combating climate change and the loss of nature and biodiversity is not just bad environmental policy,” Yellen said in her speech. “It's bad economic policy.”
In her speech, Yellen touted the Biden administration's commitment to advancing these green initiatives to meet its “climate goals.”
“Domestically, we are enacting the Inflation Reduction Act, the most important climate legislation in our nation's history,” Yellen said in her speech. “It is driving hundreds of billions of dollars in investment in clean energy technologies and industries that will advance our climate goals and grow our economy.”
Inflation Reduction Act allocates $370 billion to subsidize climate initiatives such as electric vehicles and other technologies This is critical to President Joe Biden’s green agenda. …
In her speech, Yellen argued that these climate measures should be implemented “beyond national borders.”
“Our ambition at home is matched by our ambition abroad,” Yellen said in her speech. “We know we can only achieve our climate and economic goals if our efforts transcend national borders – from reducing global emissions to adapting and building resilience, from strengthening markets to strengthening supply chains.”
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