From the Daily Caller
Rebecca Zeljko
Contributor
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.
Yellen said that in order to achieve the goal of global net-zero carbon emissions, the world needs to provide $3 trillion in financing for this cause every year, which she called a top priority of the Biden administration. To contribute to this, Yellen vowed to fund green initiatives in developing countries through multilateral development banks and develop “clean energy technologies.” (Related: Treasury to create new climate czar role to expand climate change impactfort)
“This transformation will require no less than $3 trillion in new capital each year from multiple sources between now and 2050,” Yellen said in her speech. “This can be used to support a path to sustainable and inclusive growth, Including 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.” (Related: Kamala Harris co-sponsored a Green New Deal. Now, she's running for the Oval Office)
“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.”
The Inflation Lowering Act allocates $370 billion to subsidize climate measures such as electric vehicles and other technologies critical to President Biden's green agenda.
In a speech on climate change in July 2022, Biden said: “Climate change is an existential threat to our country and the world. As president, I will use my executive powers to address climate change – America's climate crisis . (Related: Climate law signed by Biden fails to achieve goal of boosting U.S. manufacturing)
In her speech, Yellen advocated that these climate measures 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 economy if our efforts reach beyond our borders. Goals – from reducing global emissions to adapting and building resilience, from strengthening markets to strengthening supply chains.”
The Treasury Department did not immediately respond to a request for comment from the Daily Caller News Foundation.
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