During a speech in Belem, Brazil, on Saturday, U.S. Treasury Secretary Janet Yellen highlighted the immense financial commitment required for a global shift to a low-carbon economy, estimating the cost at $78 trillion by 2050.
Yellen emphasized that achieving net-zero global carbon emissions would necessitate $3 trillion in annual global financing. She underscored this goal as a top priority for the Biden administration, outlining plans to support green initiatives in developing countries through multilateral development banks and the development of clean energy technologies.
“The transition will require no less than $3 trillion in new capital from many sources each year between now and 2050,” Yellen stated. “This investment can support pathways to sustainable and inclusive growth, especially for countries that have historically received less investment.”
Read: J.D. Vance Shreds ‘Do Nothing’ VP Harris Over Loyalty Remarks In Fiery Speech
Yellen stressed that ignoring climate change and biodiversity loss is not just detrimental to the environment but also to the economy. She praised the Biden administration’s efforts in promoting green initiatives to meet their climate objectives.
“At home, we are implementing the Inflation Reduction Act, the most significant climate legislation in our nation’s history,” Yellen said. “It is driving hundreds of billions of dollars in investments in clean energy technologies and industries that will help us achieve our climate goals and fuel economic growth.”
The Inflation Reduction Act allocated $370 billion to support climate initiatives such as electric vehicles and other technologies critical to President Joe Biden’s green agenda.
“Climate change is literally an existential threat to our nation and to the world,” Biden stated in a July 2022 speech on climate change. “As President, I’ll use my executive powers to combat the climate crisis in the absence of congressional actions, notwithstanding their incredible action.”
Yellen also advocated for extending climate initiatives beyond U.S. borders. “Our ambitions at home are matched by our ambitions abroad,” she said. “We know that we can only achieve our climate and economic goals — from reducing global emissions to building resilience, strengthening markets, and bolstering supply chains — if we also lead efforts far beyond our borders.”
Help support the Tampa Free Press by making any small donation by clicking here.
Android Users, Click To Download The Tampa Free Press App And Never Miss A Story. Follow Us On Facebook and Twitter. Sign up for our free newsletter.