During a speech in Belem, Brazil, Treasury Secretary Janet Yellen dropped a staggering figure, $78 trillion is what it will take to transition the globe to a low-carbon economy by 2050.
Yellen emphasized that $3 trillion in annual financing must be mobilized globally to achieve the pinnacle of net-zero global carbon emissions, a top priority for the Biden-Harris administration, according to her remarks.
Yellen declared, “The transition will require no less than $3 trillion in new capital from many sources each year between now and 2050.”
This green revolution, she insisted, could be the key to embracing sustainable and inclusive growth, even for nations historically sidelined in investment circles.
In 2022, nations funneled a record $116 billion into funding climate initiatives in developing countries, heralded by Yellen as “the single-greatest economic opportunity of the 21st century.”
As Yellen laid out these plans, she alleged the dire consequences of inaction on climate change, categorically stating, “Neglecting to address climate change and the loss of nature and biodiversity is not just bad environmental policy. It is bad economic policy.”
Cheerleading the Biden administration’s proactive stance on green initiatives, Yellen gloated about the strides being made to meet their environmental targets, proclaiming, “At home, we are implementing the Inflation Reduction Act, the most significant climate legislation in our nation’s history.”
This legislation is set to channel hundreds of billions of dollars into clean energy technologies, fulfilling the Biden-Harris climate goals and allegedly boosting economic growth.
Allocating $370 billion, the Inflation Reduction Act aims to bolster climate projects such as electric vehicles, aligning with Joe Biden and Kamala Harris’s green vision.
Furthermore, Yellen made it clear that the administration’s ambition transcends the borders of the United States, advocating for climate initiatives on a global scale.
She stated, “Our ambitions at home are matched by our ambitions abroad,” claiming that the lofty climate and economic objectives can only be realized if the U.S. leads efforts beyond its own borders.
You can read the full press release below:
