U.S. Treasury Secretary Janet Yellen announced that the price tag for transitioning to a low-carbon economy to fight climate change is $78 trillion.
Yes, you read that right.
According to Yellen, there needs to be e $3 trillion in annual financing to achieve the goal of net-zero global carbon emissions.
Yellen says this is now a “top priority” for the Biden administration.
Yellen said the Biden administration will begin financing green initiatives in developing countries through multilateral development banks and develop “clean energy technologies.”
During her speech in Brazil, Yellen said that “the transition will require no less than $3 trillion in new capital from many sources each year between now and 2050.”
“This can be leveraged to support pathways to sustainable and inclusive growth, including for countries that have historically received less investment.”
Global economies have already forked out a whopping $116 billion to finance climate initiatives in developing countries in 2022.
Yellen added that this was “the single-greatest economic opportunity of the 21st century.”
“Neglecting to address climate change and the loss of nature and biodiversity is not just bad environmental policy,” Yellen said during the speech.
“It is bad economic policy.”
During her speech, Yellen boasted about the commitments the Biden administration has made to advancing these green initiatives to achieve “climate goals.”
“At home, we are implementing the Inflation Reduction Act, the most significant climate legislation in our nation’s history,” Yellen said during the speech.
“It is driving hundreds of billions of dollars of investments in the clean energy technologies and industries that will propel us toward our climate goals and fuel our economic growth.”
The Inflation Reduction Act allocated $370 billion to subsidize electric vehicles and other technologies to push the “green agenda.”
“Climate change is literally an existential threat to our nation and to the world,” Biden said during a speech addressing climate change in July of 2022.
“As President, I’ll use my executive powers to combat climate — the climate crisis in the absence of congressional actions, notwithstanding their incredible action.”
Yellen advocated for these climate initiatives to be implemented “beyond our borders.”
“Our ambitions at home are matched by our ambitions abroad,” Yellen said.
“We know that we can only achieve our climate and economic goals — from reducing global emissions to adapting and building resilience, from strengthening markets to bolstering supply chains — if we also lead efforts far beyond our borders.”
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