U.S. Treasury Secretary Janet Yellen said during a speech in Belem, Brazil, on Saturday that the price tag for a global transition to a low-carbon economy amounts to $78 trillion in financing through 2050.
Yellen said that in order to achieve the goal of net-zero global carbon emissions, there would need to be $3 trillion globally in annual financing for the cause, which she said is a top priority for the Biden administration, according to the speech. In order to contribute to this, Yellen vowed to finance green initiatives in developing countries through multilateral development banks and develop “clean energy technologies.” (RELATED: Treasury Department To Create New Climate Czar Role, Expand Climate Change Efforts)
“The transition will require no less than $3 trillion in new capital from many sources each year between now and 2050,” Yellen said during the speech. “This can be leveraged to support pathways to sustainable and inclusive growth, including for countries that have historically received less investment.”
WASHINGTON, DC – JULY 09: U.S. Secretary of the Treasury Janet Yellen testifies during a hearing before the House Committee on Financial Services at Rayburn House Office Building on July 9, 2024 on Capitol Hill in Washington, DC. (Photo by Alex Wong/Getty Images)
In 2022, global economies provided a record $116 billion to finance climate initiatives in developing countries, which Yellen called “the single-greatest economic opportunity of the 21st century” during the speech.
“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.”
Yellen boasted in her speech about the commitments the Biden administration has put forth toward forwarding these green initiatives to achieve their “climate goals.” (RELATED: Kamala Harris Co-Sponsored A Green New Deal. Now, She’s Running For The Oval Office)
“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 climate initiatives like electric vehicles and other technologies that are essential to President Joe Biden’s 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.” (RELATED: Biden’s Signature Climate Law Is Falling Short On Its Goal To Boost American Manufacturing)
During her speech, Yellen advocated for these climate initiatives to be implemented “beyond our borders.”
“Our ambitions at home are matched by our ambitions abroad,” Yellen said during the speech. “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.”
The Treasury Department did not immediately respond to a request for comment from the Daily Caller News Foundation.
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