Janet Yellen Calls For $78,000,000,000,000 To Tackle Climate Change

July 27, 2024

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,...

“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...

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...

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...

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.