U.S. Treasury Secretary Janet Yellen told an audience in Belem, Brazil that the world needs a $78 Trillion global operation to try to fight man-made climate change. The goal of this endeavor is to achieve worldwide carbon net-zero, a goal that is sure not to have any negative unintended, and certainly not INTENDED consequences. They hope to achieve this fundamental transformation of the planet and humanity by 2050.
She claimed, “Neglecting to address climate change and the loss of nature and biodiversity is not just bad environmental policy. It is bad economic policy. At home, we are implementing the Inflation Reduction Act, the most significant climate legislation in our nation’s history. 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.”
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Excerpt from dailycaller.com
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.”
