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. [emphasis, links added]
Yellen said that 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.
To contribute to this, Yellen vowed to finance green initiatives in developing countries through multilateral development banks and develop “clean energy technologies.”
“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.”
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.”
“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. …
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.”
Read rest at Daily Caller
Bankster’s always lie!
July 9, 2024 New Study: Elevated CO2, Warmth, And Greener Vegetation A Boon For Humanity
A new peer-reviewed paper published in The American Journal of Economics and Sociology (May and Crok, 2024) counters the prevailing “wisdom” that says a warmer climate and greener vegetation are problematic. [emphasis, links added]
https://climatechangedispatch.com/new-study-elevated-co2-warmth-and-greener-vegetation-a-boon-for-humanity/
More ways the Demon-Rats want to waste our Tax Money on their Pork Projects and this old bat wants to make the Top of the Pork Barrel and the Citizens Against Government Waste
Yellen just admitted that the Inflation Reduction Act is really an alias for the Green New Deal.
I believe that the best way to run a government is business-like. Taxpayers would get the best return on their “investment” and the underclass would would have more (trickle down). Yellen is glaikit. Never participated in the economy, just a liberal professor. Biden and the Democrats (Trudeau and his buddies, too) are obsessed with the trappings of power.
Our Western economies are on financial life support. The climate is fine.