by Rebeka Zeljko
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.”
“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.”
“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.
“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.”
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.”
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Rebeka Zeljko is a reporter at Daily Caller News Foundation.
Until all these self-appointed “Lords of the Brain Policy” abide by their own mandates and live like paupers on greens and seeds, as far as I am concerned they are just trying to rake in money themselves by being self-appointed policy makers for the rest of us. We can do just fine without them.
This woman is crazy. Let her hock her stuff and pay for it. Every time another radical comes up with a plan, it costs a ton or more of money and they look to Americans to pay it. Screw that. Americans are tapped out and need to look after their own interests. Let all the god-zillionaires in the world spend their own money on their ideas. Show we simpletons how that works.
Short answer, “NO”! We need to tackle the debt before adding more debt. Your proposal reeks of the Inflation Reduction Act more aptly named the Inflation Propulsion Act. The earth is warming, that is not unusual and had done so multiple times over the millennium. Further, the greatest polluters are China, India and Russia. Nothing you proposed Janet will address that critical point. The only benefactors in what you say would be the Green Industry. Didn’t you learn anything with the Solyndra debacle pushed by Barry Obama. Give it up, don’t further bury our country in more debt.