U.S. Treasury Secretary Janet Yellen traveled to the mouth of the Amazon River on Saturday, where she made the case that combating climate change would boost economic growth in the region and around the world.
The needed shift to reduce carbon emissions is “the greatest economic opportunity of the 21st century,” Yellen said in a speech in Belem, Brazil, after a meeting with finance ministers from the Amazon region.
Yellen said the needed investment — $3 trillion a year through 2050 — “can be leveraged to support pathways to sustainable and inclusive growth, including in countries that have historically received less investment.”
This event was organized by the Inter-American Development Bank as part of Amazonia Forever An initiative that seeks to support carbon reduction, wildlife and biodiversity protection while protecting jobs and economic activity in eight South American countries.
The initiative is also part of a shift Yellen has pushed at global development banks toward multi-country projects. The World Bank and its regional counterparts have traditionally focused on development efforts in a single country.
Earlier Saturday, Yellen announced the launch of the Amazon Initiative Against Illicit Finance, a program aimed at disrupting the financing of criminal activities that cause environmental or wildlife damage in the region.
The Amazon region has seen an alarming degree of deforestation due to agricultural expansion and logging, Threatening her ability To absorb carbon dioxide, a greenhouse gas.
Belém, known as the gateway to the Amazon, is set to host the annual UN climate conference in 2025, known as COP30.
