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US Treasury Secretary Janet Yellen said on Saturday that the global transition to a low-carbon economy will It requires $3 trillion in new capital every year. By 2050, which is far beyond current funding.
Speaking in Brazil after a meeting with G20 finance ministers to discuss On economic development, Yellen said stronger climate finance policies are needed to address the “existential threat” of climate change, requiring leadership that goes far beyond the United States.
“Neglecting to address climate change and the loss of nature and biodiversity is not just bad environmental policy. It is also bad economic policy,” Yellen said.
But she said the need for financing was “the greatest economic opportunity of the 21st century” and could be leveraged to support sustainable and more inclusive growth, including in countries deprived of investment.
Rich economies Mobilized $116 billion in climate finance Yellen said banks, including the World Bank and the Inter-American Development Bank, are setting new targets for financing the global economy in 2022, with 40% of them contributing to multilateral development banks.
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