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Treasury Secretary Janet Yellen said on Saturday that the global transition to a low-carbon economy $3 trillion in new capital needed each year By 2050, we will have far more funding than we have today.
Remarks in Brazil after meeting with G20 finance ministers From an economic development perspective, Yellen said stronger climate action is needed to address the “existential threat” of climate change, and that it will require leadership that goes far beyond U.S. borders.
“Failing to tackle climate change and the loss of nature and biodiversity is not just bad environmental policy, it’s also bad economic policy,” Yellen said.
But the need for financing is “the greatest economic opportunity of the 21st century” that can be harnessed to support sustainable and more inclusive growth, including in investment-starved countries, she said.
A prosperous economy Raise $116 billion in climate financing Total lending to developing countries will reach $1 billion by 2022, with 40 percent of that coming from multilateral development banks. Yellen said banks such as the World Bank and the Inter-American Development Bank were setting new targets.
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