The largest economic opportunity of the twenty-first century, according to U.S. Treasury Secretary Janet Yellen, is to close the $3 trillion annual capital gap that would arise from the world's transition to a low-carbon economy by 2050. This amount is significantly more than the present yearly funding.
Reaching net-zero emissions targets remains a high objective for the Biden-Harris administration, according to Yellen, who made this statement in Belem, Brazil, the Amazon gateway city. She also noted that this would need leadership well beyond U.S. boundaries.
"It is not just poor environmental policy to ignore climate change, biodiversity loss, and natural resource depletion. In a statement following her attendance at the G20 financial chiefs conference in Rio de Janeiro, Yellen declared, "It is bad economic policy."
In 2022, wealthy economies contributed and mobilised a record $116 billion in climate funding for developing nations, with multilateral development banks (MDBs) accounting for 40% of this total. Yellen stated that new goals were being established by the banks, which included the World Bank and the Inter-American Development Bank (IDB).
According to her, the need for funding is "the single-greatest economic opportunity of the 21st century" and can be used to promote inclusive, sustainable growth, even in nations that are severely lacking in foreign investment.
Yellen spoke with IDB President Ilan Goldfajn and finance ministers from nations in the Amazon basin when she was in Belem. She restated American support for the bank's Amazonia Forever platform, which offers funding, project planning, and cooperation as a comprehensive strategy for sustainable development in the area.
"We are hopeful that this program will incentivize greater private-sector investment in the region that supports nature," she added.
About two years ago, Yellen made a plea for MDBs to broaden their lending programs and mandates to include combating climate change. She said that although this was "now in their DNA," significant private investment was still required, and the Treasury, Brazil's finance ministry, and other relevant parties were attempting to increase private sector involvement.
In addition, she suggested that the banks serve as a catalyst for innovative business models that would encourage investments in biodiversity and the environment, boost economic growth, and facilitate climate change.
Earlier on Saturday, Yellen announced a new program to fight natural crimes that endanger biodiversity and the Amazon ecosystem. These crimes include illicit logging and the collection of animals and minerals in Brazil, Colombia, Ecuador, Guyana, Peru, and Suriname.
(Source:www.livemint.com)
Reaching net-zero emissions targets remains a high objective for the Biden-Harris administration, according to Yellen, who made this statement in Belem, Brazil, the Amazon gateway city. She also noted that this would need leadership well beyond U.S. boundaries.
"It is not just poor environmental policy to ignore climate change, biodiversity loss, and natural resource depletion. In a statement following her attendance at the G20 financial chiefs conference in Rio de Janeiro, Yellen declared, "It is bad economic policy."
In 2022, wealthy economies contributed and mobilised a record $116 billion in climate funding for developing nations, with multilateral development banks (MDBs) accounting for 40% of this total. Yellen stated that new goals were being established by the banks, which included the World Bank and the Inter-American Development Bank (IDB).
According to her, the need for funding is "the single-greatest economic opportunity of the 21st century" and can be used to promote inclusive, sustainable growth, even in nations that are severely lacking in foreign investment.
Yellen spoke with IDB President Ilan Goldfajn and finance ministers from nations in the Amazon basin when she was in Belem. She restated American support for the bank's Amazonia Forever platform, which offers funding, project planning, and cooperation as a comprehensive strategy for sustainable development in the area.
"We are hopeful that this program will incentivize greater private-sector investment in the region that supports nature," she added.
About two years ago, Yellen made a plea for MDBs to broaden their lending programs and mandates to include combating climate change. She said that although this was "now in their DNA," significant private investment was still required, and the Treasury, Brazil's finance ministry, and other relevant parties were attempting to increase private sector involvement.
In addition, she suggested that the banks serve as a catalyst for innovative business models that would encourage investments in biodiversity and the environment, boost economic growth, and facilitate climate change.
Earlier on Saturday, Yellen announced a new program to fight natural crimes that endanger biodiversity and the Amazon ecosystem. These crimes include illicit logging and the collection of animals and minerals in Brazil, Colombia, Ecuador, Guyana, Peru, and Suriname.
(Source:www.livemint.com)
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