Treasury Secretary Claims $3 Trillion in New Capital is Needed to Combat Climate Change

July 31, 2024

Over the weekend, U.S. Treasury Secretary Janet Yellen attended the G20 summit in Brazil. There, she pronounced that $3 trillion in new capital is required yearly to combat “climate change.”

Politico reports,

“U.S. Treasury Secretary Janet Yellen on Saturday said that $3 trillion in new capital is required each year to combat climate change, and deemed the global transition to a low-carbon economy “the single greatest opportunity of the 21st century.”’ Speaking in Belém, Brazil, after meeting with G20 finance ministers to discuss economic development this week, Yellen emphasized the need for stronger climate finance policies through 2050 to address the “existential threat” to communities and economic strain posed by climate change.”

In her speech, Secretary Yellen noted that neglecting to address climate change would be a bad economic policy,

“The speech, delivered as part of an event by the Inter-American Development Bank, reaffirmed the U.S. commitment to the IDB’s Amazonia Forever program on its first anniversary, a project intended to promote sustainable development in the Amazon region and defend against deforestation. Yellen urged coordination between the U.S. and countries like Brazil, Colombia and Ecuador to achieve global climate and economic goals — working within and across countries to catalyze investment in agriculture and infrastructure projects.”

It is typical of the eco-left to throw out a huge number and offer no explanation as to how the money will be used or, more importantly, where it will come from. Our treasury department should be focused on a lot more than climate change, but the Biden/Harris administration has blurred the lines and has forced their eco-left goals through all government channels.