Don't look at me, I don't have that kind of money.
From Reuters, July 27:
U.S. Treasury Secretary Janet Yellen said on Saturday that the global transition to a low-carbon economy requires $3 trillion in new capital each year through 2050, far above current annual financing, but that filling the gap is the biggest economic opportunity of the 21st century.
Yellen said in Belem, Brazil's Amazon gateway city, that reaching net-zero emissions goals remained a top priority for the Biden-Harris administration and this would require leadership far beyond U.S. borders."Neglecting to address climate change and the loss of nature and biodiversity is not just bad environmental policy. It is bad economic policy," Yellen said in a speech after attending a G20 finance leaders meeting on Thursday and Friday in Rio de Janeiro.
Wealthy economies provided and mobilized a record $116 billion for climate finance for developing countries in 2022, 40% of which came from multilateral development banks (MDBs). Yellen said the banks, including the World Bank and the Inter-American Development Bank (IDB) were setting new targets.The financing need is "the single-greatest economic opportunity of the 21st century" and can be leveraged to support sustainable and more inclusive growth, including for investment-starved countries, she said....
....MUCH MORE
