Yellen Calls for $3 Trillion Annually for Low-Carbon Transition Until 2050

Jul 28, 2024, 02:23 AM

U.S. Treasury Secretary Janet Yellen has announced that $3 trillion is needed annually to finance the global transition to a low-carbon economy until 2050, far more than the current level. Speaking in Belem, Brazil, Yellen emphasized the importance of achieving net-zero emissions and highlighted the Biden-Harris administration's commitment to this goal. The total required funding amounts to $78 trillion, which is more than double the current U.S. national debt. Yellen described the shift to a low-carbon economy as the single greatest opportunity of the 21st century.