Yellen says $3 trillion is needed each year to fund climate transition - $78 Trillion in Total
July 28, 2024
Treasury Secretary Janet Yellen said Saturday the world's transition to a low-carbon economy requires $3 trillion in new investment annually through 2050, and that filling the financing gap to reach that level of funding represents the biggest economic opportunity of the 21st century.
Yellen spoke in Belem, a Brazilian city known as the gateway to the Amazon, after meeting with G-20 finance ministers in Rio de Janeiro on Thursday and Friday. She said reaching net-zero carbon emissions goals remains a top priority for the Biden-Harris administration, but that doing so requires leadership from around the world.
"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. "But being so close to the magnificent Amazon is also a reminder that the transition to a lower-carbon global economy is also the single greatest economic opportunity of the 21st century. The transition will require no less than $3 trillion in new capital from many sources each year between now and 2050."
Wealthy economies around the world provided a record-setting $116 billion in climate finance for developing countries in 2022, about 40% of which came from multilateral development banks (MDBs). Yellen said the banks, which include the World Bank and the Inter-American Development Bank (IDB), were setting new financing targets.
The full article is at the following weblink:
https://www.foxbusiness.com/politics/yellen-says-3-trillion-needed-...
Peter St. Onge Reacts to Janet Yellen Wanting Three Trillion Dollars for the "Climate Crisis"
https://rumble.com/v59gcrm-peter-st.-onge-reacts-to-janet-yellen-wa...
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Comment
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Comment by Willem Post on August 24, 2024 at 7:45am
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Go Stephen, give them hell.
First, Trump has to take over the federal government, because it is the tool Democrats use to enrich themselves and command/control all of us
Take away their tool, and it is over!
Then strengthen private enterprise and require thousands of those people to run government departments, instead of lifetime cronies
Then term limits, 8 years in, then you are out for the rest of your life.
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Yellen is a subpar at best leftist diplomat, not even an entry level banker, and by no means an economist! Just another old socialist that is right there with Bernie and Bidum and Oblah blah! Come January she needs to be held accountable for how she helped screw the economy with the rest of these asshat clowns. I'm sick and tired of being on the receiving end of this stupidity! Maine needs to get rid of 'Shecky Pinhead' and 'King Anus' both are carpetbagging leftist multi-millionaires that have screwed the state, small businesses and the working class. Time to fight back against the delusional haters!
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She commands no respect in EU financial circles
She should be banned to a cold island in Alaska to contemplate global warming for the rest of her days
All of that money would be added to the $35 trillion national debt, increasing at 2.5 TRILLION per year.
We are sooooo screwed.
Maine as Third World Country:
CMP Transmission Rate Skyrockets 19.6% Due to Wind Power
Click here to read how the Maine ratepayer has been sold down the river by the Angus King cabal.
Maine Center For Public Interest Reporting – Three Part Series: A CRITICAL LOOK AT MAINE’S WIND ACT
******** IF LINKS BELOW DON'T WORK, GOOGLE THEM*********
(excerpts) From Part 1 – On Maine’s Wind Law “Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine if the law’s goals were met." . – Maine Center for Public Interest Reporting, August 2010 https://www.pinetreewatchdog.org/wind-power-bandwagon-hits-bumps-in-the-road-3/From Part 2 – On Wind and Oil Yet using wind energy doesn’t lower dependence on imported foreign oil. That’s because the majority of imported oil in Maine is used for heating and transportation. And switching our dependence from foreign oil to Maine-produced electricity isn’t likely to happen very soon, says Bartlett. “Right now, people can’t switch to electric cars and heating – if they did, we’d be in trouble.” So was one of the fundamental premises of the task force false, or at least misleading?" https://www.pinetreewatchdog.org/wind-swept-task-force-set-the-rules/From Part 3 – On Wind-Required New Transmission Lines Finally, the building of enormous, high-voltage transmission lines that the regional electricity system operator says are required to move substantial amounts of wind power to markets south of Maine was never even discussed by the task force – an omission that Mills said will come to haunt the state.“If you try to put 2,500 or 3,000 megawatts in northern or eastern Maine – oh, my god, try to build the transmission!” said Mills. “It’s not just the towers, it’s the lines – that’s when I begin to think that the goal is a little farfetched.” https://www.pinetreewatchdog.org/flaws-in-bill-like-skating-with-dull-skates/
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Hannah Pingree on the Maine expedited wind law
Hannah Pingree - Director of Maine's Office of Innovation and the Future
"Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine."
https://pinetreewatch.org/wind-power-bandwagon-hits-bumps-in-the-road-3/
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