Politico: Yellen says $3T of fresh capital is needed annually to fight climate change

[OKIsItJustMe]

https://www.politico.com/news/2024/07/27/yellen-amazon-climate-change-00171522

Yellen says $3T of fresh capital is needed annually to fight climate change
The Treasury secretary called the shift to a low-carbon global economy “the single greatest opportunity of the 21st century.”

By ESTER WELLS
07/27/2024 06:26 PM EDT

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.

“Neglecting to address climate change and the loss of nature and biodiversity is not just bad environmental policy. It is also bad economic policy,” she said.

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.

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[no_hypocrisy]

1. Guess that means no tax cuts, huh?

[OKIsItJustMe]

2. It all depends

Republicans criticize Democrats for being “Tax and Spend Liberals.” I criticize Republicans for being “Tax cutting and big spending.”

At this point, the debt & deficit (and "servicing the debt”) are such a drain, taxes should be raised, even if we chose to completely ignore climate change (to our peril.)