During a lecture on Saturday in Belem, Brazil, U.S. Treasury Secretary Janet Yellen stated that financing the worldwide shift to a low-carbon economy will cost $78 trillion by the year 2050.

In her address, Yellen stated that the Biden administration places a high premium on achieving the objective of net-zero global carbon emissions, which would require $3 trillion in annual worldwide investment. To help with this, Yellen committed to creating “clean energy technologies” and funding green projects in poor nations through multilateral development banks.

Yellen stated in her address that “the shift will need no less than $3 trillion in fresh capital from multiple sources each year between now and 2050.” “Countries that have previously gotten less investment may use this to create pathways to sustainable and inclusive growth.”

“It is not only poor environmental policy to ignore climate change, biodiversity loss, and natural resource depletion,” Yellen stated in her speech. “This economic policy is flawed.”

Yellen boasted during her address about the efforts the Biden administration has made to advance these environmentally friendly programs in order to meet their “climate goals.”

Yellen stated during the address, “At home, we are implementing the Inflation Reduction Act, the most important climate legislation in our nation’s history.” “It is generating investments worth hundreds of billions of dollars in clean energy sectors and technology, which will help us achieve our climate goals and support economic development.”

President Joe Biden’s green plan depends on technology like electric cars, and the Inflation Reduction Act provided $370 billion to support these kinds of efforts.

In July 2022, Biden stated, “Climate change is essentially an existential threat to our nation and to the planet,” in a lecture on the subject. “As President, I will utilize my executive powers to fight the climate catastrophe in the absence of congressional action, even with their amazing work.”

Throughout her remarks, Yellen pushed for the implementation of these climate initiatives “beyond our boundaries.”

“Our aspirations overseas are equal to our aspirations at home,” Yellen declared in her speech. “We understand that leading efforts well beyond our borders is necessary if we are to meet our climate and economic goals, which range from lowering global emissions to adapting and enhancing resilience, from improving markets to supporting supply chains.”