Biden Admin Suggests Spending $78 Trillion to Achieve Net-Zero Global Carbon Emissions

U.S. Treasury Secretary Janet Yellen said during a speech in Belem, Brazil, on Saturday that the price tag for a global transition to a low-carbon economy amounts to $78 trillion in financing through 2050.

Yellen said that in order to achieve the goal of net-zero global carbon emissions, there would need to be $3 trillion globally in annual financing for the cause, which she said is a top priority for the Biden administration, according to the speech. In order to contribute to this, Yellen vowed to finance green initiatives in developing countries through multilateral development banks and develop “clean energy technologies.”

“The transition will require no less than $3 trillion in new capital from many sources each year between now and 2050,” Yellen said during the speech. “This can be leveraged to support pathways to sustainable and inclusive growth, including for countries that have historically received less investment.”

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

Yellen boasted in her speech about the commitments the Biden administration has put forth toward forwarding these green initiatives to achieve their “climate goals.”

“At home, we are implementing the Inflation Reduction Act, the most significant climate legislation in our nation’s history,” Yellen said during the speech. “It is driving hundreds of billions of dollars of investments in the clean energy technologies and industries that will propel us toward our climate goals and fuel our economic growth.”

The Inflation Reduction Act allocated $370 billion to subsidize climate initiatives like electric vehicles and other technologies that are essential to President Joe Biden’s green agenda.

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