Biden administration proposes spending $78 trillion to achieve net-zero global carbon emissions

DAILY CALLER NEWS FOUNDATION—U.S. Treasury Secretary Janet Yellen said in a speech Saturday in Belém, Brazil, that the cost of the global transition to a low-carbon economy by 2050 would be $78 trillion.

Yellen said $3 trillion a year in global funding would be needed to achieve the goal of zero carbon emissions worldwide, which she said is a top priority for the Biden administration, according to the speech. To help achieve that, Yellen promised to fund green initiatives in developing countries through multilateral development banks and develop “clean energy technologies.”

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

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

Yellen in her speech boasted about the Biden administration’s commitments to pursue green initiatives to achieve “climate goals.”

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

The Inflation Reduction Act earmarked $370 billion to subsidize climate initiatives such as electric vehicles and other technologies that are central to President Joe Biden’s green agenda.

“Climate change is literally an existential threat to our nation and the world,” Biden said during a July 2022 speech on climate change. “As president, I will use my executive powers to combat the climate — the climate crisis in the absence of Congressional action, despite their incredible action.”

In her speech, Yellen advocated for climate initiatives to be implemented “beyond our borders.”

“Our ambitions at home are aligned with our ambitions abroad,” Yellen said during her speech. “We know that we can achieve our climate and economic goals — from reducing global emissions to adapting and building resilience, from strengthening markets to strengthening supply chains — only if we lead efforts far beyond our borders.”

The Treasury Department did not immediately respond to a request for comment from the Daily Caller News Foundation.

Originally published by Daily Caller News Foundation