Oddbean

Yellen says US$3 tril needed annually for climate financing, far more than current level ========== US Treasury Secretary Janet Yellen stated that the global transition to a low-carbon economy requires $3 trillion in new capital each year through 2050, far above current annual financing. Yellen emphasized that neglecting climate change and biodiversity loss is not just bad environmental policy but also bad economic policy. Wealthy economies provided and mobilized a record $116 billion for climate finance in 2022, with 40% coming from multilateral development banks (MDBs). Yellen called on MDBs to expand their missions and lending capacity to include fighting climate change and catalyze new business models to mobilize investments that support nature and biodiversity. Yellen also launched a new initiative with Amazon basin countries to combat nature crimes threatening biodiversity and the Amazon ecosystem. #JanetYellen #ClimateFinancing #LowcarbonEconomy #NetzeroEmissions #BidenharrisAdministration #G20FinanceLeaders #MultilateralDevelopmentBanks #WorldBank #InteramericanDevelopmentBank #AmazonBasinCountries #NatureCrimes #Biodiversity #AmazonEcosystem https://theedgemalaysia.com/node/720650