Rebeka Zeljko
Contributor
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.” (RELATED: Treasury Department To Create New Climate Czar Role, Expand Climate Change Efforts)
“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.”
In 2022, global economies provided a record $116 billion to finance climate initiatives in developing countries, which Yellen called “the single-greatest economic opportunity of the 21st century” during the speech.
“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.” (RELATED: Kamala Harris Co-Sponsored A Green New Deal. Now, She’s Running For The Oval Office)
“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.
“Climate change is literally an existential threat to our nation and to the world,” Biden said during a speech addressing climate change in July of 2022. “As President, I’ll use my executive powers to combat climate — the climate crisis in the absence of congressional actions, notwithstanding their incredible action.” (RELATED: Biden’s Signature Climate Law Is Falling Short On Its Goal To Boost American Manufacturing)
During her speech, Yellen advocated for these climate initiatives to be implemented “beyond our borders.”
“Our ambitions at home are matched by our ambitions abroad,” Yellen said during the speech. “We know that we can only achieve our climate and economic goals — from reducing global emissions to adapting and building resilience, from strengthening markets to bolstering supply chains — if we also lead efforts far beyond our borders.”
The Treasury Department did not immediately respond to a request for comment from the Daily Caller News Foundation.
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That should be enough to purchase two loaves of bread and a cup of coffee by the time they stop.
I hope that the 78 trillion comes out of her bank account !
These people in the Biden administration are totally ignorant !
That’s better than 10% of the current US annual GDP and pushing 15%
“These people in the Biden administration are totally ignorant !”
This isn’t just ignorance, it’s insanity.
How much is China going to spend from now to 2050 on Net Zero? Is China going to be passing their money around to every nation that wants some climate cash, like the U.S. proposes to do?
_________________________________________________________________
After a simple Google search:
cause; an idea or principle strongly supported by some people
And a lot people don’t support.
Sounds like Joe isn’t the only one with dementia.
re: “Sounds like Joe isn’t the only one with dementia”
DON’T be telling me at this point it is administration-wide?
I’LL have you know I VOTED for these adults to be ‘in charge’ in the last election … whoops I just lied.
Trump 2020 and Trump AGAIN in 2024 baby!
Trump has to attack, he can’t run on his record it is so poor, the highest unemployment since the Great Depression,14.8 percent, and he left office with 6 percent unemployment.
He mismanaged the COVID epidemic to the point where the death rate for the US was 6 times that of Japan where everybody worked together to restrain the virus.
That’s why he was voted out of office.
THANK YOU scvblwxq for your contrarian (or is this opposite day?) view.
On this point “He mismanaged the COVID epidemic to the point” I think you mean Biden, otheriwise your dumbassery is showing in full. You won’t recall this, as TDS (and BDS before that I would interject) affects memory and higher-order thought processes, and colors your every emotion and observation. It was Trump in mid 2020 who mentioned HCQ and was promptly pilloried by the press (and probably you as well) but as we all know now (or should now) THAT was the correct approach. Otherwise your ire OUGHT to be on Fauci. And Birx. Those were the ‘health professionals’ advising Trump, IF. YOU. WOULD. RECALL.
81 million votes got Biden into office, and a notable fraction of those in several swing states being questionable as to legitimacy.
Why do people forget so quickly that it was Trump that pushed getting a vaccine into production in a record short interval? Without that Biden’s handling of the pandemic would have been catastrophic.
Hydroxychloroquine (HCQ) is used to prevent and treat acute attacks of malaria in adults and children weighing more than 31 kg (68 lbs).
The majority of the countries in Africa used HCQ because the US “Contrived Vaccines/ Mythical Vaccines” were to expensive for them to purchase. The COVID 19 deaths, per capita, in all of Africa were less than 10 percent of the deaths in the USA, per capita.
Main Stream Media and those infected with TDS made it impossible for Trump or knowledgeable doctors to even discuss the benefits of the use of HCQ (who were ostracized if they did) instead of or with the [“Mythical Vaccine” – It was only able to be called a vaccine because Fauci changed the definition of Vaccine.] Real vaccines enable the body to make “Antibodies’ The Covid 19 Vaccines did not produce antibodies.
The Covid effect all but vanished in 90 days. So booster after booster. I wonder who got the profits?
“the highest unemployment since the Great Depression,14.8 percent, and he left office with 6 percent unemployment.”
Are you just exceptionally stupid? Before Covid, the unemployment rate under Trump was record low. The jump in unemployment was largely due to Democratic governors shutting their states down.
Do you honestly think those same governors would have listened to any policies enacted by Trump??
She’s into the shrooms again.
https://www.dailymail.co.uk/news/article-12309311/amp/Hallucinogenic-MUSHROOMS-blame-Treasury-Secretary-Janet-Yellen-76-repeatedly-bowing-Chinas-vice-premier-ordered-four-portions-dinner-chef-insists-werent-psychedelic.html
Janet Yellen was born with dementia. She has no idea how the world works.
I recommend a crowdfunding approach to raise the required funds.
I’ll start it off with a personal check for $10,000,000. 🤣
All checks that stretch accepted? :<)
Since the Private Sector taxpayers have already paid their (Poli/Bureaucrats) salaries we can just send “Yell’in” and her bureaucratic cronies the bill. And by cronies i include the Hollywood Elite, that includes these pulp heads like Clooney.
After all these hollywood liberals have more money than their Nepo Babies will be able to spend in 3 lifetimes. If they love government spending so much let them foot the bill.
Does Yellen or any of the trolls who regularly pollute this site have any idea what the climate is supposed to be like once all that money has been flushed down the commode?
any idea what the climate is supposed to be
I’ve been asking for over 15 years and I’m still waiting for an answer.
It will be about the same as it is now.
Look people! This has NOTHING to do with climate. It’s 100% about centralizing power in a global government controlled by elites.
That’s my best guess.
“It’s 100% about centralizing power in a global government controlled by elites.”
Yes, the American Democrats/Socialists must be salivating over that $78 TRILLION figure!
That bogus Hockey Stick global temperature chart is getting more expensive every day.
Exactly like that day in high school when they lost their virginity.
Appears Yellen is oblivious to the true cost or of the magnitude of the infrastructure that needs to be replaced, rebuilt, manufactures, operated, maintained and the number of employees needed to achieve the goal. Real, True, Complete analysis of the costs to completely transform the present ENERGY System Sources [Fossil, Hydro, Nuclear “Renewable” and STORAGE] to feed/supply100% of the Energy Sinks [ Electricity, Transportation, Heating, Cooling, Manufacturing, Communication, Crypto, Media, Internet, Banking, Surveillance, Military, redundancy, safety (and dozens others)] $78 Trillion would be needed JUST for the United States,
Presently, the United States consumes 122 Quadrillion BTUs [that is 122 with 15 zeros or 122,000,000,000,000,000 Btu] of energy per year. 110 of that is Fossil or not designated as renewable, e.g. Nuclear. Of the 10 Quadrillion obtained from “Renewable” only 1/3 comes from Wind/Solar. Also, about 1/3 of the so called renewable, e.g. biomass, ethanol, etc, emits CO2 and needs replaced. [ Source – https://www.eia.gov/ ]
Crypto Currency is still in it’s infancy and using more than the output of several Nuclear Power Plants.
P.S. Interest on loans and inflation not included in above costs. so double the price.
Look to California’s high speed rail for the model. A hundred billion and at least a decade late but lots of clean laundered money is filling dem coffers at the expense of the tax payers’ budget.
Some busywork and jobs give the impression of activity but by the time citizens realize that they are being looted, the politicians responsible will be long gone.
‘Looted’ is indeed the correct word. I have no idea what portion of the $78T represents our (US) ‘fair share’, but it, along with the rest of our Federal debt, is not repayable.
In short, we’re going to default on our public debt at some point, either by honestly repudiating it outright or by dishonestly destroying the dollar by inflation.
And should anyone take offense at my use of the word ‘honestly’ wrt repudiation, I would simply point out that Federal borrowing is not a moral arms-length contract between a borrower and a lender, but an immoral pact in which the above parties know in advance that repayment will be coerced from a third party, who most likely received no benefit from the funds borrowed.
EoR
When the rail system is done, perhaps in 2034, it will transport people from Nowheresville to Nowherestown, which is very useful for the ten people who travel that route.
2034? Your optimism is amusing… 🙂
Their stated and real goals may be different. The real goal is more likely to attach parasitic climate-industrial complex to the real economy, while perennially calling for demolition of the latter to the mantra of saving the world. Laws of nature will force them to adjust their rhetoric, scale down ambitions and slow down implementation, seeking a balance between the healthy body and the parasite.
The more likely thing that might stop them is the diversity of the world, in which countries out of their control will choose real economy.
Janet has lost the plot.
Janet has lost the ‘pilot’ – pilotless.
Think: “Mike the headless Chicken” pilotless ..
The whole Democrat Party has lost the plot. They are all insane. Marxism has rotted their brains.
Since it is literally impossible to mine, build and commission enough “green” energy collectors and EV vehicles to replace current infrastructure and vehicles, … it will not happen. Yellen is a fool.
Janet Yellen is 77 years old. And she wants her personal goals and plans followed, no matter how ridiculous and destructive to mankind to be religiously observed until 2050? If she lives that long, she will be over a century old.
So much for passing the torch on to another generation. She wants to be immortal as a god – a god that uses the police powers of the state to drive generations of people into penury.
So she is an evil and destructive god.
I would have guessed her to be well over 80. Mushrooms haven’t been kind to her.
That’s surprising. She can eat ’em, smoke ’em, and use ’em as bar stools.
Janet Yellen by herself means nothing. Janet Yellen is just a spokesperson for the banking industry that wants to circulate a lot of money in the climate-industrial complex.
Since when have US Secretaries of the Treasury had authority to commit funds from the US Treasury for anything, much less for a global sinkhole to “Tackle Climate Change”? Committing any US funding for anything, including sinkholes, is reserved for the US Congress, and the US Congress could do a far better job committing funding for sinkholes than Janet Yellen (AKA “Aunt Clara,” the perpetually befuddled character from the ’60s sitcom “Bewitched”).
Kamala promises to do whatever it takes to force a greater Green New Deal on everyone, congress be damned.
Including a ‘reformed’ Supreme Court.
Here in Wokeachusetts, I’ve never seen the environment look so green in the middle of summer, what with warm weather and lots of rain. The forests look like the Amazon.
With half a million residents unable to speak English, the state is undoubtedly altering the landscape to resemble those folks’ home countries.
Congress. including the Republicans, passed the Inflation Reduction Act(Cllimate Change Reduction Act).
The Republicans also want to get some of those trillions in “Green” money.
“Congress. including the Republicans, passed the Inflation Reduction Act(Cllimate Change Reduction Act).”
https://en.wikipedia.org/wiki/Inflation_Reduction_Act
“The Inflation Reduction Act of 2022 (IRA) is a landmark[1][2] United States federal law which aims to possibly reduce the federal government budget deficit, lower prescription drug prices, and invest into domestic energy production while promoting clean energy. It was passed by the 117th United States Congress and signed into law by President Joe Biden on August 16, 2022.
It is a budget reconciliation bill sponsored by Senators Chuck Schumer (D-NY) and Joe Manchin (D-WV).[3] The bill was the result of negotiations on the proposed Build Back Better Act, which was reduced and comprehensively reworked from its initial proposal after being opposed by Manchin.[4] It was introduced as an amendment to the Build Back Better Act and the legislative text was substituted. All Democrats in the Senate and House voted for the bill while all Republicans voted against it.”
You need to get your facts straignt, scvblwxq.
Will you repeat this lie in the future, like you repeat lies in your other posts, after being corrected?
Propagadists repeat lies over and over and over again. Are you a propagandist?
Btw, I think Vice President Kamala Harris cast the tie-breaking vote on the Inflation Reduction Act. So we can thank Kamala and the rest of the Democrats for our high grocery bills. When you look at your next grocery bill, remember who gave it to you: Big Spending Democrats.
Kamala proposes spending even more in her first term. The focus of Democrats is getting money from taxpayers, and spending that money, mainly on projects to enhance their political power.
Expect even higher prices on everything you buy if Democrats continue to rule.
re: “Since when have US Secretaries of the Treasury had authority to …”
THIS should be the ‘opening’ for Messers Dunning and Kruger to do a whole ‘nother study focusing on the ego- and ability- inflation that pols, both appointed and elected, perform on themselves, declaring themselves ‘experts’ in fields and areas of endeavor far removed from what their core competencies USED TO BE (even) …
I wonder how all those companies/people who have appeased the warmists for years now feel/think about being robbed of that much money to solve a non existent problem.
Nothing is too insignificant that you can’t spend someone else’s money on it.
I’m so happy I no longer pay taxes, they just keep wasting your money.
Clean energy technologies: what do they mean with that? Windmills and solar panels, maybe CCS? We don’t manufacture them to begin with.In reality there’s no such thing as clean energy technologies. Nothing is clean, at best you can reduce emissions for that harmless CO2.
Economic growth: This one is fake. Clean energy technologies don’t produce anything. Government debt spending isn’t growth. None of that money is spend on creating value.
Subsidizing EV’s is really the dumbest you can do to waste tax payer money. Since when is it the government task to make sure people can buy a car? Their job is to make sure there are affordable cars so that everyone has access to a car.
Poor countries don’t need green policies. What they need is food (giving them tractors and equipment for example), water, cheap and reliable energy, transport, infrastructure,…
Not wasting trillions of our money, yes, our money, on worthless windfarms and solar panels. Probably China will do this and reap the rewards while the west spends money that we don’t have with zero return. These articles would be bad for my blood pressure if I paid taxes.
The Democrats are whipping a climate change dead horse. They continue to promote a failing enterprise. Which shouldn’t be a surprise as they do this a lot.
Well she would demand that now wouldn’t she-
(181) The EV dream is OVER and now HEADS SHOULD ROLL says the Telegraph – YouTube
“Our ambitions at home are matched by our ambitions abroad,”
Your net zero fantasy is in deep doo doo everywhere luv.
Yellen and the Democrats are still living in Fantasy Land when it comes to the climate.
But, they have managed to squeeze a lot of money out of taxpayers even so. And, obviously, they are going to try to continue the scam and are upping the ante to $78 TRILLION!
I think this run of theirs is about to end, though. We see the failures all around. We see the flaws in the plan. We are watching a slow-motion crash and burn, while people like Yellen still think this plan is going somewhere.
I guess if you had $78 TRILLION to play with, you might think anything is possible.
Pissing $78T up a rope? Did this woman take any Econ?
How about we retire old Bessie. Her good days were many years ago.
When were her good days?
FJB & FKH (also know as HUH – Heels Up Harris)
I feel the same way you do. But I’m sure she must have had a least a couple of good days.
Maybe in the sense that even a blind squirrel occasionally finds a nut.
I would need empirical evidence that she did have a couple of good days.
Trust in God, all others require data.
FJB & FKH (HUH)
Its incredible that this woman actually calls herself an economist.
About 175 of 195 nations have no interest in reducing CO2 emissions. The 20 others, the stupid nations, will never meet their targets (not even close).
So the 78 trillion, a number pulled out of a hat, will be completely wasted. If Nut Zero proceeds far enough, more money will be b needed to fix the electric grids that Nut Zero broke.
Before I retired in January 2005, I had 17 years working on engineering project plans. I know what an engineering plan looks like. Nut Zero has no plan. That prevents feasibility studies, cost estimates and critical path timing estimates. Nut Zero is just a vision statement with an arbitrary completion date.
Not even one successful small scale demonstration project.
Nut Zero can not go according to plan because there is no plan.
There is no strong evidence that Nut Zero will slow the increase of the atmospheric CO2 level, not that increasing CO2 harms anyone.
… Almost 7 billion people out of 8 billion live in nations that could not care less about nut zero.
It appears to be a fake engineering project to fight a fake climate crisis.
One thing I see that is real: Western nations morphing into leftist fascism using a new Trojan horse called Nut Zero
‘One thing I see that is real: Western nations morphing into leftist fascism using a new Trojan horse called Nut Zero’
The Left has many weapons, including ‘Nut Zero’. All of them are enabled by government’s ability to print money ex nihlio in order to fund activities that destroy the middle class and rot out Western culture and morality.
The capitalists that own the media, control the politicians with their campaign contributions and the universities with their grants, are planning on making trillions in profit off of so-called “Climate Change” spending.
That would be the “Crony Capitalists” who are really not promoters of Free Enterprise, if the business is in bed with the government,
It’s more like the Facism of Mussolini’s World War II Italy.
The term “Capitalism” is used as a pejorative by Marxists. Are you a marxist?
Marx would have had a hard time trying to demonize “Free Enterprise”. It doesn’t sound nearly as sinister as capitalism.
Excellent comment, Richard. I totally agree.
re: “Janet Yellen Calls For $78,000,000,000,000 To Tackle Climate Change”
Yeah … forking over what amounts to unlimited amounts of cash with NO oversight to a retarded-looking oddball character –
Sure.
That’ll work. Its bound to … right? Where’s the error in my ‘logos’?
Where did that “New Capital” come from?
It certainly did not come from out of the ground. That would require work to produce it.
So instead, it comes from armwaving in thin air, because we borrowed it from ourselves and printed a new batch up.
78 trillion, anyone with a financial background would say hey they costs are too high for this project. Not these idiots. Amazing the treasury secretary with 35 trillion in debt and 2 trillion a year deficit doesn’t understand this. Unless, she’s purposely trying to destroy the country.
Janet ‘odd-hairdo’ Yellen: Redefining single-handedly the term ‘funny [fed] money’ up to new heights.
Also: Janet Yellen’s “Jumping the Shark” moment.
I think Janet is just following orders. It’s her bosses who want to destroy the Untied States.
78 trillion divided amongst 333 million citizens is only about a quarter of a million each or a million per household. So easy peasy…/s
There is nothing more to say. She is the face of ignorance and dishonesty. Government is not the solution, government is the problem. Government needs to be reined in now it is out of control.
But why when we are told that climate change is an utter nonsense?
The true Cost of Net Zero: https://wattsupwiththat.com/2024/03/07/population-is-not-being-told-the-true-cost-of-net-zero-warns-former-world-bank-economist/
The alternative is the same “vacuous-control” we saw in the UK from Blair et al which required the populace to be controlled by any and all edicts from a leftist and interventionist government of the day. Yes, it is absolutely right for people to be informed of the latest verified science but it is most certainly WRONG for any aspect of that to be imposed on the population against their will without a referendum..
We are seeing just this issue now AGAIN (can you believe) with the concept of Net Zero which has already been shown by MIT and by Princeton professors to be nonsense, HUGELY expensive as well as ineffective. Thankfully governments of the EU ( esp Germany) and to a limited extent that of the UK too, are now backing off such clearly faulted science. Worse, countless reports are being presented of fraud in the manipulation of past climate data and of course there has not so far been ANY validated evidence of any serious, earlier climate forecasts ever being realised.
The Republicans are in favor of “Climate Change” spending as well.
They passed the Inflation Reduction(Climate Change) Act and Texas produces the most combined wind and solar energy in the country, and are proud of it
https://www.kxan.com/weather-traffic-qas/texas-leads-the-country-in-combined-wind-solar-renewable-energy/.
Wrong. Republicans did not vote for the Inflation Reduction Act.
Check you sources, scvblwxq
“Every single Republican in Congress voted against the Inflation Reduction Act.”
https://x.com/WhiteHouse/status/1582491715772071936?lang=en
“Congressional Republicans have voiced unanimous opposition to the bill”
https://en.wikipedia.org/wiki/Inflation_Reduction_Act
Just think, this person—who hasn’t the slightest idea where $3 trillion will come from each year or how it will stop climate change—is in charge of America’s monetary system. We are in deep trouble.
Yes, we are. Let’s hope this situation changes in about six months. if it doesn’t change, then we are in really big trouble. “Leave the Union” kind of trouble. Dictator Kamala won’t sit well with some States.