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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From the above article:
“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 . . .”
Of course, old Joe forgot, assuming he ever knew, that it is the US Congress (the Legislative branch) that allocates the FUNDING for budget items/actions. The President proposes an initial budget and approves the final budget that both houses of Congress have negotiated . . . but the US Constitution states that ability to allocate funding for approved budget items rests solely with Congress and not with the Executive branch. Congress has NEVER approved any line item to “combat climate”, per se.
Hence, Biden’s executive powers enable him and his administration (including Janet Yellen) to “combat climate” (hah!) with nothing more than words . . . in his and her cases, that would be gross misinformation.
Existential threat? My a$$$$ . . . take that Madam Treasury Secretary.
The so-called Inflation Reduction Act that Congress passed is where the US federal spending is coming from
The so-called Inflation Reduction Act (2022): “The legislation states that the government will make historic investments to expand renewable energy, address air pollution, improve access to clean water supply, and reduce greenhouse gas emissions through greener transportation and infrastructure.
source: https://thesolutionsproject.org/inflation-reduction-act-statement/
(my bold emphasis added)
The funny thing is, I don’t see anywhere in that legislation anything about “combatting climate change”.
FYI, climate change occurred millions of years before humans started emitting “greenhouse gases”. Joe Biden and Janet Yellen are oblivious to this simple fact.
$78 trillion ??? Go Fish!
They’re nuts. That’s 78 trillion reasons to vote Trump. He’ll tell Yellen and the rest of the green mob to get lost.
i can’t understand how anyone who hears that would vote for Harris.
‘i can’t understand how anyone who hears that would vote for Harris.’
Easy, the regime media won’t let them hear it.
Trump’s first term was so awful the voters threw him out.
Trump had the highest unemployment, 14.8 percent, since the Great Depression and left office with a 6 percent unemployment rate.
Trump also left a raging COVID-19 epidemic that he failed to control.
The divided US had 6 times as many deaths per million people as Japan where everybody worked together to limit the virus.
re: “Trump’s first term was so awful the voters threw him out.”
Yeah … what an idiot. Are you institutionalized, to the point you don’t need to spend on groceries and the like? You must be somebody’s ‘charge’. Or a ward of the state. One of the two.
OH – and no mention of the TWO WARS we are tangentially involved with NOW under Biden. You are such an idiot.
I’m beginning to think sc is a bot, or at least uses one for most postings. Do you notice that he (?) posts the same content repeatedly, and never responds to challenges?
Seems very bot-like to me.
Probably a ‘kiddie’* who has discovered ChatGPT and the trouble he/she can get into when trying to fight above his/her weight …
* reference to “script kiddies” who use pre-programmed botnets to block opponets playing interactive games via the internet.
Duhhhh . . . you think, perhaps, the two things might—just might—be related?
And you state that Trump failed to control the COVID-19 epidemic. You think, perhaps, Trump was a trained virologist??? And since the WHO declared it to be a pandemic, not a mere epidemic, you think he was alone as a world leader in a country experiencing massive spread of this initial-high-mortality-rate virus?
I’m sure you don’t know this, but for the twenty countries most affected by COVID-19 worldwide Peru had a per-capita death rate from COVID-19 that was nearly twice that of the USA, and Chile and Brazil had per-capita death rates from COVID-19 that were within 95% of the US level. Looking at all nations, there were a total of 13 (yes, thirteen!) countries that had per-capita death rates higher than the US.
(source: https://coronavirus.jhu.edu/data/mortality )
Facts matter.
Trump got five million more votes in 2020, than he got in 2016. That doesn’t sound like someone who has lost his popularity.
Trump had the best economy, with the lowest unemployment rate in U.S. history from January 2017, when he took Office, to January 2020, and then the Covid Pandemic hit and shut down the economy.
The Unemployment rate naturally went up, to 14.8 percent, as stated, and then as the economy recovered, the unemployment rate went back down to about six percent, and that’s when Trump left office. All this took place during the year 2020.
The unemployment rate continued to go down because that’s what economies do when they bounce back from a bottom. Trump had the best economy in U.S. history. Then a pandemic hit. The pandemic was not Trump’s fault. Blaming it on him is something a lowlife Democrat would do.
It wasn’t possible for Trump, or anyone, to control the Covid pandemic. He did the best he could as the whole world entered new pandemic territory. More people died of covid on Biden’s watch, than on Trump’s watch.
I don’t know anything about the Japan comparison but coming from you, and considering your TDS, I have to assume it is another distortion of reality.
Under Trump the unemployment rate dropped to its lowest level in many years link
In 2020 it spiked up because covid19 forced businesses to close which caused high unemployment. That wasn’t Trump’s doing. It was a worldwide problem. Under Trump’s Warp Speed initiative Pharmaceutical companies were able to develop two vaccines in 1 year. Normally it can take 10 years or more to do that.
i can’t understand how anyone who hears that would vote for Harris.
Just look at some of the posters here.
Yeah, there are a lot of gullible people out there. We’ll find out how many about November 5, 2024.
Trump, EV maker Elon Musk’s new friend, will go where the money is and that is Green Energy right now.
Ha-hah! What a laugher. Ford no longer thinks so: https://wattsupwiththat.com/2024/07/26/fords-ev-bloodbath-continues/
TDS
Biden is going to use executive power to do this if congress doesn’t act? So much for democracy!!!
But of course the elites know better than the ignorant people about saving the world.
Congress acted and passed the Inflation Reduction(Climate Control) Act.
Yeah, that, along with other Democrat spending bills is why our grocery prices are so high.
We need to get that oil and natural gas flowing to reduce prices.
Democrats will not get the oil and natural gas flowing, they will do just the opposite.
Trump says “Drill, Baby, Drill !, to get those prices down.
Drill, Baby, Drill also reduces the price of oil Putin sells, so Putin won’t have as much money with which to murder innocent civilians in Ukraine.
Lots of good things come from, “Drill, Baby, Drill !”.
A trillion here and a trillion there, and pretty soon we’re taking about real money.
If I remember it was Barry Goldwater who coined that phrase but it was billion not trillion. That’s inflation I guess.
Everett Dirksen.
Born and raised in Illinois, I remember the Senator quipping:
“A billion here, a billion there, it all adds up!”
The Senator other memorable quip was: “That is just so much hog wash!”.
Janet Yellen’s estimate looks much too low.
Bloomberg’s green energy research team estimates $US200 trillion to stop warming by 2050.
https://www.bloomberg.com/opinion/articles/2023-07-05/-200-trillion-is-needed-to-stop-global-warming-that-s-a-bargain
Bloomberg investors want $275 trillion spent.
https://www.bloomberg.com/news/articles/2023-09-21/investors-call-for-policy-unleashing-275-trillion-for-net-zero
With a part of that research could probably find a way to stop most human diseases and increase our lifespans by many years.
For $2 trillion every one of the 2 billion households in the world could be provided with a $1,000 air conditioner.
Probably for less than a trillion dollars solar-powered air-conditioned jackets could be developed using solid-state cooling devices.
Meat that tastes better, is more nutritious, and is cheaper than natural products could be developed.
The list is endless for better uses of $200 trillion.
People live happily from near the Arctic, in Alaska and other places, to the Tropics.
I moved once from Cleveland, Ohio in November where the average high temperature is 52F(11C) to Los Angeles, California where the average high temperature in November is 73F(23C) a 12 degrees Celsius difference, and liked the weather in both places. The IPCC’s 1.5 C limit is nothing.
Probably outside of the Tropics people spend 95% of their time in controlled environments like buildings and cars or busses anyway.
I think you’re an idiot*, which makes any analysis or projections you come up with totally worthless.
*A dreamer, and a schemer, a scammer and probably a grifter wrapped up in one package.
Those spending amounts are totally unrealistic. They are not going to happen.
A person in Janet Yellen’s position ought to know this.
Hell, let’s just all dive right into economic suicide and start a bonfire with all or financial resources now. It shouldn’t take till 2050 till destroy all wealth in western democracies. We can do that by next Wednesday.
“It shouldn’t take till 2050 to destroy all wealth in western democracies.”
Yes, it won’t take nearly that long to destroy our economy with a budget like the one Yellen is proposing. We’re almost there now. We need to pull out of this dive soon. If Democrats remain in power, it’s downhill from here.
“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,,,,,,,,,,,,,,”
Yellen and other leftists are believer in CAGW. They can take the trillions of $$$ for Nut Zero out of their own paychecks. They’ll never see another payday.
“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.
How much is China going to contribute, as one of these many sources? A trillion a year or so?
Thought not….
Their capital is all tied up building new, coal-fired power plants.
Yes, Yellen acts like she is talking for the whole world, but she is really talking for a small percentage of the world. The rest of the world is not fixated on destroying their economies over CO2 control. They apparently don’t see the existential threat that Yellen and the Democrats see. But they will be happy to take any money the Democrats want to pass out.
Democrats in the United States, and the other socialists in the Western World, are living on a different planet, than the rest of us. Most of our current leaders are delusional. This is not good. Bad things are going to happen in situations like this. Bad things like prices going through the roof, and personal freedoms being lost.
Trump is not delusional.
Kamala must be thinking: “What is this clown trying to do to my election prospects?” … or maybe not.
Kamala and thinking don’t belong in the same sentence. Extemporaneous nonsense is her core competence.
This Harris ad is for you, scvblwxq. Its notable for its honesty as you are noted for your dishonesty in this whole thread:
https://x.com/MrReaganUSA/status/1816826660089733492
They could just deduct the total sum from her Graft Fund.
Yellen low-balls the cost of the Green New Dream.
the sun runs climate change send yellen to the source.
Not that I doubt Janet Yellen is stupid enough to make these comments and believe them, I did not see where she made them in the official transcript of the speech. I did a little searching and still did not find the quotes. Does anyone have a link to the actual speech where she made that promise?
Re: “In order to contribute to this, Yellen vowed to finance green initiatives in developing countries through multilateral development banks and develop “clean energy technologies.”
I am sure that money will be directed as intended and not flow into the hands of local politicians and other grifters.
A world gone mad.
Why is Yellen making this speech in Brazil, instead of in the USA? Maybe because she would be booed out of the room here!
[QUOTE]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.[END QUOTE].
So Yellen wants “global economies” to multiply their 2022 spending on climate change 25-fold in two years to do…what?
If sea levels are rising at a rate of 3 mm per year, people in low-lying cities could build sea walls one foot (304.8 mm) high over the next century. The total cost would likely be MUCH less than $78 trillion.
Can’t help but think some company is missing a tea lady when I look at her.
“tackling climate change” is probably the single most idiotic concept I’ve ever heard. It’s neck and neck with “men can get pregnant”.
Just think how much that $78 trillion will lower the earth’s temperature. I would venture it would exceed 0.0000001 degrees.