US$3 trillion needed annually for climate financing, says Yellen

FILE PHOTO: U.S. Treasury Secretary Janet Yellen testifies before the House Financial Services Committee regarding the department’s annual report on the international financial system, on Capitol Hill in Washington, U.S. July 9, 2024. REUTERS/Ken Cedeno/File Photo

RIO DE JANEIRO: US Treasury Secretary Janet Yellen says the global transition to a low-carbon economy requires US$3 trillion in new capital each year through 2050, far above current annual financing, but that filling the gap is the biggest economic opportunity of the 21st century.

Yellen said in Belem, Brazil’s Amazon gateway city, that reaching net-zero emissions goals remained a top priority for the Biden-Harris administration and this would require leadership far beyond US borders.