She gave this estimate during a July 27 speech delivered in the city of Belem in Brazil's northern Para state. Yellen noted that achieving Net Zero carbon emissions will require $3 trillion in annual global financing – amounting to a whopping $78 trillion by 2050.
In line with this goal, she pledged to finance green initiatives toward a low-carbon economy in developing countries through multilateral development banks. She also vowed to help the development of clean energy technologies – which are unreliable more often than not – in the aforementioned nations.
"The transition will require no less than $3 trillion in new capital from many sources each year between now and 2050. This can be leveraged to support pathways to sustainable and inclusive growth, including for countries that have historically received less investment," Yellen stated.
"Neglecting to address climate change and the loss of nature and biodiversity is not just bad environmental policy. It is bad economic policy." (Related: Climate expert denounces Biden for forcing GREEN AGENDA on Americans against their will.)
The treasury secretary also touted the Inflation Reduction Act (IRA), which U.S. President Joe Biden signed into law in August 2022. The IRA allocated $370 billion to subsidize climate initiatives such as electric vehicles and clean energy technologies. Given this, Yellen advocated for these climate initiatives to be implemented "beyond our borders."
"Our ambitions at home are matched by our ambitions abroad. 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."
Democrats and left-wing activists still want to spend BILLIONS on "climate change"
The IRA was supposed to curb inflation at the time Biden signed it into law. But critics have argued that the proposal allocated funds to various causes that have little to do with reducing inflation. This spending, they argued, only worsens inflationary pressures instead of alleviating them.
Aside from the $370 billion allocation for "green initiatives," a key provision of the IRA extends tax credits for Obamacare premiums through 2025. It continues subsidies for health insurance plans that cover abortion. Additionally, the IRA allocates $80 billion to the Internal Revenue Service (IRS) for enforcement activities – with the Biden administration planning to hire nearly 87,000 additional agents to double their current workforce.
Despite these concerns, Democrats and left-wing activists maintain that such spending is crucial for combating anthropogenic global warming (AGW) or "climate change." They argue that human activity, rather than natural phenomena, is the primary driver of climate change and that immediate action is necessary to mitigate its effects.
Members of the leftist climate cult often view AGW as a significant threat. This cornerstone of left-wing ideology is often supported by claims of a scientific consensus.
However, critics argue that the supposed agreement among scientists stems from a misrepresentation of a review of 11,944 peer-reviewed papers, of which 66.4 percent expressed no opinion on AGW. Some authors identified with the AGW consensus have also spoken out against the perceived misrepresentation of their positions.
Head over to GreenTyranny.com for similar stories.
Watch this video about how Biden's green agenda will run the U.S. into the ground.
This video is from the NewsClips channel on Brighteon.com.
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