Monday, 31 July 2024.
This week we have been posting about climate finance.
Today’s post is about the remarks by United States Secretary of the Treasury Janet Yellen on her recent visit to Brazil.
The following statement stands out: “The transition will require no less than $3 trillion in new capital from many sources each year between now and 2050.”
From July 24-27, she was in Rio de Janeiro to participate in a G20 Finance Ministers and Central Bank Governors Meeting. Afterwards, on July 27, she traveled to Belem - city that will host COP30 in 2025 - to participate in a meeting of with Amazon basin ministers organized by the Inter-American Development Bank and other events furthering U.S. Treasury’s international climate efforts.
Our reader will recall that about 2 months ago, together with two other U.S. Secretaries - Energy and Agriculture - Mrs. Yellen announced the “Voluntary Carbon Markets Joint Policy Statement and Principles”, besides encouraging “private sector and other stakeholders in the carbon credit value chain to responsibly participate in voluntary carbon markets, consistent with the principles”.
And now in Belém:
“We are in a vicious cycle: Climate change accelerates nature and biodiversity loss, while this loss turns carbon sinks into carbon sources and eliminates natural infrastructure that supports resilience to climate change.”
“Put simply, neglecting to address climate change and the loss of nature and biodiversity is not just bad environmental policy. It is bad economic policy. “
“But being so close to the magnificent Amazon is also a reminder that the transition to a lower-carbon global economy is also the single greatest economic opportunity of the twenty-first century."
Anyway, all this and much more - including references to U.S. partnerships with several other countries - was indicated on a July 27, 2024 press release by the U.S. Department of the Treasury. Click at the image below to read it.
Please note an exclusive post from Carbon Credit Markets when we reported that in 2023, for the first time, the U.S. had more electricity generated from renewables than from coal.
According to the U.S. Embassy in Brazil, Mrs. Yellen’s full agenda in Belém last July 27 included:
Remarks at an Inter-American Development Bank meeting of Amazon Basin finance, economy, and environment ministers.
Lunch and roundtable with Brazilian business and finance leaders, investors, policymakers on the role of the private sector in supporting the conservation and restoration of the Amazon.
Roundtable on nature crimes to advance regional cooperation against illicit finance associated with nature crimes. By the way, another interesting initiative. Click here to read more about it.
Remarks on the current U.S. Administration’s ongoing work with global allies and partners to tackle climate change.
Last but not least, here for the other posts from this week about climate finance:
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