BELEM, Brazil — United States Treasury Secretary Janet Yellen said on Saturday (Sunday in Manila) that the global transition to a low-carbon economy requires $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.
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