Janet Yellen, Secretary of the United States (US) Treasury said the global shift to a low-carbon economy will require $3 trillion in new capital annually through 2050 where filling the gap is the greatest economic opportunity of the 21st century.
He added in a speech after attending the G20 financial leaders' meeting in Rio de Janeiro, neglecting to deal with climate change and the loss of nature and biodiversity is not only bad environmental policy but it is bad economic policy.
Financing needs are the single greatest economic opportunity of the 21st century and can be harnessed to support sustainable and more inclusive growth including for countries that lack investment.
Yellen hopes the program will incentivize greater private sector investment in the region that supports nature.
He who called on the MDB to expand its mission and lending capacity to combat climate change has revealed that large private investment is needed and that the Treasury, the Brazilian finance ministry and stakeholders are working to increase its involvement.
Not only that, Yellen also thinks banks should catalyze new business models to mobilize investments that support nature and biodiversity while strengthening the economy and advancing climate change.
Earlier, Yellen launched a new initiative with the Amazon basin countries of Brazil, Colombia, Ecuador, Guyana, Peru and Suriname to combat nature crimes such as illegal logging and the harvesting of wildlife and minerals that threaten biodiversity.
