Janet Yellen Champions Climate Action for Global Economic Growth in Amazon Visit

Janet Yellen Champions Climate Action for Global Economic Growth in Amazon Visit

US Treasury Secretary Visits Amazon, Advocates for Climate Action

Janet Yellen, the US Treasury Secretary, made a significant journey to the Amazon River’s mouth on Saturday. Her objective was to promote the notion that combating climate change would not only be beneficial for the ecosystem but would also stimulate economic growth in the region and globally.

During her speech in Belem, Brazil, Yellen emphasized that the transformation necessary to reduce carbon emissions represents “the single greatest economic opportunity of the 21st century.” This statement came after a productive meeting with finance ministers from the Amazon region.

Investments in Carbon Reduction and Wildlife Protection

According to Yellen, tackling climate change would necessitate an annual investment of $3 trillion through 2050. She further stated that this hefty sum “can be leveraged to support pathways to sustainable and inclusive growth, including for countries that have historically received less investment.”

The event was an initiative of the Inter-American Development Bank. Their Amazonia Forever initiative aims to support carbon reduction, wildlife protection, and biodiversity while protecting jobs and economic activity across eight South American countries.

The initiative also aligns with Yellen’s push for global development banks to take on multi-country projects. Traditionally, the World Bank and its regional counterparts have focused on single-country development efforts.

Amazon Region Initiative Against Illicit Finance

Prior to her significant speech, Yellen announced the launch of the Amazon Region Initiative Against Illicit Finance, a program aiming to disrupt the financing of criminal activities causing environmental or wildlife damage in the region.

The Amazon region has experienced concerning deforestation levels due to agricultural expansion and logging, threatening its capacity to absorb carbon dioxide, a greenhouse gas.

Belem Hosting UN Climate Conference in 2025

Belem, often referred to as the gateway to the Amazon, is scheduled to host the United Nations’ annual conference on climate in 2025, known as COP30.

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