Yellen Calls Climate Fight the World’s Greatest Economic Opportunity

(Bloomberg) -- US Treasury Secretary Janet Yellen traveled Saturday to the mouth of the Amazon River, pitching the idea that fighting climate change would bolster economic growth in the region and across the globe.

The shift required to lower carbon emissions is “the single greatest economic opportunity of the 21st century,” Yellen said in a speech in Belem, Brazil, after a meeting with finance ministers from the Amazon region.

The investment that demands – an annual $3 trillion through 2050, Yellen said – “can be leveraged to support pathways to sustainable and inclusive growth, including for countries that have historically received less investment.”

The event was organized by the Inter-American Development Bank as part of its Amazonia Forever initiative that seeks to support carbon reduction, wildlife protection and biodiversity while protecting jobs and economic activity across eight South American countries. 

The initiative is also part of a shift pushed by Yellen at global development banks to take on multicountry projects. The World Bank and its regional counterparts have traditionally concentrated on single-country development efforts.

Earlier Saturday, Yellen announced the launch of the Amazon Region Initiative Against Illicit Finance, a program aimed a disrupting the financing of criminal activity that causes environmental or wildlife damage in the region.

The Amazon region has seen an alarming degree of deforestation from agricultural expansion and logging, threatening its capacity to absorb carbon dioxide, a greenhouse gas.

Belem, known 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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