US Treasury Secretary Janet Yellen traveled to the mouth of the Amazon on Saturday and argued that the fight against climate change would strengthen economic growth within the region and worldwide.
The vital change in fact towards reducing carbon dioxide emissions is “the greatest economic opportunity of the 21st century,” Yellen said in a speech in Belem, Brazil, after a gathering with finance ministers from the Amazon region.
The investments required for this – three trillion dollars annually by 2050, Yellen said – “can be used to support pathways to sustainable and inclusive growth, including for countries that have received less investment in the past.”
The event was organized by the Inter-American Development Bank as a part of its Amazonia endlessly Initiative to advertise carbon reduction, species conservation and biodiversity while safeguarding jobs and economic activity in eight South American countries.
The initiative can be a part of a shift by global development banks to cross-country projects, pushed by Yellen. The World Bank and its regional partners have traditionally focused on development efforts in individual countries.
Earlier on Saturday, Yellen announced the launch of an initiative to combat illicit finance within the Amazon region. The program is meant to stop the financing of criminal activities that cause environmental and wildlife damage within the region.
In the Amazon region, there’s an alarming level of deforestation as a result of the expansion of agriculture and deforestation. Threat to its capability to soak up carbon dioxide, a greenhouse gas.
Belem, generally known as the gateway to the Amazon, is ready to host the annual United Nations climate change conference, generally known as COP30, in 2025.
