Janet Yellen, the Secretary of the Treasury, addressed a UN conference on Climate Change in Scotland this week; telling activists from around the world that the global community must spend upwards of $150 trillion over the next 30 years to fight global warming.
“Rising to this challenge will require the wholesale transformation of our carbon-intensive economies,” Yellen said during her speech. “It’s a global transition for which we have an estimated price tag: some have put the global figure between $100 and $150 trillion over the next three decades.”
“Questions remain, however: Will enough investment opportunities materialize to absorb all this capital? How quickly can this reorientation occur? And how can institutions transparently report on their commitments so we can hold each other to account on transition plans?” Yellen stated.