US Treasury Secretary Janet Yellen traveled to the mouth of the Amazon on Saturday and presented the idea that fighting climate change would boost economic growth in the region and around the world.
The shift needed to reduce carbon emissions is “the greatest economic opportunity of the 21st century,” Yellen said in a speech in Belem, Brazil, after meeting with Amazon finance ministers.
The investments needed — $3 trillion annually through 2050, Yellen said — “can be used 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 Amazon forever initiative that aims to support carbon reduction, wildlife protection and biodiversity while protecting jobs and economic activity in eight South American countries.
The initiative is also part of a shift Yellen has made at global development banks to take on multi-country projects. The World Bank and its regional counterparts have traditionally focused on one country’s development efforts.
Earlier Saturday, Yellen announced the launch of the Amazon Region Initiative Against Illicit Finance, a program aimed at disrupting the financing of criminal activities that cause environmental or wildlife damage in the region.
The Amazon has experienced alarming rates of deforestation due to agricultural expansion and logging. threatens its capacity to absorb carbon dioxide, a greenhouse gas.
Belem, known as the gateway to the Amazon, will host the annual United Nations climate conference known as COP30 in 2025.
