{"id":967255,"date":"2021-11-04T11:43:50","date_gmt":"2021-11-04T15:43:50","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=967255"},"modified":"2021-11-04T11:43:54","modified_gmt":"2021-11-04T15:43:54","slug":"climate-price-tag-is-more-than-entire-world-gdp-treasury-secretary-says","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/climate-price-tag-is-more-than-entire-world-gdp-treasury-secretary-says\/","title":{"rendered":"Climate Price Tag Is More Than Entire World GDP, Treasury Secretary Says"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fclimate-price-tag-is-more-than-entire-world-gdp-treasury-secretary-says%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=967255&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Treasury Secretary Janet Yellen estimated that the world would need to devote $100-150 trillion, more than the entire world\u2019s annual gross domestic product, to fighting climate change over the next three decades.<\/p>\n<p>Yellen signaled that the world economy will need to undergo a complete transformation in order to prevent devastating climate change in the future, <a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy0457\" target=\"_blank\" rel=\"noopener noreferrer\">during a speech<\/a> Wednesday at the ongoing United Nations climate conference in Glasgow, Scotland. The Treasury secretary delivered the remarks during the summit\u2019s \u201cfinance day\u201d opening event.<\/p>\n<p>\u201cRising to this challenge will require the wholesale transformation of our carbon-intensive economies,\u201d Yellen remarked during her speech. \u201cIt\u2019s 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.\u201d<\/p>\n<p>She added that combating climate change is the \u201cgreatest economic opportunity of our time.\u201d But the world\u2019s total GDP was estimated to be about $84.6 trillion in 2020. <strong><a href=\"https:\/\/dailycaller.com\/2021\/11\/03\/senate-republicans-climate-change-clean-energy-oil-gas-emissions\/\">(RELATED: Senate Republicans Counter Left Wing Climate Proposals With Plan To Reduce Emissions 40% By 2050)<\/a><\/strong><\/p>\n<div id=\"attachment_7315056\" class=\"wp-caption alignnone\" readability=\"33\">\n<p id=\"caption-attachment-7315056\" class=\"wp-caption-text\">Treasury Secretary Janet Yellen listens to President Joe Biden during a meeting on climate change on Oct. 6. (Chip Somodevilla\/Getty Images)<\/p>\n<\/div>\n<p>President Joe Biden <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/speeches-remarks\/2021\/09\/21\/remarks-by-president-biden-before-the-76th-session-of-the-united-nations-general-assembly\/\">announced<\/a> the U.S. would double its commitment for assisting developing nations to expand renewable energy resources to about $11 billion, which would help the world meet the <a href=\"https:\/\/dailycaller.com\/2021\/10\/19\/developing-world-united-nations-climate-change-funds\/\">UN goal of $100 billion per year<\/a> through 2030. Democrats\u2019 budget framework includes roughly $555 billion for climate programs over the next 10 years, CNBC <a href=\"https:\/\/www.cnbc.com\/2021\/10\/28\/biden-spending-framework-includes-555-billion-in-climate-incentives.html\">reported<\/a>.<\/p>\n<p>The U.S. said this week it would fully support the Climate Investment Funds Capital Markets Mechanism, an initiative that will attract private investment in clean energy of up to $500 million annually, and the Glasgow Financial Alliance for Net Zero, a group of massive financial institutions that pledged to achieve carbon neutrality by 2050, according to Yellen. Environmental groups, however, expressed skepticism in response to the commitments made at the conference.<\/p>\n<p>\u201cQuestions 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?\u201d Yellen stated.<\/p>\n<p>Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury Secretary Janet Yellen estimated that the world would need to devote $100-150 trillion, more than the entire world\u2019s annual gross domestic product, to fighting climate change over the next &#8230;<\/p>\n","protected":false},"author":181,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-967255","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/967255","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/181"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=967255"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/967255\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=967255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=967255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=967255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}