There needs to be a “wholesale transformation” of our carbon intensive economies – a cost of between $100tn and $150tn in the next decades, the US Treasury Secretary Janet Yellen tells COP26 delegates.
She says the US is “stepping up” – increasing international climate finance to more than $11bn by 2024. And she confirms the US intends to support the climate investment funds capital markets mechanism – which aims to bring together private finance and investment for clean technology.
She warns the gap between what governments have in funding and what is required “is large” and says the old belief that the planet must be brought before profit is now not necessarily true.
“In many cases, it is simply cost effective to go green,” she says.