US Treasury Secretary Janet Yellen travelled to the mouth of the Amazon River and argued that tackling climate change would boost economic growth in the region and globally.
The necessary change of course towards reducing carbon dioxide emissions is “the greatest economic opportunity of the 21st century,” Yellen said in a speech in Belem, Brazil, after a meeting 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 part of its Amazonia forever Initiative to promote carbon reduction, species conservation and biodiversity while safeguarding jobs and economic activity in eight South American countries.
The initiative is also 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 in the Amazon region. The program is intended to prevent the financing of criminal activities that cause environmental and wildlife damage in the region.
In the Amazon region, there is an alarming level of deforestation due to the expansion of agriculture and deforestation. Threat to its capacity to absorb carbon dioxide, a greenhouse gas.
Belem, known as the gateway to the Amazon, is set to host the annual United Nations climate change conference, known as COP30, in 2025.